Private Student Loans
The Sallie Mae Smart Option Student Loan® from Commerce Bank is an ideal solution to help bridge that gap between federal loans and the cost of your education expenses.
Benefits and Features:
For borrowers attending degree-granting institutions
- A choice of competitive rates for undergraduate students. – Variable interest rates from 2.25% APR to 9.37% APR. We also offer fixed interest rates from 5.74% APR to 11.85% APR.1
- New lower rates for graduate students. – The APRs on new Smart Option Student Loans can be lower than the APR on the PLUS Loan for Graduate Students with immediate repayment. Variable interest rates from 2.25% APR to 7.27% APR. Fixed interest rates from 5.74% APR to 8.56% APR. 1, 5, 7
- Applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate. You can apply to release your cosigner after you graduate and make 12 consecutive on time principal and interest payments. 4
- No origination fees and no prepayment penalty
- A lower interest rate – Receive a 0.25 percentage point interest rate reduction while enrolled to make scheduled payments by automatic debit. 3
- Pay now or later – defer your payments until after school or choose an in-school repayment option that fits your needs1
- Smart Reward® Cash Back – Students who become Upromise members (which is free to join) and choose the Interest or Fixed Repayment Option can get a Smart Reward in their Upromise account of 2% of their scheduled monthly payments that are made on time while in school.2
- A quick credit result – Applying online is fast and easy. It only takes about 15 minutes to apply and get a credit result.
- Borrow up to 100% of your school certified education costs (minimum $1,000)
- Graduated Repayment Period – The Smart Option Student Loan is the only private student loan offering a Graduated Repayment Period feature6, providing budget flexibility for graduating students. Students who graduate and maintain their Sallie Mae loans in good standing can request to make 12 interest-only payments instead of full principal and interest payments after their separation period.6
Easy online application with fast credit decision and electronic signature (eSign) available.
- We are compensated by Sallie Mae for the referral of Smart Option Student Loan customers.
- 1,2,3,4,5,6,7 Click here for additional important information. Terms, conditions and limitations apply.
- To send an email that contains confidential information, please visit the Secure Message Center where there are additional instructions about whether to use Secure Email or Online Banking messaging.