Can you refinance sallie mae student loans

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. 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 , when Navient was created. Sallie Mae offers fixed- and variable-rate private student loans.

Currently, its fixed rates are 3. Say you have an interest rate of 8. Student loan consolidation is available only for federal student loans. Student loan consolidation is the process of combining your existing federal student loans into a new Direct Consolidation Loan. A Direct Consolidation loan has one monthly payment and one student loan servicer.

Therefore, student loan consolidation does not lower your interest rate, and may even slightly increase your interest rate. The good news is that you can refinance Sallie Mae student loans with a private lender.

Student loan refinancing is the process of exchanging your existing student loans for a new student loan with a lower interest rate. When you refinance student loans, you combine your existing student loans into a single student loan with one monthly payment and student loan servicer. You can use this student loan refinance calculator to determine how much money you can save when you refinance student loans.

If you want to know how to refinance Sallie Mae student loans, the process is simple. You can apply with lenders online , and the application takes about minutes. Lenders will evaluate your credit profile, income, debt-to-income ratioand other factors to ensure that you are a responsible borrower.

Typically, lenders prefer to refinance student loans for borrowers who have at least a credit score of , current employment or a written job offer, stable and recurring income, and a low debt-to-income ratio, among other factors. If you do not meet these qualifications, you can apply with a co-signer who does.

There are several reasons why you should refinance Sallie Mae student loans. The main reasons are to:. The main reason to refinance Sallie Mae student loans is to save money.

With a lower interest rate, you can save significant money on your student loans and pay off student loans faster. Student loan refinancing also helps you change your loan terms. If you refinance Sallie Mae student loans, you can choose either a new fixed interest rate or variable interest rate based on current interest rates, not the interest rates you initially agreed to when you first borrowed your student loans.

Of course, you would only refinance Sallie Mae student loans if you can get a lower interest rate. Otherwise, it would not make sense to refinance student loans. The good news is there is no limit to how often you refinance student loans. With no origination fees or prepayment penalties, you can refinance student loans each time you find a lower interest rate. When you refinance private student loans, you receive a lower interest rate, can combine all your student loans into a single student loan, and you choose the loan terms that best meet your financial situation.

When you refinance private student loans, there is no impact to student loan forgiveness or income-driven repayment plans, for example, because those are benefits for federal student loans only. If you have Sallie Mae student loans that are private student loans, refinancing can be a great financial option. You can save money, pay off student loans and repay debt more quickly. Remember, you should only refinance if you can get a lower interest rate, lower monthly payment or if you can change loan terms.

Most borrowers refinance student loans to lower their interest rate. If these reasons fit your financial goals, then refinancing your Sallie Mae student loans could be a smart financial option. Refinance your student loans with Earnest today. The information on this site does not modify any insurance policy terms in any way. Sallie Mae offers private student loans to help college students pay for school.

If you have Sallie Mae student loans, you can refinance them with Sallie Mae or with another private student loan company that offers refinance loans.

You can start the refinance process by shopping around and comparing student loan refinance interest rates and other terms. Many lenders allow you to get prequalified before you submit an application.

Here are some reasons why you might want to refinance your private student loans from Sallie Mae:. While the minimum credit score requirements for refinancing can be in the mids, for instance, having a higher credit score will give you the lowest rates. The prequalification process can give you a good idea of what you qualify for based on your current credit and income situation.

Refinancing your Sallie Mae student loans can have a positive impact on your student loan repayment plan. Here are some of the top benefits you may enjoy:. Refinancing Sallie Mae loans can make it possible for you to save money, enjoy a little more control over your repayment plan and take advantage of features that you might not currently have. How We Make Money. Ben Luthi.

Written by. Ben Luthi is a personal finance and travel writer who loves helping people learn how to live life more fully.

His work has appeared in several publications, including U. News …. Edited By Chelsea Wing. Edited by. Chelsea Wing. Chelsea has been with Bankrate since early