The Sallie Mae Smart Option student loan is a loan program for college and graduate student borrowers that offers options including fixed or variable interest rates and various ways to repay the loan, according to Sallie Mae Bank. Students can borrow up to 100 percent of their school-confirmed college costs.
As of 2015, student borrowers can opt to begin repaying their loans while they are in school, paying a set amount or as much as they want, explains Sallie Mae Bank. Other repayment options include paying the loan interest while still in school or deferring payments until six months after graduation. The loans are available without origination fees. Students who have loan cosigners can obtain more favorable interest rates.