How To Refinance Sallie Mae Student Loans | Credible

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Sallie Mae once allowed its borrowers to consolidate their student loans, but it discontinued this service in 2008 after the consolidation of the loan was no longer profitable for the company.

While you can no longer consolidate your Sallie Mae student loans, 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

If you want to refinance your Sallie Mae loans, you should consider another lender that offers refinancing. Here is how to refinance student loans with another lender:

1. Shop around and compare lenders. Make sure to do your research and compare as many refinance lenders as possible to find the right loan for you. Don’t just think about interest rates, but also about repayment terms and any fees that the lender charges.
2. Choose your loan option. After comparing lenders, choose the loan option that works best for you.
3. Fill in the application. You must complete an application and submit any required documentation, such as paychecks or tax returns.
4. Manage your payments. Once approved, your old Sallie Mae loans will be paid off with your new loan. Make sure to keep paying off your old loans until everything has been processed with your new lender. After this, you may also want to consider signing up for autopay – this will help you keep track of your payments and may even qualify for a rate discount depending on the lender.

When you are ready refinance student loans, remember to consider as many lenders as possible to find the right loan for you.

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

Lender	Fixed rates from (APR)	Variable rates from (APR)	Loan terms (years)	Cosigner release?
	4.54% +	N / A	10, 15, 20	Yes, after 24 – 36 months
	2.95% +	1.90% +	5, 7, 10, 15, 20	No
	2.97% + ¹	1.99% + ¹	5, 7, 10, 15, 20	Yes, after 24 – 36 months
	3.34% +2	3.24% +2	5, 7, 10, 12, 15, 20	Yes, after 24 – 36 months
	4.41% +5	2.03% +5	10, 15, 20	Yes, after 36 months
	2.58% +3	2.39% +3	5, 7, 10, 12, 15, 20	No
	3.47% +4	2.47% +4	5, 10, 15, 20	Yes
	3.05% +	3.05% +	7, 10, 15	No
	2.99% +	2.17% +	5, 8, 12, 15	Yes, after 12 months
	3.19% +	N / A	5, 10, 15	No
	2.99% +5	2.25% +5	5, 7, 10, 15, 20	No
Compare personalized rates from multiple lenders without affecting your credit score. 100% free!Compare now
All APRs reflect autopay and loyalty discounts when available | 1Citizens Bank Disclosures 2Disclosures of College Ave 3 ELFI Disclosures 4INvestEd Disclosures 5SoFi Disclosures

Find out more: Sallie Mae Review

Should you refinance your Sallie Mae student loans?

• You will receive a lower interest rate. If you can lower your interest rate, you will likely save money on interest charges over time. This can also help you pay off your loan faster. If you choose to refinance, you must choose between a student loan with fixed or variable interest – a fixed rate remains the same, while a floating rate can fluctuate over time and possibly increase 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, longer-term refinancing can reduce the amount you owe each month. Refinancing for a lower monthly payment can also help keep your debt income (DTI) ratio. Keep in mind that a longer repayment term means that you will have to pay more interest over the life of your loan.
• You want to combine several loans into one. If you’re like most borrowers, you’ll likely have several loans to manage by the time you leave school. Refinancing can help simplify your repayment by consolidating all of your loans into one loan with just one payment to worry about.

Refinancing your student loans from Sallie Mae can help you get better loan terms or lower your interest rate, saving you money over time. Use our calculator below to see how much you can save by refinancing your student loans.

Find out more: Forgiveness of private student loan

Sallie Mae no longer offers student loan consolidation

Sallie Mae offered 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, claiming that the service was no longer making the company money. Sallie Mae also does not offer private student loan refinancing.

However, keep in mind that if you had federal student loans with Sallie Mae that are now managed by Navient, you still have the option to consolidate through a federal direct consolidation loan.

Checking out: Average Student Loan Payment

Compare multiple options when refinancing your loans

If you decide to refinance your student loans from Sallie Mae, shop around and compare as many lenders as possible.

To find a loan that works for you, remember to consider interest rates as well as repayment terms and any fees charged by the lender.

Depending on whether you are approved for refinancing and the terms and conditions you get, you may be able to pay off your loans more quickly.

If you’re wondering how long it will take to pay off your student loans, enter your current loan information into the calculator below to find out. Use the slider to see how increasing your payments can change the payout date.

Keep reading: Pay off $ 30,000 in student loans

About the author

Lindsay VanSomers

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

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House All Student loan refinancing You Can Refinance Sallie Mae Student Loans – Here’s How