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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 Assigning Editor | Small business, student loans
Ryan Lane is an editor on NerdWallet’s small-business team. He joined NerdWallet in 2019 as a student loans writer, serving as an authority on that topic after spending more than a decade at student loan guarantor American Student Assistance. In that role, Ryan co-authored the Student Loan Ranger blog in partnership with U.S. News & World Report, as well as wrote and edited content about education financing and financial literacy for multiple online properties, e-courses and more. Ryan also previously oversaw the production of life science journals as a managing editor for publisher Cell Press. Ryan is located in Rochester, New York.
Des Toups Lead Assigning Editor | Student loans, repaying college debt, paying for college
Des Toups was a lead assigning editor who supported the student loans and auto loans teams. He had decades of experience in personal finance journalism, exploring everything from car insurance to bankruptcy to couponing to side hustles.
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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 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.
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.
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