Independent Bank partners with Sallie Mae to offer private education loan

July 17, 2013

Independent Bank announced today that it has partnered with Sallie Mae to offer customers a private education loan program that helps families 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 competitive interest rates 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 loan rewards responsible customers with benefits such as an on-time payment reward and interest-rate discounts for automatic payments.

Customers may choose from variable or fixed rates and three in-school monthly repayment options. To help families make informed borrowing choices, loan applicants receive a series of clear disclosures explaining loan terms and estimating total cost.

To offer the Smart Option Student Loan, Independent Bank 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 31 million people pursue their educational goals.

“Sallie Mae is delighted to partner with Independent Bank to assist families seeking responsible solutions to make the investment in a college education,” said Jerry Maher, senior vice president, Sallie Mae.

“Whether families are preparing for the upcoming fall college semester or will have a senior in high school, it’s the perfect time to start planning. Independent Bank also offers additional financing resources, such as personal loans,” said Russ Daniel, senior vice president of lending, Independent Bank.

To learn more about education financing options or to apply for a Smart Option Student Loan online, visit IndependentBank.com/students/student-loans.