What Is Smart Option Student Loan
Smart Option Student Loan is an Australian student loan product which allows borrowers to choose between three repayment options. This is useful if you expect your income in future years to be different from what it is now, or if you want to keep your repayments affordable now but pay them off faster later.
The Smart Option Student Loan offers a smarter way to pay for college expenses not covered by scholarships and federal loans.
The Smart Option Student Loan is a line of credit that allows you to borrow money as you need it. You can use the funds for your education expenses, like tuition and fees.
The Smart Option Student Loan offers a smarter way to pay for college expenses not covered by scholarships and federal loans. It has flexible repayment options, making it easier than ever to manage your student loan payments.
The Smart Option Student Loan is a variable rate private student loan with competitive rates and flexible payment options available depending on need and eligibility requirements.
If you need to borrow to pay for college, we have options to help you pay as you go.
Smart Option Student Loan is an alternative to the Federal Family Education Loan Program that allows you to borrow up to $37,500 as a freshman or sophomore.
- You can make interest-only payments while in school if you have a creditworthy cosigner on your loan and meet certain other requirements.
- While in school, you may choose between Interest Only or Full Repayment options. The choice will determine how much interest accrues each month on your credit card balance.
No payments due while in school.
While you’re currently enrolled in school and for a limited time after graduation, you don’t have to make any payments on this loan. Additionally, the initial origination fee of 4% is waived for all Smart Option Student Loans.
No prepayment penalty means that when you pay off your debt early, you receive your money back in full—no questions asked.
No origination fee and no prepayment penalty.
If you’re looking for a student loan that won’t penalize you for paying it off early, Smart Option Student Loan is the perfect option. They don’t charge an origination fee and there’s no prepayment penalty for federal loans.
If you’ve already used up all your federal loan eligibility, this could be a good choice since it has no private lender origination fees or prepayment penalties.
Multiple repayment options and the ability to change your repayment option at any time
When you get a Smart Option Student Loan, you have multiple repayment options to choose from. You can also change your repayment option at any time.
You have the option of switching between fixed and variable rates if the interest rate on your loan goes up or down. With a variable rate, your monthly payment will be higher because there is no cap on how much it can increase each year. If you decide to switch from a variable rate to fixed, your monthly payments will be lower but they may increase over time due to inflationary increases in the prime lending rate (interest rates set by Bank) or other factors such as an increase in tax rates or changes in government regulations that could cause them to rise dramatically over short periods of time which makes it risky for borrowers who need some predictability given their situation such as those who want/need low payments so they can afford living expenses while going through school; however, many borrowers see this benefit as worth taking risks with their finances because it means paying less overall than if they were paying back loans with high interest rates plus paying for added costs like closing costs which might not even exist if these types of loans didn’t exist today!
Benefits and an interest rate reduction available
- No origination fee
- No prepayment penalty
- Multiple repayment options: (1) Fixed payments over the course of the entire loan term; (2) fixed monthly payments for a specified period, then monthly payments that may change; or (3) interest-only monthly payments for an initial period, after which interest ceases to accrue and principal is paid at regular intervals until the end of your repayment term. All three options require a Wells Fargo student loan default insurance premium. You may change from one option to another at any time without penalty.
- Ability to change your repayment option at any time during your grace period or after you’ve started making payments on your Smart Option Student Loan (in other words, no fees).
- Priority consideration given by Wells Fargo customer service representatives for applications submitted by December 31, 2016
Priority Consideration given to Wells Fargo customer applications received by December 31, 2016
- If you are a Wells Fargo customer and apply by December 31, 2016, you will receive priority consideration.
- If you are not a Wells Fargo customer, but have or open an eligible checking account between August 1st and December 31st (you can find the full terms of this promotion here), then your application will be given standard consideration.
- If you are not a Wells Fargo customer and apply after December 31, 2016, your application will be given standard consideration.
The Smart Option Student Loan lets students with good or excellent credit score get lower loan rates
The Smart Option Student Loan is a good option for students who want to pay as they go. This loan gives you the flexibility to make monthly payments and keep your student loans from going into default. You can also repay your loan in full at any time without penalty, which means that if you have the money available, you can pay off your balance early and save on interest charges.
The Smart Option Student Loan is a good option for students who want to repay their loans over time. The repayment period on this loan is longer than other types of student loans—15 years instead of ten years or less—but because of this longer term period, it offers lower interest rates than other options do.
The Smart Option Student Loan is an excellent option for students who need to borrow to pay for college expenses not covered by scholarships and federal loans. With a lower interest rate than other private student loans and no origination fee, you can save money on interest costs — resulting in more disposable income for other needs.