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06/26/2017

Rev #: 01

Private Education Loan - Smart Option Student Loan

Application and Solicitation Disclosure

Fixed Rate Type (see pages 1 & 2 for Variable Rate Type)

Sallie Mae Bank

P.O. Box 3319

Wilmington, DE 19804

Loan Interest Rate & Fees

Your Interest Rate (upon approval)

Your interest rate will be

The interest rate you pay will be determined after you apply. It will be based upon your credit history,

between

which repayment option you choose, and other factors. If approved, we will notify you of the rate you

qualify for within the stated range.

and

5.750%

8.875%

Your Interest Rate during the life of the loan

After the starting rate is set,

Your rate is fixed. This means that your rate will not increase or decrease for the life of the loan. For

it will be fixed for the term of

more information on this rate, see Reference Notes.

the loan.

Loan Fees

Application Fee: $0.00. Disbursement Fee: The fees that we charge to make this loan are 0.000% to 0.000% of total loan amount. Late Fee: 5.00% of the

amount of the past due payment, up to a maximum of $25. Returned Check Fee: up to $20.00. Fee when you begin repaying the loan: 0.000% of loan

balance.

Loan Cost Examples

The total amount you will pay for this loan will vary depending upon when you start to repay it. This example provides estimates based upon 3 different repayment

options available to you while enrolled in school.

Interest

Total

Paid

Repayment Option

Amount Provided

Loan Term

Rate

over life of

(while enrolled in school and during the separation period of six (6) billing periods

(amount provided directly

(how long you have to

thereafter)

to you or your school)

pay off the loan)

(highest

loan

possible starting

(includes associated

rate)

fees)

Interest Repayment

$10,000

8.875%

$14,807.05

months starting after

the separation period.

Make interest payments but defer payments on the principal amount while

enrolled in school and during the separation period.

Fixed Repayment

$10,000

8.875%

$15,149.45

months starting after

Make fixed payments of $25.00 each month while enrolled in school and during

the separation period

the separation period. Interest will be charged and added to your loan.

Deferred Repayment

$10,000

8.875%

$15,346.39

months starting after

the separation period

Make no payments while enrolled in school and during the separation period.

Interest will be charged and added to your loan.

About this example

The repayment example assumes you remain in school 2 years and have a 6 month separation period before beginning repayment. It is based on the highest

starting rate currently charged and associated fees. Please note that principal and interest payments required each month after the separation period ends and

the interest rate on your loan are higher for the " Fixed Repayment" and "Deferred Repayment" Repayment Options. So long as you do so prior to finalizing this

loan, you will be able to change your repayment option and interest rate type elections by calling (877) 279-7172. Principal and interest repayment terms vary

from 5 to 15 years and are based upon the borrower's cumulative outstanding Sallie Mae owned or serviced private student loan balance, repayment option and

the student's school-certified academic grade level.

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