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
brazos student loan refinancing 2.95% + 1.90% + 5, 7, 10, 15, 20 No
citizens bank student loans 2.97% + ¹ 1.99% + ¹ 5, 7, 10, 15, 20 Yes, after 24 – 36 months
college ave student loans 3.34% +2 3.24% +2 5, 7, 10, 12, 15, 20 Yes, after 24 – 36 months
consolidation of edvestinu student loans 4.41% +5 2.03% +5 10, 15, 20 Yes, after 36 months
elfi student loans 2.58% +3 2.39% +3 5, 7, 10, 12, 15, 20 No
mefa refinancing 3.47% +4 2.47% +4 5, 10, 15, 20 Yes
invested refinancing 3.05% + 3.05% + 7, 10, 15 No
penfed purefy student loan consolidation 2.99% + 2.17% + 5, 8, 12, 15 Yes, after 12 months
rhode island student loan authority refinancing 3.19% + N / A 5, 10, 15 No
sofi refinancing 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?

Whether refinancing your Sallie Mae student loans is right for you ultimately depends on your individual circumstances.

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

Keep in mind: Because Sallie Mae’s student loans are private, you don’t lose any protection by refinancing with another lender. However, make sure your loans are not Navient student loans.

While Navient took on some of Sallie Mae’s private student loan portfolio during their split, it also started paying for the federal student loans that Sallie Mae once managed. So if you have Navient Student Loans, they may actually be federal and not private.

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

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.

Step 1. Enter your loan balance

Step 2. Enter the current loan information

Step 3. Enter your new loan information to calculate your savings

Lifetime savings
Increased lifetime costs

New monthly payment

Monthly Savings
Increased monthly costs

If you refinance your student loan with

interest rate, you
can save
pay an extra

monthly and pay off your loan with
The total cost of the new loan amounts

Does refinancing make sense for you?
Compare offers from the best refinancing providers to determine your actual savings.

View personalized rates

Checking rates does not affect your credit score.

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.

What’s the Difference Between Consolidating and Refinancing Student Loans? While consolidation and refinancing are both ways of combining 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 have consolidated. You also have the option to extend your credit term to a maximum of 30 years.
  • Refinancing a Private Student Loan: When it comes to private student loans, consolidation is just another word for refinancing. Refinancing private student loans may give you a lower interest rate and also have the option to shorten or extend your repayment term. Remember, you can also refinance federal student loans, but this means giving up your federal benefits and protections.

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.

Enter loan details

Total payment

Total interest

Monthly payment

If you increase your payments by

monthly on your

, you pay

a month and pay off your loan with
January 2021

Does refinancing make sense for you?
Compare offers from the best refinancing providers to determine your actual savings.

View personalized rates

Checking rates does not affect your credit score.

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

About the author

Lindsay VanSomers

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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