What to do if your student loan is approved
If your Sallie Mae® Smart Option Student Loan® is approved, here’s what happens before the money is sent to your school.
Your school certifies the loan
First, a certification request is sent to your school to verify your Smart Option Student Loan. This ensures that your requested loan amount isn’t more than the necessary school-related costs. All schools have different processes for certification—some certify daily, weekly, biweekly, etc. Most schools only certify 30 days before the enrollment period begins.
Usually, no actions are required from you or your cosigner during this time. We’ll keep you posted so you always know where we are in the process.
How your loan is sent to your school
Once your loan is certified and the cancellation period ends, your student loan is ready to be disbursed (sent to your school). The funds may be divided into multiple disbursements, usually one per semester. If you chose a repayment option with in-school payments, your monthly payments begin as soon as your funds are disbursed.
What to do with a student loan refund
You may get a student loan refund if there are funds left over after paying your college costs. Keep in mind, this money is still part of your loan, so you’ll need to pay it back later—with interest. You can choose to return the funds to lower your total student loan cost or use the money now for any other school expenses you might have.
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