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You Can Refinance Sallie Mae Student Loans — Here’s How

If you want to refinance your Sallie Mae loans, you’ll need to find another lender that offers refinancing.

Lindsay VanSomeren Lindsay VanSomeren Edited by Ashley Harrison Updated May 4, 2022

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

Sallie Mae once allowed its borrowers to consolidate their student loans — however, it ended this service in 2008.

While you can’t consolidate your Sallie Mae student loans anymore, you do have other refinancing options available.

Here’s how to refinance Sallie Mae loans (and how to decide if you should):

  • How to refinance Sallie Mae student loans
  • Should you refinance your Sallie Mae student loans?
  • Sallie Mae no longer offers student loan consolidation
  • Compare multiple options when refinancing your loans

How to refinance Sallie Mae student loans

If you want to refinance your Sallie Mae loans, you’ll need to consider another lender that offers refinancing. Here’s how to refinance student loans with a different lender:

  1. Shop around and compare lenders. Be sure to do your research and compare as many refinancing lenders as possible to find the right loan for you. Consider not only interest rates but also repayment terms and any fees charged by the lender.
  2. Pick your loan option. After comparing lenders, choose the loan option that best fits your needs.
  3. Fill out the application. You’ll need to complete an application and submit any required documentation, such as pay stubs or tax returns.
  4. Manage your payments. If you’re approved, your old Sallie Mae loans will be paid off with your new loan. Make sure to keep making payments on your old loans until everything is processed with your new lender. After this, you might also consider signing up for autopay — this will help you keep track of your payments and might even qualify you for a rate discount, depending on the lender.
Tip: If you want to refinance student loans with bad credit, you might have a hard time qualifying. In this case, you might consider adding a creditworthy cosigner to your application to help you get approved.

Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own.

If you’re ready to refinance student loans, remember to consider as many lenders as you can to find the right loan for you.

Credible makes this easy — you can compare your prequalified rates from our partner lenders in the table below in two minutes.

LenderFixed rates from (APR)Variable rates from (APR)Loan terms (years)Cosigner release?

brazos student loan refinance

Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
4.4%+ 4.67%+ 5, 7, 10, 15, 20No
  • Fixed APR: 4.4%+
  • Variable APR: 4.67%+
  • Min. credit score: 720
  • Loan amount: $10,000 to $400,000
  • Loan terms (years): 5, 7, 10, 15, 20
  • Repayment options: Military deferment, forbearance
  • Fees: Late fee
  • Discounts: Autopay
  • Eligibility: Must have a credit score of at least 720, a minimum income of $60,000, and must be a resident of Texas
  • Customer service: Email, phone
  • Soft credit check: 720
  • Cosigner release: No
  • Loan servicer: Firstmark Services
  • Max. Undergraduate Loan Balance: $100,000 - $149,000
  • Max. Graduate Loan Balance: $200,000 - $400,000
  • Offers Parent PLUS Refinancing: Does not disclose


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
5.39%+1 5.39%+1 5, 7, 10, 15, 20Yes, after 24 - 36 months
  • Fixed APR: 5.39%+1
  • Variable APR: 5.39%+1
  • Min. credit score: Does not disclose
  • Loan amount: $10,000 to $750,000
  • Loan terms (years): 5, 7, 10, 15, 20
  • Repayment options: Immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability
  • Fees: Late fee
  • Discounts: Autopay, loyalty
  • Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans
  • Customer service: Email, phone, chat
  • Soft credit check: Yes
  • Cosigner release: After 24 to 36 months
  • Loan servicer: Firstmark Services
  • Max. Undergraduate Loan Balance: $100,000 to $149,000
  • Max. Graduate Loan Balance: Less than $150,000
  • Offers Parent PLUS Refinancing: Yes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
5.99%+2 5.99%+2 5, 7, 10, 12, 15, 20Yes, after 24 - 36 months
  • Fixed APR: 5.99%+2
  • Variable APR: 5.99%+2
  • Min. credit score: Does not disclose
  • Loan amount: $5,000 to $300,000
  • Loan terms (years): 5, 7, 10, 12, 15
  • Repayment options: Military deferment, forbearance, loans discharged upon death or disability
  • Fees: Late fee
  • Discounts: Autopay
  • Eligibility: All states except for ME
  • Customer service: Email, phone, chat
  • Soft credit check: Yes
  • Cosigner release: After 24 to 36 months
  • Loan servicer: College Ave Servicing LLC
  • Max. Undergraduate Loan Balance: $100,000 to $149,000
  • Max. Graduate Loan Balance: Less than $300,000
  • Offers Parent PLUS Refinancing: Yes

edvestinu student loan refinance

Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
7.41%+5 7.39%+5 10, 15, 20Yes, after 36 months
  • Fixed APR: 7.41%+5
  • Variable APR: 7.39%+5
  • Min. credit score: 700
  • Loan amount: $7,500 to $200,000
  • Loan terms (years): 5, 10, 15, 20
  • Repayment options: Immediate repayment, academic deferment, forbearance, loans discharged upon death or disability
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Must be a U.S. citizen or permanent resident and submit two personal references
  • Customer service: Email, phone
  • Soft credit check: Yes
  • Cosigner release: After 36 months
  • Loan servicer: Granite State Management & Resources (GSM&R)
  • Max. Undergraduate Loan Balance: $150,000 to $249,000
  • Max. Graduate Loan Balance: $150,000 to $199,000
  • Offers Parent PLUS Refinancing : Yes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
5.08%+3 4.53%+3 5, 7, 10, 12, 15, 20No
  • Fixed APR: 5.08%+3
  • Variable APR: 4.53%+3
  • Min. credit score: 680
  • Loan amount: $10,000 to $250,000
  • Loan terms (years): 5, 7, 10, 12, 15, 20
  • Repayment options: Forbearance
  • Fees: None
  • Discounts: None
  • Eligibility: Must be a U.S. citizen or permanent resident, have at least $15,000 in student loan debt, and have a bachelor’s degree or higher from an approved school
  • Customer service: Email, phone
  • Soft credit check: Yes
  • Cosigner release: No
  • Loan servicer: Mohela
  • Max. Undergraduate Loan Balance: $250,000
  • Max. Graduate Loan Balance: $250,000
  • Offers Parent PLUS Refinancing: Yes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
5.61%+4 6.61%+4 5, 10, 15, 20Yes
  • Fixed APR: 5.61%+4
  • Variable APR: 6.61%+4
  • Min. credit score: 670
  • Loan amount: $5,000 to $250,000
  • Loan terms (years): 5, 10, 15, 20
  • Repayment options: Academic deferment, military deferment, forbearance
  • Fees: Late fee, returned payment fee
  • Discounts: Autopay
  • Eligibility: Must be U.S. citizen or permanent resident
  • Customer service: Email, phone, chat
  • Soft credit check: Yes
  • Cosigner release: Yes
  • Max undergraduate loan balance: $250,000
  • Max graduate loan balance: $250,000
  • Offers Parent PLUS refinancing: Yes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
4.49%+ 4.76%+ 5, 7, 10, 15Yes, after 12 months
  • Fixed APR: 4.49%+
  • Variable APR: 4.76%+
  • Min. credit score: 700
  • Loan amount: $5,000 to $300,000
  • Loan terms (years): 5, 7, 10, 15
  • Max. undergraduate Loan Balance: $125,000
  • Time to Fund: 10 to 30 days
  • Repayment options: Immediate repayment, forbearance
  • Fees: Late fee
  • Discounts: Autopay
  • Eligibility: Must be a U.S. citizen or permanent resident and have already graduated with at least an associate degree from an eligible institution
  • Customer service: Email, phone
  • Soft credit check: Yes
  • Cosigner release: After 12 months
  • Loan servicer: LendKey Technologies Inc.
  • Max. graduate Loan Balance: $175,000
  • Credible Review: LendKey Student Loans review
  • Offers Parent PLUS Refinancing: No


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
5.5%+ N/A7, 10, 15No
  • Fixed APR: 5.5%+
  • Variable APR: N/A
  • Min. credit score: 670
  • Loan amount: $10,000 up to the total amount
  • Loan terms (years): 7, 10, 15
  • Repayment options: Military deferment, loans discharged upon death or disability
  • Fees: None
  • Discounts: None
  • Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans
  • Customer service: Email, phone
  • Soft credit check: Yes
  • Cosigner release: No
  • Loan servicer: AES
  • Max. Undergraduate Loan Balance: No maximum
  • Max. Gradaute Loan Balance: No maximum
  • Offers Parent PLUS Refinancing: Yes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
5.49%+ N/A5, 8, 12, 15Yes, after 12 months
  • Fixed APR: 5.49%+
  • Variable APR: N/A
  • Min. credit score: 670
  • Loan amount: $7,500 to $300,000
  • Loan terms (years): 5, 8, 12, 15
  • Repayment options: Does not disclose
  • Fees: None
  • Discounts: None
  • Eligibility: Must be a U.S. citizen and have and at least $7,500 in student loans
  • Customer service: Email, phone, chat
  • Soft credit check: Yes
  • Cosigner release: After 12 months
  • Loan servicer: PenFed
  • Max. Undergraduate Loan Balance: $300,000
  • Max. Graduate Loan Balance: $300,000
  • Offers Parent PLUS Refinancing: Yes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
5.29%+ N/A5, 10, 15No
  • Fixed APR: 5.29%+
  • Variable APR: N/A
  • Min. credit score: 680
  • Loan amount: $7,500 to $250,000
  • Loan terms (years): 5, 10, 15
  • Repayment options: Academic deferment, military deferment, forbearance, loans discharged upon death or disability
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all 50 states; must also have at least $7,500 in student loans and a minimum income of $40,000
  • Customer service: Email, phone
  • Soft credit check: Does not disclose
  • Cosigner release: No
  • Loan servicer: Rhode Island Student Loan Authority
  • Max. Undergraduate Loan Balance: $150,000 - $249,000
  • Max. Graduate Loan Balance: $200,000 - $249,000
  • Offers Parent PLUS Refinancing: Yes
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Learn More: Sallie Mae Review

Should you refinance your Sallie Mae student loans?

Whether or not refinancing your Sallie Mae student loans is right for you will ultimately depend on your individual circumstances.

Here are a few scenarios when refinancing could be a wise choice:

  • You’ll get a lower interest rate. If you can lower your interest rate, you’ll likely save money on interest charges over time. This could also help you pay off your loan faster. If you choose to refinance, you’ll need to decide between a fixed- or variable-rate student loan — a fixed rate will stay the same while a variable rate could fluctuate over time and possibly go up in the future. Also keep in mind that you can refinance more than once if you can get a better interest rate in the future.
  • You want a lower monthly payment. If you’re struggling with your payments, refinancing to a longer term could reduce how much you owe each month. Refinancing for a lower monthly payment could also help reduce your debt-to-income (DTI) ratio. Just keep in mind that a longer repayment term will mean paying more in interest over the life of your loan.
  • You want to combine multiple loans into one. If you’re like most borrowers, you’ll probably have several loans to manage by the time you leave school. Refinancing can help you simplify your repayment by combining all of your loans into a single loan with only one payment to worry about.
Keep in mind: Because Sallie Mae student loans are private, you won’t be losing any protections by refinancing with another lender. However, make sure your loans aren’t actually Navient student loans.

While Navient took on some of Sallie Mae’s private student loan portfolio in their split, it also began servicing the federal student loans that Sallie Mae once managed. So if you have Navient student loans, they might actually be federal and not private.

You can refinance federal student loans, but you’ll lose your federal benefits and protections, such as access to income-driven repayment plans and student loan forgiveness programs.

If you’re wondering how competitive your Sallie Mae loan is, the loan score tool below can help. Just enter your APR, credit score, monthly payment, and remaining balance (estimates are fine) to see how your loan stacks up.

Loading widget - loan-score-tool

Learn More: Private Student Loan Forgiveness

Sallie Mae no longer offers student loan consolidation

Sallie Mae used to offer student loan consolidation for its federal student loan borrowers, making it easier for borrowers to manage their loans.

However, Sallie Mae ended this program in 2008. Sallie Mae also doesn’t offer private student loan refinancing.

However, keep in mind that if you had federal student loans with Sallie Mae that are now serviced by Navient, you still have the option of consolidating through a federal Direct Consolidation Loan.

What’s the difference between consolidating and refinancing student loans? While consolidation and refinancing are both ways to combine your student loans, they mean something different for federal and private student loans. Here’s how it breaks down:

  • Federal student loan consolidation: The only option for combining federal student loans is through a Direct Consolidation Loan. The interest rate on a Direct Consolidation Loan is the weighted average of the loans you consolidated. You also have the choice to extend your repayment term up to 30 years.
  • Private student loan refinancing: When it comes to private student loans, consolidation is simply another word for refinancing. If you refinance private student loans, you might get a lower interest rate and also have the option to shorten or extend your repayment term. Remember that you can refinance federal student loans, too, but this means you’ll give up your federal benefits and protections.

Check Out:

  • Refinancing Consolidated Federal Student Loans: Can You and Should You?
  • Average Student Loan Payment

Compare multiple options when refinancing your loans

If you decide to refinance your Sallie Mae student loans, be sure to shop around and compare as many lenders as you can.

Remember to consider interest rates as well as repayment terms and any fees charged by the lender to find a loan that works for you. Depending on whether you’re approved for refinancing and the terms you get, you might be able to save money on interest and potentially pay off your loans faster.

You can use our calculator below to see how much you can save by refinancing your student loans.

Step 1. Enter your loan balance

? Enter the remaining amount of the loans you’d like to refinance $

Step 2. Enter current loan information

? Enter the average annual interest rate of the loans you’d like to refinance %
? Enter the monthly amount you currently pay on your loans (or enter remaining term) $
? Enter the amount of time left to repay your loan (or enter monthly payment) years

Step 3. Enter your new loan information to start calculating your savings

? Enter an estimated new interest rate. %
? Enter the monthly amount to pay on your new loan (or enter new loan term) $
? Enter the amount of time you have to repay your loan (or enter monthly payment) years
Lifetime Savings Increased Lifetime Cost $
New Monthly Payment $
Monthly Savings Increased Monthly Cost $

If you refinance your student loan at % interest rate, you can save will pay an additional $ monthly and pay off your loan by . The total cost of the new loan will be $.


Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.

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Keep Reading: Pay Off $30,000 in Student Loans

About the author
Lindsay VanSomeren
Lindsay VanSomeren

Lindsay VanSomeren specializes in credit and loans. Her work has appeared on Credit Karma, Forbes Advisor, LendingTree, and more.

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