Can You Refinance Sallie Mae Loans? Yes—Here’s How, With Another Lender

If you have student loans with Sallie Mae and aren’t happy with your rates, terms, or customer service, you may wonder whether refinancing is possible. The short answer? Yes. While Sallie Mae doesn’t refinance its own loans, you can refinance through another private lender.

In this guide, we’ll walk you through how Sallie Mae loan refinancing works, when it makes sense (and when it doesn’t), and the best lenders to consider. (Our top choices are SoFi, Credible, ELFI, and Earnest.)

Table of Contents

1. Does Sallie Mae refinance student loans?
   1. Can I transfer Sallie Mae loans to another lender?
   2. Can you consolidate Sallie Mae loans?
2. Should I refinance my Sallie Mae student loans?
   1. When it makes sense
   2. When it might not make sense
3. How to refinance Sallie Mae loans
4. Best lenders to refinance Sallie Mae loans
   1. Credible: For lower rates
   2. SoFi: For better benefits
   3. ELFI: For better customer service
   4. Earnest: For more flexible repayment

Does Sallie Mae refinance student loans?

Sallie Mae does not offer student loan refinancing. It only provides new private student loans for current students.

If you’re looking to change your loan terms or lender, you’ll need to refinance your Sallie Mae loans through another lender.

Can I transfer Sallie Mae loans to another lender?

Not directly, but you can refinance your Sallie Mae loans with another lender, which works much like a transfer. If approved, the new lender will pay off your Sallie Mae balance and issue you a new loan. From there, you can pay the new lender at a potentially lower rate or better terms.

We recommend SoFi for this process. It’s our top-rated refinance lender overall, thanks to its flexible terms, strong borrower benefits, and excellent customer service. SoFi has refinanced billions in student loans and offers unique perks like career coaching, financial planning, and the option to skip one payment per year.

Just keep in mind: Approval isn’t guaranteed. You’ll need good credit, a stable income, and usually a completed degree to qualify.

Can you consolidate Sallie Mae loans?

Consolidation is often confused with refinancing, but they’re slightly different. Federal loan consolidation through the Department of Education is only available for federal loans, not private loans like Sallie Mae.

If you want to combine multiple Sallie Mae loans or transfer to a new lender, refinancing with a private lender is your only option. In this context, consolidation and refinancing are essentially the same.

Should I refinance my Sallie Mae student loans?

Refinancing can be a smart move in the right situation. Below are examples of when it does—and doesn’t—make sense.

When it makes sense

• You can qualify for a lower rate or monthly payment: Refinancing can help reduce your overall interest costs or make your monthly payments more manageable.
• You want to remove a cosigner: If Sallie Mae denied cosigner release or you didn’t graduate (a requirement for Sallie Mae), refinancing may be your only path to remove a cosigner.
• You’re out of payment assistance options: Sallie Mae has limited hardship programs. If you need longer-term relief, another lender may offer better flexibility.
• You want better benefits: Some lenders offer benefits that Sallie Mae doesn’t, like payment flexibility or career support.
• You’ve had poor customer service: With thousands of complaints filed against Sallie Mae, switching lenders could provide peace of mind.

When it might not make sense

• You want to remove a cosigner but can’t qualify alone: Sallie Mae allows cosigner release after just 12 on-time monthly payments for eligible borrowers. If you’re close, it might be better to wait.
• You already have lower rates: In today’s high-rate environment, you may not find a better offer than what you have with Sallie Mae.
• You’ll apply for other credit soon: Refinancing involves a hard credit check and may affect your credit score.
• You’re switching from fixed to variable: A lower variable rate might sound good now, but it could rise later and cost you more.
• Sallie Mae offers better short-term relief: Its graduated repayment plan, for instance, provides 12 months of interest-only payments—a benefit some lenders don’t match.

How to refinance Sallie Mae loans

If refinancing sounds like the right move, here’s what the process looks like:

Step 1: Prepare

Check your credit score and current loan payoff amount, and gather documents like pay stubs or tax returns. Make sure you know your goals—lower monthly payment, shorter term, or cosigner release.

Step 2: Compare lenders

Use comparison tools like Credible to view prequalified offers from multiple lenders with just a soft credit check. This step helps you identify the most competitive rate.

Step 3: Apply

Submit a full application to the lender of your choice. Be prepared to provide documents like W-2s or bank statements.

Step 4: Get approved

If approved, sign your final loan agreement. The new lender will pay off your Sallie Mae loans directly.

Step 5: Keep making payments until the transfer is complete

It can take weeks for the process to finalize. Until your Sallie Mae loan balance shows $0 and you receive confirmation, keep making payments to avoid late fees.

Best lenders to refinance Sallie Mae loans

We found that these lenders offer the best rates and features.

Credible: For lower rates

Best for Comparison Shopping

5.0 _/5

View Rates

Why we picked it

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

Credible’s refinancing options stand out against Sallie Mae’s student loans because Credible typically offers 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 affecting your credit score

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: For better benefits

Best Overall

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 515,000-plus members.

Beyond the borrower-friendly terms, refinancing with SoFi also makes you a member of its community and gives you access to exclusive benefits. These 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
• Manage your loan through its mobile app
• No application, origination, or late payment fees
• 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: For better customer service

Best Personalized Support

4.7 _/5

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Powered by Credible

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.

• Rated “Excellent” on Trustpilot by its borrowers
• Assigned a dedicated student loan advisor to assist you through repayment
• Available in the U.S. and Puerto Rico
• 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	All 50 states, D.C., Puerto Rico
Credit score	680+
Annual income	$35,000+

Earnest: For more flexible repayment

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 you’ll have less flexibility with repayment.

• Choose your repayment terms
• Skip one payment per year without penalty
• No fees
• Check your rate without affecting your credit

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