Is There a Better Place Than Sallie Mae to Get a Student Loan? The Best Alternatives and Competitors

Sallie Mae might be one of the biggest names in private student loans, but that doesn’t mean it’s the best fit for everyone. While it once managed federal loans, Sallie Mae is now entirely a private lender—a fact that often surprises borrowers. In 2014, it split from its federal servicing operations (now called Navient), and today it only issues private student loans.

Despite holding 64% of the private student loan market, Sallie Mae draws frequent complaints about poor customer service and a lack of transparency. If that gives you pause, you’ve got options.

We’ve rounded up the top Sallie Mae alternatives—lenders that offer strong customer support, flexible repayment options, and unique perks. Whether you’re looking for a loan with fewer fees, better cosigner policies, or member-only benefits, there’s likely a better match out there for you.

Keep reading to see how they stack up—and which might be the smarter choice for your education and finances.

Table of Contents

1. Sallie Mae student loans at a glance
2. Why you might consider an alternative to Sallie Mae student loans
3. The best alternatives to Sallie Mae student loans
   1. College Ave
   2. Earnest
   3. SoFi
   4. Funding U
   5. MPOWER
   6. ELFI
   7. Ascent
4. FAQ

Sallie Mae student loans at a glance

Sallie Mae offers private student loans for undergraduate, graduate, and career training programs. It stands out for allowing cosigner release after 12 months of on-time payments.

However, Sallie Mae receives consistently poor customer service ratings across major review platforms, with borrowers frequently citing billing issues, lack of support, and confusion around repayment.

Best for Cosigners

4.8 _/5

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Private Student Loans

• Offers undergraduate, graduate, and career training loans
• Lower interest rates if you repay while in school
• Cosigner release after 12 on-time principal and interest payments
• No prepayment penalties or origination fees
• Multi-Year Peace of Mind
• Free credit score tracking
• Apply once for full year funds
• Interest-only payments for 12 months after grace for qualifying borrowers

• No soft credit check to check your eligibility
• Shortest repayment term is 10 years
• Reports of poor customer service

Rates (APR)	4.50% – 16.70%
Loan amounts	$1,000 – 100% of certified costs
Repayment terms	10 – 15 years
Min. credit score	Mid-600s

Why you might consider an alternative to Sallie Mae student loans

Sallie Mae has some appealing features, but it also comes with notable drawbacks. Here’s a breakdown of common concerns and which lenders may be a better fit:

Poor customer service

Sallie Mae has some of the lowest customer satisfaction scores among major student lenders, with borrowers frequently citing billing errors, delayed disbursements, and unresponsive support. In contrast, other private lenders earn strong customer ratings on Trustpilot:

Lender	Trustpilot rating	Number of reviews
ELFI	4.9 / 5	2,256
Earnest	4.6 / 5	7,092
College Ave	4.6 / 5	2,227
SoFi	4.3 / 5	9,758
Sallie Mae	1.3 / 5	57

Choose instead …

ELFI is our top recommendation for borrowers who want a smoother, more supported experience. It assigns a dedicated loan advisor to each borrower and maintains a stellar reputation for customer service from application through repayment.

No option to check rates without impacting your credit

Sallie Mae does not offer a soft credit check, so you’ll take a credit score hit just to see if you qualify. This makes it harder to compare lenders or shop around confidently.

Choose instead …

College Ave or Earnest. These lenders let you prequalify with a soft credit pull, so you can check your personalized rates before applying. This is especially helpful if you’re comparing multiple offers to find the best deal without damaging your credit score.

Limited repayment term options

Sallie Mae only offers 10- and 15-year repayment terms, with no options to go shorter or fully customize. That lack of flexibility can make it harder to fit monthly payments into your budget or pay off your loan faster.

Choose instead …

Earnest lets you choose your repayment term down to the month—from 5 to 20 years—giving you precise control over your monthly payment and total interest paid.

Limited to student loans only

Sallie Mae is a student loan–only lender, so once your loan is disbursed, you won’t have access to any broader financial tools, services, or relationship perks. That’s a downside if you’re looking to manage your full financial picture in one place.

Choose instead …

SoFi offers student loans alongside banking, investing, financial planning, and career support—making it a better fit if you want your lender to grow with you after graduation.

Lack of transparency in eligibility requirements

Sallie Mae doesn’t clearly disclose its minimum credit score, income, or debt-to-income requirements, leaving borrowers guessing about whether they qualify. This can make the application process feel unpredictable and frustrating.

Choose instead …

Ascent is more upfront about who qualifies, with clearly defined criteria and multiple approval paths—including credit-based and academic-based options—so you know where you stand before applying.

Hard to qualify without a cosigner

While Sallie Mae doesn’t require a cosigner outright, many undergraduate borrowers struggle to meet the credit and income requirements on their own. This can make it difficult to qualify without outside help.

Choose instead …

Funding U focuses on no-cosigner loans for undergraduates, using academic performance and projected graduation to evaluate eligibility—no credit or cosigner needed.

Not available to international or DACA students

Sallie Mae requires the borrower or cosigner to be a U.S. citizen or permanent resident, excluding many international and DACA students from applying.

Choose instead …

MPOWER Financing lends to international and DACA students attending eligible U.S. schools—no cosigner or U.S. credit history required. It’s one of the most accessible private student loan options for non-citizen borrowers.

The best alternatives to Sallie Mae student loans

We’ve already covered where Sallie Mae falls short—now here’s a deeper look at the lenders that may offer a better experience. Whether you’re looking for better customer support, more flexible repayment terms, or loans without a cosigner, these alternatives stand out for addressing Sallie Mae’s biggest weaknesses.

College Ave

Best Overall

5.0 _/5

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Why it’s a good alternative

College Ave was founded by former Sallie Mae executives—but it’s designed to offer a better customer experience. The application takes just minutes, and borrowers consistently praise its intuitive platform and responsive support team. While Sallie Mae gets just 1.3/5 stars on TrustPilot, College Ave earns a strong 4.5/5.

One downside? Its cosigner release policy isn’t as borrower-friendly—it typically requires more than half the repayment term of on-time payments before you can apply. Sallie Mae, by comparison, offers release after just 12 months. Still, for overall ease of use, flexible loan types, and borrower satisfaction, College Ave remains our top pick.

Details

Variable rates (APR)	5.59% – 16.85%
Fixed rates (APR)	4.39% – 16.49%
Loan amounts	$1,000 – 100% of the school-certified cost of attendance
Repayment terms	5, 8, 10, or 15 years

Earnest

Best for Repayment Customization

4.7 _/5

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Why it’s a good alternative

Earnest stands out for high loan limits, flexible terms, and borrower-friendly policies. It’s one of the few lenders offering private loans to international students (with a U.S. co-signer), and it supports a wide range of degree programs, including medical, law, and business school.

You’ll also get perks Sallie Mae doesn’t offer—like a longer 9-month grace period after graduation and the ability to skip one payment a year. It’s a solid choice if you need to borrow more or want some breathing room with repayment.

Details

Variable rates (APR)	5.62% – 16.20%
Fixed rates (APR)	4.11% – 15.90%
Loan amounts	$1,000 – 100% of the school-certified cost of attendance
Repayment terms	5, 7, 10, 12, or 15 years

SoFi

Best for Member Benefits

4.7 _/5

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Why it’s a good alternative

SoFi^® goes beyond student loans. As a full-service financial platform, it offers perks you won’t find with Sallie Mae—like financial planning, rate discounts, and exclusive member events.

If you want your lender to feel more like a financial partner, SoFi is worth a look. Plus, it offers competitive rates and no fees, making it a great fit if you’re planning for long-term financial goals alongside your education.

Details

Variable rates (APR)	5.99% – 14.30% with autopay
Fixed rates (APR)	4.44% – 14.30% with autopay
Loan amounts	$1,000 – 100% of certified costs
Repayment terms	5, 7, 10, or 15 years

Funding U

Best for Non-Cosigned Loans for Undergrads

4.7 _/5

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Why it’s a good alternative

Sallie Mae may allow no-cosigner applications, but many undergraduates still don’t meet the credit or income requirements on their own. Funding U is different—it’s specifically built for students without cosigners, using academic performance and projected graduation to evaluate applications.

If you can’t or don’t want to use a cosigner, Funding U is one of the few private lenders built for you.

Details

Variable rates (APR)	N/A
Fixed rates (APR)	7.49% – 12.99%
Loan amounts	$3,001 – $20,000 per year
Repayment terms	10 years

MPOWER

Best for International Students

4.6 _/5

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Why it’s a good alternative

Sallie Mae doesn’t lend to international or DACA students unless they have a qualifying U.S. cosigner. MPOWER removes that barrier by offering loans without cosigners or U.S. credit history—making it one of the only viable private loan options for many non-citizen borrowers.

It also includes extras like visa support and career coaching, adding even more value for international students.

Details

Variable rates (APR)	NA
Fixed rates (APR)	Starting at 11.41%
Loan amounts	$2,001 – $100,000
Repayment terms	10 years

ELFI

Best for Personalized Support

4.5 _/5

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Why it’s a good alternative

ELFI (Education Loan Finance) is our top pick if customer service is your priority. Unlike Sallie Mae—whose customer service consistently earns some of the lowest ratings—ELFI assigns every borrower a dedicated loan advisor and earns 4.9/5 stars on Trustpilot from over 2,000 reviewers.

If you want hands-on guidance and a smoother overall experience, ELFI is a standout.

Details

Variable rates (APR)	4.98 – 18.00
Fixed rates (APR)	From 4.48
Loan amounts	$1,000 – 100% of school-certified costs
Repayment terms	5, 7, 10, or 15 years

Ascent

Credit-Based and Outcomes-Based Options

4.4 _/5

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Why it’s a good alternative

Ascent stands out for its flexible underwriting and transparency—two areas where Sallie Mae falls short. Borrowers can qualify through multiple paths, including credit-based loans with or without a cosigner, or academic-based loans for upperclassmen. It also clearly outlines eligibility criteria and allows you to check your rate with a soft credit pull.

If you’re looking for a lender that accommodates a wider range of student situations, especially for those without a cosigner or established credit, Ascent is one of the strongest options available.

Details

Variable rates (APR)	5.98% – 15.63% with a cosigner 9.87% – 15.88% without a cosigner
Fixed rates (APR)	4.48% – 15.27% with a cosigner 9.46% – 15.52% without a cosigner
Loan amounts	$2,001 – $200,000 ($400,000 for graduates)
Repayment terms	5, 7, 10, 12, or 15 years

FAQ

What schools does Sallie Mae work with?

Sallie Mae serves over 4,000 U.S. schools, including public universities, private colleges, and even non-degree career and trade programs. Their loans are certified based on each institution’s cost of attendance, so whether you’re pursuing a traditional degree, certificate, or vocational training, you can likely use their private loan—if your school is on the eligible list.

Parent PLUS Loan vs. Sallie Mae: What’s the difference?

A Parent PLUS Loan is a federal loan offered to parents of undergraduate students, while Sallie Mae offers private student loans, including loans parents can take out for their child. The key differences come down to repayment flexibility and eligibility.

Parent PLUS Loans offer fixed interest rates and federal protections, while Sallie Mae may offer lower rates (depending on credit) but lacks income-driven repayment and forgiveness options. Parents who want more flexibility or federal benefits might prefer the PLUS Loan, while those with strong credit could find better rates through Sallie Mae.

Does Sallie Mae offer student loan refinancing?

No — Sallie Mae does not offer loan refinancing or consolidation services for existing student loans.

However, if you already have a Sallie Mae loan, you can refinance it through other private lenders. Read about how to do that and your best options here.

Recap of Sallie Mae competitors