Student Loans

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Private Student Loans

The Sallie Mae Smart Option Student Loan® from Commerce Bank is an ideal solution to help you pay for college expenses not covered by scholarships and federal loans.

Benefits and Features:

  • 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
  • Lower rates for graduate students. Variable interest rates from 2.25% APR to 7.27% APR. Fixed interest rates from 5.74% APR to 8.56% APR. 1
  • 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. 5
  • 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 cost of attendance.4
  • Graduated Repayment Period – The Smart Option Student Loan is the only nationwide 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.7

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We encourage students and families to supplement their savings by exploring grants, scholarships, federal and state student loans, and to consider the anticipated monthly payments on their total student loan debt and their expected future earnings before considering a private education loan.


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