Can You Refinance Sallie Mae Loans?

You can refinance your Sallie Mae loans with another lender, but Sallie Mae doesn't offer student loan refinancing.
Ryan Lane
By Ryan Lane 
Updated
Edited by Des Toups
Can You Refinance Sallie Mae Student Loans?

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

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 several other lenders that will allow you to prequalify 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.

Get accurate refinance options in just 2 minutes with Credible
Compare pre-qualified rates from multiple lenders with no impact to your credit score.

Powered by

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 those many 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 a similar program. 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.

While Sallie Mae offers only private student loans, it serviced federal student loans until 2014, when Navient was created. If you want to refinance Sallie Mae loans from before 2014, check whether they’re federal or private before proceeding.

How much refinancing Sallie Mae loans could save you

Sallie Mae offers fixed- and variable-rate private student loans. Currently, its fixed rates are 4.5% - 15.49% and its variable rates are 6.37% - 16.7%.

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.

Estimate how much refinancing could save you

Note: This calculator assumes that after you refinance, you’ll make minimum monthly payments.

Step 4: Compare NerdWallet's top-rated student loan refi lenders.

Student loan refinancing from our partners

SoFi Student Refinancing logo
Check Rate

on SoFi

SoFi

5.0

NerdWallet rating 
SoFi Student Refinancing logo

5.0

NerdWallet rating 
Fixed APR 

5.24% - 9.99%

Min. credit score 

650

Check Rate

on SoFi

Earnest Student Loan Refinance logo
Check Rate

on Earnest

Earnest

5.0

NerdWallet rating 
Earnest Student Loan Refinance logo

5.0

NerdWallet rating 
Fixed APR 

5.19% - 9.74%

Min. credit score 

650

Check Rate

on Earnest

Splash Financial Student Loan Refinance logo
Check Rate

on Splash Financial

Splash Financial

5.0

NerdWallet rating 
Splash Financial Student Loan Refinance logo

5.0

NerdWallet rating 
Fixed APR 

6.64% - 8.95%

Min. credit score 

650

Check Rate

on Splash Financial

Spot your saving opportunities
See your spending breakdown to show your top spending trends and where you can cut back.