Get the Money You Need for College
We’ve partnered with Sallie Mae® to offer you the Smart Option Student Loan® . Its flexibility makes it an ideal solution for students and families who still need money for college after using grants, scholarships, and federal student loans.
With college costs growing fast, it’s time to borrow smarter. The Smart Option Student Loan® by Sallie Mae® offers these benefits:
- Get the Money you need. Students can borrow up to 100% of the school-certified cost of attendance.
- A choice of competitive rates. You have interest rate options of variable or fixed. Rate details are subject to change and are displayed on Sallie Mae® ’s website below.
- Lower your interest rate. Receive a 0.25 percentage point interest reducation while enrolled for making monthly payments by automatic debit.
- Choose the repayment option that’s best for you. There are three repayment options available to you: Deferred Repayment Option, Fixed Repayment Option, or Interest Repayment Option. Visit Sallie Mae® website below for more information. You’ll choose your repayment option during the application process.
- Applying online is easy. It only takes about 15 minutes to apply.
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future before considering a private student loan. We have a great video on this topic: www.calpolyfcu.org/its-a-money-thing-income-essentials/
Creating a budget is critical before applying for a private student loan. We offer several budgeting tools for students at www.calpolyfcu.org/start-your-student-budget-today/. Create a budget and identify exactly how much loan is needed for college expenses. Apply for only what you need! It’s critical to keep your student loan debt to a minimum.
We recommend the “Pay a little to save a lot.” philosophy. Students have the option to make payments to their private student loan while attending school. It’s not required, students can defer payments until 6 months after graduation or separation from the University. However students have the option of paying a low monthly payment amount or interest only payments. They pay a little now, to save a lot down the road.
Cal Poly Federal Credit Union offers student loans in partnership with Sallie Mae®. Sallie Mae® serves as the lender for the Smart Option Student Loan®. Cal Poly Federal Credit Union is compensated by Sallie Mae® for the referral of Smart Option Student Loan® customers. The Cal Poly Federal Credit Union returns 100% of our profits into enhanced services for our members, scholarships, sponsorships, and financial literacy outreach.
How to Apply?
The application process is quick and easy. It’s recommended before you submit your application, take some time to calculate your loan needs. Apply for only what you need! It’s critical to keep your student loan debt to a minimum. Sallie Mae® suggest applying with a cosigner. If a parent or other creditworthy individual cosigns the loan with you, it may give you a better chance of approval.