The Commerce Bank Private Student Loan option is called the Sallie Mae Smart Option Student Loan. Undergraduates and graduates are eligible for this loan. There are various repayment options available, each with variable and fixed interest rates.   The Sallie Mae Smart Option Loan:

  • Interest repayment option variable rates from 2.00% to 8.875%, fixed rates from 5.75% to 11.875%.
  • Fixed repayment option variable rates from 2.50% to 9.375%, fixed rates from 6.25% to 12.375%.
  • Deferred repayment option variable rates from 3.00% to 9.875%, fixed rates from 6.75% to 12.875%.
  • Minimum borrowing limit is $1,000.
  • Maximum borrowing limit is the Total Cost of Attendance.

Three different repayment options are available. With the Interest repayment option, the borrower only needs to pay interest payments while in school and the 6 month grace period. With the Fixed repayment option the borrower makes monthly payments of $25 while in school and for the 6 month grace period. With the Deferred repayment option, the borrower is not required to pay any of the loan while in school or during the 6 month grace period. The minimum loan amount is $1,000. The maximum loan amount is the total Cost of Attendance.   Sallie Mae Smart Option Student Loan benefits:

  • Borrowers will receive a reward of 2% of the scheduled loan payment amount into their Upromise account.
  • Borrowers will receive a 0.25% rate reduction if they elect for automated payments from their checking or savings account.

The borrower will receive a 0.25% interest rate reduction if they elect for automated payments through their checking or savings account. The borrower will receive a reward of 2% of the scheduled loan payment into their Upromise account. Loan payments must be consecutive and on time to be eligible for the 2% reward.   Sallie Mae Smart Option Student Loan eligibility requirements:

  • The borrower must be a U.S. Citizen or a permanent resident of the USA.
  • International students may also be eligible for a student loan if they have a social security number and a cosigner who is a U.S. Citizen or permanent resident.
  • The borrower must have a high credit score or have a cosigner with a strong credit history.

The borrower must be a U.S Citizen or a permanent resident of the USA. International students may also apply for a student loan, the student must have a social security number and a cosigner who is a U.S. Citizen or a permanent resident. Borrowers will be subject to a credit check, so if their credit score is low or unestablished they will need a cosigner. Any applicant may be benefited by having a cosigner, they can increase their odds of being accepted for the loan.   What you will need during the application process:

  • A government issued ID, driver's licenses and state ID cards are acceptable.
  • Recent paystubs, if you have a cosigner then they will have to supply these.
  • Rent or mortgage payment records.
  • Proof of enrollment, usually given by your institution of choice.

It is free and simple to apply for a loan. More information about the Commerce Bank Private Student Loan can be found at Private Student Loan Consolidation