Refinance Sallie Mae Loans for Potential Savings

If you have student loans originated by Sallie Mae and are unsatisfied with the customer service or your repayment terms, you can refinance those loans. However, you’ll have to do so with a new lender since Sallie Mae doesn’t offer refinancing.

We’ll compare a list of the best student loan refinancing solutions and explain the implications of moving your student loans away from Sallie Mae.

Best lenders to refinance Sallie Mae loans

Our research into more than 20 lenders and over 690 data points resulted in the following companies being our top picks for refinancing Sallie Mae loans.

Let’s examine why each option is worth considering and how it differs from the terms offered on Sallie Mae’s student loans.

Credible

Best for Comparison Shopping

5.0 _/5

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Why we picked it

Credible makes it easy to shop around for prequalified rates from multiple lenders to find improved terms without affecting your credit score. There are no fees, and your information will not be shared unless you decide to move forward with a lender.

Credible’s refinancing options stand out against Sallie Mae’s student loans because they typically offer lower interest rates, no origination fees, and a wider variety of repayment terms to adjust the size of your monthly payments.

• Compare prequalified rates in just 2 minutes
• $200 reward if you don’t secure your best rate
• Check rates without impacting your credit score
• No fees

Loan Details

Rates (APR)	5.59% – 16.99%
Loan amounts	Varies by lender
Repayment terms	5, 7, 10, 15, or 20 years
States	All 50 states
Credit score	Varies by lender
Annual income	Varies by lender

SoFi

Best Online Lender

4.9 _/5

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Why we picked it

SoFi is the standout lender for borrowers looking for improved repayment terms and long-term financial support. It has refinanced more than $44 billion for over 515,000 members. Beyond the borrower-friendly terms, refinancing with SoFi also makes you a member of its community and gives you access to exclusive perks.

These perks include financial planning, referral bonuses, member discounts, and access to premium offers on flights, hotels, and rental cars. None of these benefits are available to Sallie Mae borrowers due to its sole focus on student lending and savings products.

• Exclusive member benefits and rewards
• No origination, prepayment, or late payment fees
• Manage your loan through its mobile app
• Check your rate without affecting your credit

Loan Details

Fixed APR	5.24% – 9.99% w/ autopay
Variable APR	6.24% – 9.99% w/ autopay
Loan amounts	$5,000 – 100% of your outstanding balance
Repayment terms	5, 7, 10, 15, or 20 years
States	All 50 states
Credit score	Not disclosed
Annual income	Not disclosed

ELFI

Best for Personalized Support

4.7 _/5

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Powered by Credible

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Why we picked it

ELFI is a terrific option if you’re looking for personalized support throughout your repayment term. It has helped over 30,000 borrowers refinance and matches all borrowers with dedicated student loan advisors for guidance throughout the refinancing process.

This dedication to support can be a significant benefit over the customer service provided by Sallie Mae for borrowers looking to discuss new repayment terms to find more manageable monthly payments and repayment timelines.

• Assigned a Student Loan Advisor for support
• Available in the U.S. and Puerto Rico
• Rated “Excellent” on Trustpilot by its borrowers
• Check your rate without affecting your credit score

Loan Details

Rates (APR)	5.59% – 16.99%
Loan amounts	$10,000 – 100% of your outstanding balance
Repayment terms	5, 7, 10, 15, or 20 years
States	50 states, D.C., Puerto Rico
Credit score	680+
Annual income	$35,000+

Earnest

Best Skip a Payment Benefit

4.6 _/5

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Why we picked it

Earnest offers up to 180 ways to customize your loan, making it an excellent solution for borrowers who want more control over repayment flexibility. Unlike most lenders, it lets you skip one payment per year without penalty, choose your monthly payment date, and switch between biweekly and monthly payments.

A bonus of the Earnest borrowing experience is that all of its loans are serviced in-house, which typically results in more consistent support. This can be an improvement from the experience with Sallie Mae, where there is less flexibility with repayment.

• Choose your repayment terms
• Skip one payment per year without penalty
• Check your rate in 2 minutes with no credit impact
• No fees

Loan Details

Rates (APR)	5.59% – 16.99%
Loan amounts	$5,000 – 100% of your outstanding balance
Repayment terms	5 – 20 years
States	49 states, D.C. (not available in Nevada)
Credit score	680+
Annual income	$35,000+

Are you eligible to refinance your Sallie Mae loans?

All Sallie Mae student loans can be refinanced, but the timing depends on the eligibility requirements of other lenders. You’ll need to be approved for a new loan first, and every lender is different. In general, here’s what most lenders look for:

• Credit score: Most lenders require a credit score of 650 or higher to approve you; the higher your score, the better your chances of getting the best rate.
• Credit history: Many lenders won’t approve you if your credit report shows a recent history of past-due payments, bankruptcies, or other negative marks.
• Loan amount: Typically $5,000 or more, but this varies by lender. 
• Income: You’ll need to show proof of income to your lender’s satisfaction, especially regarding your monthly debt payments. Having a stable, consistent job can help. 
• Degree: Most lenders want to see that you’ve completed your degree, but some lenders will refinance education debt for borrowers who dropped out before graduating. 
• Residency: You’ll need to live in a state where the lender is licensed. Most lenders only offer loans to U.S. citizens and permanent residents. 

Should you refinance Sallie Mae student loans?

Refinancing any student loan isn’t a black-and-white situation. You’ll need to weigh several factors first. Keep reading the table below for more details about each situation.

Consider refinancing if	Reconsider if
✅ You can qualify for a lower rate or payment	❌ A lower rate means moving from a fixed to a variable rate
✅ You want to remove a cosigner and can qualify on your own	❌ You want to remove a cosigner but can’t qualify on your own
✅ You’ve run out of payment assistance options	❌ Sallie Mae offers better payment assistance options
✅ You want to qualify for better benefits	❌ You plan to apply for other credit soon
✅ You’re looking for better customer service	❌ Your rate or payment would be higher

When it makes sense to refinance Sallie Mae student loans

If Sallie Mae has let you down, switching lenders can help give you peace of mind. You might want to refinance Sallie Mae loans for several reasons. Here are five scenarios where ditching Sallie Mae for another lender may be sensible.

✅ 1. You can qualify for a lower rate or payment

One of the most popular reasons to refinance with any lender is to get lower rates or a lower payment. This can help your student loan fit within your monthly budget and cash flow patterns. You can check your potential loan options with many lenders anytime with no obligation. 

✅ 2. You want to remove a cosigner and can qualify on your own

Sallie Mae has a generous cosigner release policy, but not everyone is eligible. You may have stellar qualifications, but Sallie Mae won’t let you apply for cosigner release if you didn’t finish your degree. You may be able to remove your cosigner by refinancing with another lender. 

✅ 3. You’ve run out of payment assistance options

Check with Sallie Mae if you’re having trouble making your payments. Some of its assistance options, such as deferment, are limited in scope. If you’re facing long-term problems and Sallie Mae can’t help, it may be time to move to another lender who can. 

✅ 4. You want to qualify for better benefits

Some student loan lenders offer special programs beyond what Sallie Mae provides. SoFi offers plenty of borrower benefits, and Earnest allows you to skip a payment every year.

✅ 5. You’re looking for better customer service

Sallie Mae has a poor reputation for customer service, with over 2,000 official complaints lodged against the company’s student loan division since 2015.

When it might not make sense to refinance Sallie Mae student loans

Before you get rid of Sallie Mae, consider whether any of these scenarios apply to you:

❌ 1. You want to remove a cosigner but can’t qualify on your own

Sallie Mae allows you to apply for cosigner release in as little as one year after you’ve been making full payments—much faster than many other lenders. If removing your cosigner is your priority, it may be better to stick it out and focus on building credit for now. 

❌ 2. Sallie Mae offers better payment assistance options

Sallie Mae provides a “graduated repayment” program: Rather than restarting full payments in six months like most private student loan lenders, you get a full year of interest-only payments. 

❌ 3. Your rate or payment would be higher

In high-interest-rate environments, it may be tough to refinance your student loans for a lower rate than you have with Sallie Mae. 

❌ 4. You’ll be applying for other credit soon

It’s best to hold off on applying for new credit (including student loan refinancing) if you have big plans to apply for other credit soon, such as a loan for a home or a car to get to work.

❌ 5. A lower rate means moving from a fixed to a variable rate 

If you’re considering refinancing to a loan with a variable interest rate because the initial rate is lower, you risk the rate (and your payments) increasing over time. Depending on economic conditions, you could pay more than if you had kept your original loan.

Can you consolidate Sallie Mae loans?

If you’re trying to change your Sallie Mae student loans, you should understand the differences between consolidating and refinancing your loans.

Consolidation

Consolidation can simplify your monthly payments between multiple loans by combining everything into one payment. You’ll often see this with federal loans via a Direct Consolidation Loan from the Department of Education. But Sallie Mae loans are private and aren’t eligible for a Direct Consolidation Loan.

You can consolidate private student loans through a private lender, but the process is the same as refinancing. 

Refinance

Refinancing student loans is often confused with consolidation, and the two are interchangeable when referring to private student loans.

Regarding federal loans, the two are similar, but refinancing has a different purpose. The goal of refinancing isn’t just to combine all your debt into one big loan. It’s to help borrowers do one or all of the following:

• Lower interest rates
• Change repayment terms for a lower monthly payment
• Change or remove the cosigner

You can’t refinance Sallie Mae loans with Sallie Mae because the company doesn’t refinance its own loans (or any other student loans, for that matter). 

But you can choose from various private lenders to get better terms on your student loan. 

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Tip

If you extend your term to a longer time frame than you have on your current loan, you’ll pay more in interest over time, even if your rate is lower.

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How to refinance Sallie Mae loans

If you’re interested in refinancing your Sallie Mae student loans with another lender, you’ll follow the same general set of steps. This may vary by lender, but the big picture looks like this:

1. Get ready to apply
2. Check your rate with different lenders
3. Complete a full application
4. Get a decision
5. Continue making payments on your Sallie Mae loans

We’ll explain these steps in more detail so you know what to expect at each stage.

Step 1: Get ready to apply

Knowing where you stand can help you narrow down your list of potential lenders to the ones you’re most likely to qualify with. 

Here’s a checklist of what to verify before you start shopping:

• Credit score
• Current student loan payoff amount
• Credit report (check for any errors, and dispute any you find)
• How much you can afford for a monthly payment
• Save copies of current financial statements, including recent tax returns, W-2s, bank statements, and student loan statements

Step 2: Check your rate with different lenders

Most lenders allow you to check your rate and potential loan options on their website without completing a full application. This doesn’t hurt your credit as long as the lender does a soft credit check. Use this information to help you choose the best lender to apply with.

Step 3: Complete a full application

Submit a full application for a student loan with your chosen lender. Stay in touch so you can respond if the lender needs more information. You’ll often get an instant decision, but it may require more time if the lender needs to review your application manually.

Step 4: Get a decision

Once you’re approved for the loan, the lender will send you a final loan agreement to sign. After you sign the document, it’s official: You have a new lender, which will pay off your old Sallie Mae student loans. 

Step 5: Continue making payments on your Sallie Mae loans

Switching lenders can take time. Until you hear otherwise, it’s essential to keep paying your student loans with Sallie Mae until you receive confirmation that your new lender has paid off your old Sallie Mae loans. You can then set up autopay for your new loans.