The Fifth Third Smart Option Student Loan is an ideal solution for undergraduate or graduate students who are attending school full time, part time, or less than half time and still need funds after exploring scholarships, grants, and federal loans.
It's a premier choice because you can:
- Choose between variable or fixed interest rates (for undergraduate students). Variable rates range from 2.25% APR to 9.37% APR.1 Fixed rates range from 5.74% APR to 11.85% APR.1
- Enjoy lower rates for graduate students. Variable rates from 2.25% APR to 7.27% APR.2 Fixed rates from 5.74% APR to 8.56% APR.2
- Enjoy no application or origination fees
- Consider applying with a creditworthy cosigner, which may help you qualify and/or receive a lower interest rate
- Apply to release your cosigner after 12 months3
- Lower your interest rate: get a 0.25 percentage point interest rate reduction while enrolled to make scheduled monthly payments by automatic debit4
- Use it to pay an outstanding balance for a past enrollment period within the past year
With three repayment options and competitive interest rates, you've got the choice to graduate with less loan debt or enjoy more flexibility while in school. Full principal and interest payments begin six months after you leave school for all repayment plans.1
- Deferred Repayment Option. Defer payments until after school, or pay as much as you want while in school, to enjoy maximum flexibility.
- Interest Repayment Option. Pay interest while in school and for six months after school.
- Fixed Repayment Option. Pay just $25 a month while in school and for six months after school.5
- It only takes about 15 minutes to get a credit result.
- 24/7 online account management.
- Available to U.S. Students looking to study abroad or international students studying in the U.S.
- Loan forgiveness in the event of a student's permanent and total disability or death.
- Graduated Repayment Period after graduating.6
Choice of interest rates for undergraduate students
- Variable interest rates from 2.25% APR to 9.37% APR1
- Fixed interest rates from 5.74% APR to 11.85% APR1
Rates for graduate students. Variable rates from 2.25% APR to 7.27% APR.2 Fixed rates from 5.74% APR to 8.56% APR.2
- Borrow up to 100% of your school certified cost of attendance (minimum $1,000)7
- No origination fees
- Choose which repayment option works best for you before your full principal and interest payments begin1; defer all payments while you are in school, pay just $25 a month5, or pay only the interest on your loan
- Full principal and interest payments begin six months after you leave school for all repayment plans
- Graduated Repayment Period—Students who graduate and maintain their Fifth Third loans in good standing can request to make 12 interest-only payments instead of full principal and interest payments after their separation period.6
- No prepayment penalty, regardless of the repayment plan you choose
This information is for borrowers attending degree-granting institutions only. Credit criteria and eligibility requirements apply.
1 Interest rates for the Fixed and Deferred Repayment Options are higher than for loans with the Interest Repayment Option. Variable rates may increase after consummation. Interest is charged while you are in school and during the 6 month separation period. Any interest that remains unpaid when you enter full repayment will be added to your loan balance.
2 Interest rates for the Fixed and Deferred Repayment Options are higher than for loans with the Interest Repayment Option. Graduate student pricing on the Smart Option Student Loan is limited to students enrolling in a Masters/Doctorate level degree program. Graduate Certificate/Continuing Education course work is not eligible for graduate student pricing. Variable rates may increase after consummation. Interest is charged while you are in school and during the 6 month separation period. Any interest that remains unpaid when you enter full repayment will be added to your loan balance.
3 Only the borrower may apply for cosigner release. The borrower must provide proof of successful completion of school, be a U.S. citizen or permanent resident, be current and have made 12 consecutive on-time payments of principal and interest immediately before applying, provide proof of income and pass a credit check when the release request is processed.
4 Borrower or cosigner must enroll in auto debit through Sallie Mae. The rate reduction benefit applies only during active repayment for as long as the borrower's monthly payment amount is successfully deducted from the designated bank account and is suspended during forbearances and certain deferments. For multi-party loans, only one party may enroll in auto debit.
5 This informational repayment example uses typical loan terms available to freshman borrower who elects the Fixed Repayment Option and has a $10,000 loan with two disbursements and a 7.21% variable APR: 51 payments of $25 per month, 119 payments of $140.28 per month, and one payment of $114.17, for a total paid of $18,082.49. This informational repayment example uses typical loan terms available to a graduate borrower who elects the Fixed Repayment Option and has a $10,000 loan with two disbursements and a 6.16% variable APR: 27 payments of $25 per month, 59 payments of $207.17 per month, and one payment of $194.41, for a total amount paid of $13,092.44.
6 Available for loans that first disburse on or after July 1, 2013 to finance academic periods that begin on or after July 1, 2013 at a degree-granting institution. Graduated Repayment Period (GRP) requires interest payments for the initial 12 month period of repayment when you would normally begin making full principal and interest payments (which typically begins six months after graduation) or during the 12 month period after your request is granted, whichever is later. At the time you request GRP, you must have graduated with no interruption in enrollment, be current on payments, and not be more than 30 days late on payments on any student loan. You may request GRP only during the two billing cycles immediately preceding and the two billing cycles immediately after your loan would normally begin requiring full principal and interest payments. GRP does not extend the term of the loan. If you are approved for GRP, your principal and interest payments will be higher than if GRP did not apply, and your total loan cost will increase.
7 As certified by your school and confirmed by Fifth Third Bank, less other financial aid received. Fifth Third Bank reserves the right to approve a lower loan amount than what the school has certified. Requested amounts exceeding $99,999 may require multiple loans.
Information advertised valid as of 7/25/2014.
You must attend an eligible school and be enrolled in an eligible program. U.S. citizens enrolled in eligible study abroad programs or studying at medical schools outside the United States are also eligible. International students attending a school located in the U. S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or permanent resident) and appropriate U.S. Citizenship and Immigration Service documentation. You must meet current credit and other eligibility criteria.
FIFTH THIRD BANK RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BORROWER BENEFITS AT ANY TIME WITHOUT NOTICE. APPLICANTS SHOULD CHECK www.53studentloans.com CLOSE TO THEIR LOAN APPLICATION DATE AND AGAIN PRIOR TO DISBURSEMENT TO OBTAIN THE MOST UP-TO-DATE INFORMATION REGARDING PRODUCTS, SERVICES, AND BORROWER BENEFITS.
Smart Option Student Loans are funded by Fifth Third Bank. All loans are subject to credit review and approval.
Smart Option Student Loan is a service mark or registered service mark of Sallie Mae Bank or its subsidiaries.