Interstate Credit Union announced today that it has partnered with Sallie Mae to offer a private student loan program that helps students save money and pay off their loan faster than other alternatives. The Smart Option Student Loan® assists families as they cover the rising cost of college tuition and offers degree-seeking students interest rates that are among the lowest in the nation as well as in-school payment choices to help them graduate with less debt.
Designed to supplement federal student loans and other financial aid, the Smart Option Student Loan can enable students to cover up to 100 percent of their education expenses. The Smart Option Student Loan rewards responsible members with benefits such as an on-time payment reward and interest-rate discounts for automatic payments.
There are three in-school monthly repayment options. Depending on the option selected, the typical freshman can save an estimated 17 to 49 percent in interest charges and pay off the loan three to eight years faster after graduation, compared to a conventional payment-deferred loan with a 15-year term.
To offer the Smart Option Student Loan, Interstate Credit Union partnered with Sallie Mae, the nation’s number one financial services company specializing in education. Since its founding nearly 40 years ago, the company has helped more than 30 million people pursue their educational goals. “Sallie Mae is delighted to partner with Interstate Credit Union to assist families seeking responsible solutions to make the investment in a college education,” said Jerry Maher, senior vice president, Sallie Mae.