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% APR1
- Fixed rates range from 5.74% APR to 11.85% APR1
- Enjoy new lower rates for graduate students. Variable rates from 2.25% APR to 7.27% APR.1,2 Fixed rates from 5.74% APR to 8.56% APR.1,2
- Enjoy no application or origination fees1
- 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 cover unpaid tuition balances
With three in-school 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.
- Deferred Repayment Option. Defer payments until after school, or pay as much as you want while in school, to enjoy maximum flexibility.1
- 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.1,5
- 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.6
- Graduated Repayment Period after graduating.7
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
- New lower rates for graduate students. Variable rates from 2.25% APR to 7.27% APR.1,2 Fixed rates from 5.74% APR to 8.56% APR.1,2
- Borrow up to 100% of your school certified costs of education (minimum $1,000)
- No origination fees1
- Choose which repayment option works best for you before your full principal and interest payments begin; defer all payments1 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 on new loans for academic year 2013/14—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.7
- 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 Repayment Option and the Deferred Repayment Options are higher than for loans with the Interest Repayment Option. APRs for borrowers attending non-degree granting institutions range from 7.99% to 13.62% with an origination fee up to 5.00 percent. Origination fees mean application or disbursement fees. 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 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.
3 To qualify, borrower must be a U.S. citizen or permanent resident, and meet the underwriting requirements when the release request is processed.
4 The rate reduction benefit applies only if the recurring payment is successfully deducted from the designated 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 an undergraduate borrower enrolled in four academic years 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 7.12% variable APR: 27 payments of $25 per month, 59 payments of $216.41 per month, and one payment of $200.75, for a total amount paid of $13,643.94.
6 Loan forgiveness is not available to borrowers residing in Alaska or Montana.
7 Available for loans that first disburse on or after 7/1/13 to finance academic periods that begin on or after 7/1/13 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 begin 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 have been late on payments on this or any other Sallie Mae serviced loans. 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.
Information advertised valid as of 10/25/2013.
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 are eligible with a creditworthy cosigner (who must be a U.S. citizen or permanent resident) and appropriate U.S. Citizenship and/or Immigration Service documentation. You must meet current credit and other eligibility criteria. Fifth Third Smart Option Student Loans are funded by Fifth Third Bank. All loans are subject to credit review and approval.
Explore federal loans and compare to ensure you understand the terms and features. Smart Option Student Loans that have variable rates can go up after consummation. Federal student loans are required by law to provide a range of flexible repayment options, including, but not limited to, income-based repayment and income-contingent repayment plans, and loan forgiveness and deferment benefits, which other student loans are not required to provide. Federal loans generally have origination fees, but are available to students regardless of income.
Federal direct loans are available to students regardless of income.
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 Loan is a registered service marks of Sallie Mae, Inc. Upromise and the Upromise logo are registered service marks of Upromise, Inc. SLM Corporation and its subsidiaries, including Sallie Mae, Inc., and Upromise, Inc., are not sponsored by or agencies of the United States of America.