smart option student loan

Paying for education can be intimidating, but we're here to help. In partnership with Sallie Mae, we are pleased to offer the Smart Option Student Loan. You can use the Smart Option Student Loan for tuition, fees, room and board or other school-certified expenses.

features and benefits

• Save money by making interest payments while in school
• Build credit by making on-time payments
• On-time payment reward - you can receive a 2% REWARD just for making your payment
  on-time while in school and during the separation period¹
• Save .25% on your interest rate when you make monthly payments automatically from
  your Heartland Checking Account²
• Competitive interest rates to ensure you are getting the most for your money

helpful resources

Planning for college isn't easy but we're here to help. We hope these resources will help you during this exciting time. 

• Student Loan Savings Calculator
• Planning for College
• Find Free Money
• Student Loan Rates

The Smart Option Student Loan is an ideal solution for families that still need education funds after they have maximized grants, scholarships, and federal loans. You pay interest while in school and can graduate with less debt. To learn more contact a Heartland Loan Officer today at
(651) 451-5160 or (800) 813-9185.

1 The 2% reward benefit is available on the Smart Option Student Loan during the borrower's initial in-school and separation period only. If the borrower leaves school but returns later, the reward will not be available for any subsequent in-school period. The primary borrower must be of the age of majority in his or her state of residence (typically 18 years old) and must enroll in Upromise at the time he or she applies for the loan or already be a Upromise member at the time of the loan application. If the primary borrower is already a Upromise member at the time of loan application, the borrower must indicate that when applying for a loan and provide the requested information to confirm enrollment. To be eligible to receive the 2% reward, the borrower may not have had two consecutive scheduled payments past due on the loan for which the benefit is available. If the borrower has two consecutive scheduled payments past due, he or she will no longer be eligible for the reward on that loan. If all conditions are met, the primary borrower will earn 2% of the scheduled payment amount in Upromise rewards into his or her Upromise account for each payment made by the scheduled due date. The 2% reward will be based only the scheduled payment amount due and cannot be earned on payments that exceed the scheduled payment amount. The 2% reward benefit is subject to the terms and conditions of the Upromise service (as may be amended from time-to-time), including without limitation, restrictions on conversion, transfer and redemption of rewards, reward denomination, including whether and under what circumstances the rewards have independent cash value, and terms relating to fees and/or the forfeiture of rewards. Benefit available on eligible loans first disbursed on or after June 1, 2010.
2 The benefit for enrolling in monthly recurring automatic automatic debit payments is available for as long as the monthly payment amount is successfully deducted from the designated bank account. Borrowers can elect to make payments via automatic debit through Sallie Mae's online account management system. This benefit is suspended during periods of forbearance and certain deferments.
3 The savings example uses approximated numbers, is for informational purposes only and is an example of loan terms available through the Smart Option Student Loan. Savings based on a total payment of $28,058.51 for a traditional 15-year private student loan where payments are deferred during school and grace periods and $18,569.30 for the Smart Option Student Loan which represents total potential savings of $9,489.21. Example of Smart Option Student Loan terms; one loan made to a freshman borrower of $10,000 with two disbursements and a 10.55% APR [Interest rate set at LIBOR + 9.75% (LIBOR of 0.250% as of March 25, 2010) with a 3% disbursement fee]. APR may increase may increase after consummation, Repayment consists of 51 interest payments ranging from $42.92 to $85.83 per month (in-school period of 45 months plus separation period of 6 months), followed by 84 principal and interest payments of $170.99 per month. Compare against a traditional private student loan where payments are deferred during school and grace periods in a similar amount with an estimated APR of 9.64% and repayment consisting of 180 principal and interest payments of $155.88 per month (following a 45-month in-school period and 6-month grace period, after which accrued interest is capitalized).