Sallie Mae is one of the largest private student loan lenders, but it’s not always the best choice. Some borrowers want better customer service, more flexible repayment terms, easier rate shopping, or loans without a cosigner.
Below are the best Sallie Mae alternatives based on what matters most to different types of borrowers.
Table of Contents
- Best Sallie Mae alternatives at a glance
- Sallie Mae vs. other private student loan lenders
- Best overall alternative: College Ave
- Best for flexible repayment: Earnest
- Best for graduate students and member perks: SoFi
- Best no-cosigner option: Funding U
- Best for international students: MPOWER
- Best for customer service: ELFI
- How to choose the right Sallie Mae alternative
- FAQ
Best Sallie Mae alternatives at a glance
Read our full review of Sallie Mae loans.
How Sallie Mae compares to other private student loan lenders
Best overall alternative: College Ave
Best for: Borrowers who want flexible loan options and the ability to compare rates without hurting their credit.
Why borrowers choose it over Sallie Mae
College Ave offers many of the same loan types as Sallie Mae, but with a more borrower-friendly application experience. Unlike Sallie Mae, it lets you check personalized rates with a soft credit pull before formally applying. That makes it easier to compare lenders without affecting your credit score.
College Ave also earns much stronger customer satisfaction ratings than Sallie Mae and offers more repayment term flexibility for undergraduate borrowers.
Where Sallie Mae may still have the edge
Sallie Mae’s cosigner release policy can be easier to qualify for. College Ave generally requires a longer history of on-time payments before cosigner release becomes available.
Loan features
- Soft credit prequalification
- Undergraduate, graduate, parent, and refinance loans
- Multiple repayment term options
- Competitive fixed and variable APRs
- Strong customer satisfaction ratings
Loan details
| Fixed rates (APR) | 4.39% – 16.49% |
| Variable rates (APR) | 5.59% – 16.85% |
| Loan amounts | $1,000 – 100% of the school-certified cost of attendance |
| Repayment terms | 5, 8, 10, or 15 years |
Best for flexible repayment: Earnest
Best for: Borrowers who want more control over monthly payments and repayment timelines.
Why borrowers choose it over Sallie Mae
Earnest stands out for repayment flexibility. While Sallie Mae mainly limits borrowers to standard term lengths, Earnest lets you customize your repayment term with far more precision. That can help you lower your monthly payment or pay off debt faster.
Earnest also offers benefits Sallie Mae lacks, including a longer nine-month grace period and the ability to skip one payment every 12 months after meeting eligibility requirements.
Where Sallie Mae may still have the edge
Sallie Mae may offer easier approval for some borrowers with strong cosigners but limited personal credit history.
Loan features
- Soft credit prequalification
- Customizable repayment terms
- Nine-month grace period
- Skip-a-payment benefit
- Loans for graduate and professional programs
Loan details
| Fixed rates (APR) | 4.11% – 15.90% |
| Variable rates (APR) | 5.62% – 16.20% |
| Loan amounts | $1,000 – 100% of the school-certified cost of attendance |
| Repayment terms | 5, 7, 10, 12, or 15 years |
Best for graduate students and member perks: SoFi
Best for: Graduate students and borrowers who want long-term financial benefits beyond student loans.
Why borrowers choose it over Sallie Mae
SoFi® goes beyond student lending by offering banking, investing, insurance, and financial planning tools within a single ecosystem. That makes it appealing for graduate students and young professionals who want a lender that can continue supporting their financial goals after school.
Borrowers also get access to SoFi member perks, including financial planning resources and career support.
Where Sallie Mae may still have the edge
Sallie Mae offers a wider variety of specialized undergraduate and career training loan products.
Loan features
- Banking and investing products
- Member perks and financial planning
- Competitive graduate student loan options
- No late fees or prepayment penalties
- Soft credit prequalification
Loan details
| Fixed rates (APR) | 4.44% – 14.30% with autopay |
| Variable rates (APR) | 5.99% – 14.30% with autopay |
| Loan amounts | $1,000 – 100% of certified costs |
| Repayment terms | 5, 7, 10, or 15 years |
Best no-cosigner option: Funding U
Best for: Students without access to a cosigner.
Why borrowers choose it over Sallie Mae
Although Sallie Mae allows borrowers to apply without a cosigner, many undergraduate students still struggle to qualify independently. Funding U was specifically designed for students without established credit histories or cosigners.
Instead of focusing heavily on credit scores, Funding U considers factors such as academic performance, projected graduation date, and future earning potential.
Where Sallie Mae may still have the edge
Sallie Mae offers larger loan amounts and more repayment structures than Funding U.
Loan features
- No cosigner required
- Alternative underwriting model
- Designed for undergraduate students
- Focus on academic outcomes rather than credit history
Loan details
| Fixed rates (APR) | 7.49% – 12.99% |
| Loan amounts | $3,001 – $20,000 per year |
| Repayment terms | 10 years |
Best for international students: MPOWER
Best for: International and DACA students without a U.S. cosigner.
Why borrowers choose it over Sallie Mae
Sallie Mae requires either the borrower or cosigner to be a U.S. citizen or permanent resident. That leaves many international students without access to funding.
MPOWER removes that barrier by offering loans without requiring a U.S. cosigner or established U.S. credit history. It also provides additional support services tailored to international students, including visa and career resources.
Where Sallie Mae may still have the edge
Sallie Mae generally offers lower interest rates for highly qualified borrowers with strong credit profiles.
Loan features
- No U.S. cosigner required
- No U.S. credit history required
- Available to international and DACA students
- Career and visa support resources
Loan details
| Fixed rates (APR) | Starting at 11.41% |
| Loan amounts | $2,001 – $100,000 |
| Repayment terms | 10 years |
Best for customer service: ELFI
Best for: Borrowers who prioritize hands-on support and personalized guidance.
Why borrowers choose it over Sallie Mae
ELFI consistently earns some of the strongest customer satisfaction scores among private student lenders. Unlike Sallie Mae, which receives frequent complaints about servicing and communication issues, ELFI assigns borrowers a dedicated loan advisor to help throughout the process.
That personalized support can make a major difference for borrowers navigating private student loans for the first time.
Where Sallie Mae may still have the edge
Sallie Mae offers more loan products for career training and undergraduate borrowers.
Loan features
- Dedicated loan advisors
- Strong customer satisfaction ratings
- Personalized borrower support
- Competitive rates for qualified borrowers
Loan details
| Fixed rates (APR) | From 4.48 |
| Variable rates (APR) | 4.98 – 18.00 |
| Loan amounts | $1,000 – 100% of school-certified costs |
| Repayment terms | 5, 7, 10, or 15 years |
See our picks for the Best Private Student Loan Lenders.
How to choose the right Sallie Mae alternative
The best Sallie Mae alternative depends on what matters most to you.
- Choose College Ave if you want an overall experience similar to Sallie Mae, but with soft credit prequalification and stronger customer reviews.
- Choose Earnest if repayment flexibility is your top priority.
- Choose SoFi if you want broader financial tools and member benefits after graduation.
- Choose Funding U if you need a student loan without a cosigner.
- Choose MPOWER if you’re an international or DACA student without a U.S. credit history.
- Choose ELFI if customer service and personalized support matter most to you.
Before choosing a lender, compare:
- Interest rates
- Repayment terms
- Cosigner requirements
- Grace periods
- Customer reviews
- Rate-shopping options
Even a small difference in APR or repayment flexibility can save you thousands over the life of your loan.
FAQ
What lender is better than Sallie Mae?
That depends on your priorities. College Ave is a strong overall alternative; Earnest stands out for its repayment flexibility, and ELFI is one of the best options for customer service.
What lenders are similar to Sallie Mae?
College Ave, Earnest, SoFi, and ELFI all offer private student loans similar to Sallie Mae, including undergraduate, graduate, and parent loan options.
Which Sallie Mae alternative has the best customer service?
ELFI consistently earns some of the strongest customer satisfaction ratings among private student loan lenders and assigns borrowers dedicated loan advisors.
Can I get a student loan without a cosigner instead of Sallie Mae?
Yes. Funding U specializes in no-cosigner undergraduate loans, while MPOWER offers loans for international students that do not require a U.S. cosigner.
Does Sallie Mae offer refinancing?
No. Sallie Mae does not currently offer student loan refinancing. Borrowers looking to refinance existing Sallie Mae loans will need to use another lender.
Which Sallie Mae alternative is best for international students?
MPOWER is one of the best alternatives for international and DACA students because it does not require a U.S. cosigner or established U.S. credit history.
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About our contributors
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Written by Catherine CollinsCatherine Collins is a personal finance writer and author with more than 10 years of experience writing for top personal finance publications. As a mother to boy/girl twins, she is passionate about helping women and children learn about money and entrepreneurship. Cat is also the co-host of the Five Year You podcast.
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Edited by Kristen Barrett, MATKristen Barrett is a managing editor at LendEDU. She lives in Cincinnati, Ohio, with her wife and their pack of senior rescue dogs. She has edited and written personal finance content since 2015.