How to Refinance Sallie Mae Student Loans

If you've never refinanced your student loans before, you might assume that all refinancing is done with your current lender. If you've looked into refinancing your Sallie Mae student loans and discovered that they don't currently offer refinancing, you may be wondering what to do next.

In reality, refinancing often involves changing to a new lender. Juno offers refinancing options through several different private lenders, along with extra perks for starting the process with Juno. Here's what you need to know to choose the best option.

Can You Refinance Student Loans with Sallie Mae?

Sallie Mae is a student loan company that provides undergraduate and graduate loans, including medical school and law school. Sallie Mae only administers private student loans currently, but they used to be a federal loan servicer. 

Sallie Mae only services private student loans; they do not offer their own refinancing. You'll have to apply with a different company if you're interested in refinancing your Sallie Mae student loans. 

Sallie Mae also does not provide student loan consolidation. Consolidation means grouping different loans together into one new loan. When you refinance, you can opt to refinance several different loans together to consolidate. Consolidating will simplify the repayment process, turning many student loan payments into one. 

Should You Refinance Sallie Mae Student Loans?

If you have a Sallie Mae education loan, you should verify whether it's a federal or private loan before refinancing. Refinancing federal loans will strip away protections and repayment options the U.S. Department of Education offers like student loan forgiveness, income-driven repayment plans, and federal forbearance and deferment options. But if you have a stable job and a sizeable emergency fund, you may consider refinancing federal student loans to save on interest.

If you have private student loan debt, refinancing doesn't come with any downsides. That's because private student loans often carry high-interest rates. Current loan interest rates for Sallie Mae loans can range as high as 12.60% APR for fixed-rate loans and 11.23% APR for variable-rate loans. But if you have a good credit score and are employed, you can refinance your full student loan amount for a much lower rate.

You can decide to refinance your student loans for the same repayment term, a shorter term, or a longer term. Generally, loans with short terms will have lower interest rates than loans with longer terms. Look at your overall budget and decide whether you would rather have a lower monthly payment or a lower total interest burden. Be sure to check the total change in cost over the life of the loan.

When refinancing, you can choose between a fixed interest rate loan and a variable interest rate loan. A fixed-rate loan will have the same payment the entire loan term, while payments on a variable-rate loan may increase or decrease. The changes depend on overall market conditions. 

How to Refinance Sallie Mae Loans

Curious about refinancing Sallie Mae loans? Try refinancing your student loans through Juno. There are three Juno lending partners that borrowers can choose from. Borrowers can even check eligibility and potential new interest rates without harming their credit.

Check out the student loan refinance options available through Juno:

Earnest 

Earnest provides an extra 0.25% interest rate discount to Juno borrowers, making it better to go with Earnest through Juno than through Earnest directly. 

Earnest is the only Juno-supported lender that does not allow cosigners. Only borrowers with a strong credit history may be eligible to refinance with Earnest. You can always check your rates with Earnest and determine if you qualify to refinance. 

Splash 

Splash is a lending marketplace. When you apply to refinance a loan with Splash through Juno, you'll be matched with several lenders that will work with you. From there, you can choose which lender fits you best.

If you refinance with Splash through Juno, you'll be eligible for a cash bonus depending on how much you refinance. If you refinance between $50,000 and $150,000, you'll receive a $500 bonus. If you refinance more than $150,000, you'll get a $1,000 bonus.

Splash accepts cosigners, which is helpful for borrowers who have trouble qualifying for a loan by themselves. 

Laurel Road

Through Juno, Laurel Road offers student loan refinancing to medical professionals, including physician assistants, dentists, optometrists, nurses, and doctors.

Laurel Road allows cosigners, which may be helpful for borrowers who don't have a strong credit history.  Borrowers who refinance with Laurel Road through Juno will be eligible for a 0.25% interest rate discount that isn't available if they go through Laurel Road directly. Doctors who refinance with Laurel Road through Juno will be eligible for $100 monthly payments during residency and fellowship.

Juno's Exclusive Student Loan Refinance Deals

	Rates	Juno Benefit	Check
Best for Most Can’t be refinanced with a cosigner	Fixed starting at 3.95% APR APR, Variable starting at 5.89% APR including the .25% autopay discount and the .25% Juno discount.	Rate reduction of 0.25%	Soft Credit Check to get rates; Hard Credit Check to refinance
Register for Earnest Deal (it’s free!)
Alternative Best for Most May be able to refinance with a cosigner	Fixed starting at 4.96% APR, Variable starting at 4.99% APR. May include autopay discount.	Up to $1,000 cash back based on loan amount	Soft Credit Check to get rates; Hard Credit Check to refinance
Register for Splash Deal (it’s free!)
Best for Medical Professionals May be able to refinance with a cosigner	Fixed starting at 5.74% APR, Variable starting at 5.49% APR *	Rate reduction of 0.25% *	Soft Credit Check to get rates;* Hard Credit Check to refinance
Register for Laurel Road Deal (it’s free!)

Juno's Exclusive Student Loan Refinance Deals

Juno can help you find the most affordable rates for refinancing student loans. Juno negotiates on behalf of borrowers with partner lenders to help each student qualify for the best refinance rates given their financial situation. 

Join Juno today to learn more about how to pay off your student debt faster.