Can You Refinance Sallie Mae Loans?
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Sallie Mae doesn't offer student loan refinancing. However, it offers private student loans to undergraduates, graduate students and parents. If you took out Sallie Mae loans to pay for college, you can — and probably should — refinance with another lender if it will save you money.
Though borrowers can't refinance loans directly with Sallie Mae, there are other lenders that will allow you to pre-qualify without affecting your credit score.
No matter who your servicer is, your best bet is to refinance student loans with whichever company offers you the best deal.
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What are Sallie Mae loans?
Sallie Mae loans are private student loans for undergraduates, graduate students, and students pursuing professional training or trade certificates. While Sallie Mae offers only private student loans, it serviced federal student loans until 2014 when the enterprise separated into two companies. If you want to refinance Sallie Mae loans from before 2014, check whether they’re federal or private before proceeding.
Should you refinance Sallie Mae loans?
When you refinance student loans, you lose any benefits tied to your existing loan. Sallie Mae student loans offer some features that refinance lenders may not, including:
Payment postponements. Sallie Mae lets you defer payments if you return to school or start an eligible internship, residency or fellowship. Sallie Mae offers a military deferment as well.
Temporarily reduced payments. Sallie Mae has a Graduated Repayment Period that lets you make interest-only payments for 12 months. This option is not available after your first year in repayment.
Co-signer release. If your Sallie Mae loan has a co-signer, you can release them from their obligation after making 12 on-time payments. That time frame is shorter than what other refinance lenders offer.
If you plan to take advantage of any of these features, wait to refinance your loans or make sure your new lender offers similar benefits. Otherwise, there’s little downside if you refinance Sallie Mae loans or refinance private loans from any other lender.
Private loans almost always lack the protections and benefits that come with federal student loans, such as income-driven repayment plans and loan forgiveness programs. So if you can qualify for a lower interest rate, refinancing is typically a slam dunk.
How much refinancing Sallie Mae loans could save you
Sallie Mae offers fixed- and variable-rate private student loans. Currently, its fixed rates are 3.49% to 15.49%, and its variable rates are 4.54% to 14.71%.
Say you have an interest rate of 8.44% and owe $4,300. You’d pay $6,382 overall on a 10-year repayment plan. Refinancing at 5% would drop that total to $5,473, saving you roughly $900.
You'd save more if you qualify for a rate lower than 5% or refinance Sallie Mae loans with balances larger than $4,300, such as those for law school or medical school, for example. Borrowers typically need a credit score in at least the high 600s and a stable source of income to refinance, or a co-signer who meets those criteria.
» CALCULATE: See how much refinancing can save you
How to refinance a Sallie Mae loan
While Sallie Mae does not refinance its own loans, you can refinance Sallie Mae loans with other lenders. Here’s how:
Research lenders. Get estimates from several lenders to find the best interest rate and terms. Most lenders will pre-qualify you without a credit check so you can see what your interest rate will be without damaging your credit score.
Complete the application. Narrow your choice to one lender and gather necessary documents, such as proof of income, graduation and residency, in order to complete application materials.
Wait for loan pay off. Once approved, your new lender will pay off the debt owed to your old lender, and you’ll make payments to your new refinance lender moving forward.
Estimate how much refinancing could save you
| Lender | Fixed APR | Min. credit score | Variable APR | |
|---|---|---|---|---|
 Earnest Student Loan Refinance on Earnest's website | 4.29-
9.49% | 650 | 5.88-
9.73% | on Earnest's website |
 SoFi Student Loan Refinancing on SoFi's website | 4.49-
9.99% | 650 | 5.99-
9.99% | on SoFi's website |
 LendKey Student Loan Refinance | 4.89-
9.04% | 680 | 5.54-
9.12% | on LendKey's website on Credible's website |
 ELFI Student Loan Refinance | 4.88-
8.44% | 680 | 4.86-
8.24% | on ELFI's website on Credible's website |
 Splash Financial Student Loan Refinance on Splash Financial's website | 5.94-
8.95% | 650 | 7.60-
7.85% | on Splash Financial's website |
