Refinance rates with Laurel Road start at 1.89%.
Checking your rates won’t affect your score.
Note that the situation for student loans has changed due to the impact of the coronavirus outbreak and relief efforts from the government and many lenders. Check out our Student Loan Hero Coronavirus Information Center for additional news and details.
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Your loan servicer plays a major role in your repayment. And if you happen to have Sallie Mae student loans, the good news is you have a wide selection of options to make those payments easier on your budget and save money over the long term.
Whether you’re seeking help via Salle Mae’s rate reduction program or attempting to hack Sallie Mae student loans to pay them off faster, here are some topics to consider:
- How to check which Sallie Mae student loans you have
- How to lower Sallie Mae payments
- How to set your Sallie Mae student loans for an early payoff
If you decided to apply for private student loans to help pay for college, you might have selected Sallie Mae as your lender and loan servicer. It’s a popular choice, as the company currently manages over $22.9 billion in private loans.
The first step in repaying your loans is identifying what kind you have, as well as the length of your repayment terms. Sallie Mae offers various types of loans; see the table below for more details.
|Loan||Loan type||Repayment length|
|Smart Option Student Loan||For students working toward an associate, bachelor’s or certificate from a degree-granting school||Up to 15 years|
|Parent Loan||For parents of and other adults borrowing on behalf of undergraduate, graduate or certificate program students||Up to 10 years|
|MBA Loan||For students pursuing a Master of Business Administration degree||Up to 15 years|
|Medical School Loan||For students attending medical or veterinary school||Up to 20 years|
|Dental School Loan||For dental school students||Up to 20 years|
|Health Professions Graduate Loan||For students studying to become pharmacists, nurses or other health professionals||Up to 15 years|
|Law School Loan||For law school students||Up to 15 years|
|Graduate School Loan||For master’s and doctoral students||Up to 15 years|
You might have also borrowed residency and bar study loans available to future healthcare and law professionals, respectively. If that’s the case, review the terms of your loan to understand your repayment options.
Once you graduate and start making payments, it’s important to understand all your repayment options so that you don’t fall behind. If you’re struggling to keep up with your loans, here’s what you need to know about repaying your Sallie Mae student loans.
- Automatic payment discount
- Graduated Repayment Period
- Modified loan terms for delinquent borrowers
Sallie Mae recommends borrowers sign up for automatic debit payments. If you follow its guidance and enroll, you might qualify for a 0.25 percentage point discount on your eligible loans’ interest rate.
If an interest rate reduction doesn’t sound significant, know that the savings can add up. If you had a $35,000 loan at 8.00% interest, you’d pay $15,958 in interest charges over 10 years. But if you signed up for automatic debit and got a 7.75% interest rate, you’d pay $15,404 in interest. Taking a few minutes to sign up for automatic payments would help you save over $550.
Making automatic payments will also ensure you never have to fend off Sallie Mae’s late fee, which could go as high as $25.
|Salle Mae’s student loan payment options:|
|● Automatic debt from your checking account
● Via the Sallie Mae website or mobile app
● Over the phone
● By mail
If you’re fresh out of school, or outside your student loan grace period, you could make interest-only payments on your Sallie Mae loans for up to one year. You’d just need to apply for the federal-like graduated repayment plan before your 12th postgraduate loan payment.
Be aware, however, that once the graduated period ends and you resume principal-and-interest monthly payments, your amount due will be larger than before. Your overall loan cost will also increase, as interest would have accrued at a faster clip while you were making interest-only payments.
If you’re wondering what happens if you can’t pay your Sallie Mae loans, thankfully, it has a forbearance policy.
If you’re facing an emergency, like a job loss, you might be able to postpone making payments for up to 12 months — three months at a time — while you get back on your feet.
You should also know that interest continues to accrue while you’re in forbearance, but it can be worthwhile as you get your finances back in order.
To discuss your options, contact Sallie Mae at 800-472-5543.
If you’re going back to school, you might worry about how to keep up with your loan payments.
Luckily, Sallie Mae offers deferments, meaning you can reduce or postpone your payments if you’re returning to college, going to graduate school or entering an internship or residency. You can receive a deferment for up to 48 months.
When you defer your loans, interest continues to accrue on the balance. Without payments toward the accrued interest or principal, your balance can grow by a significant amount.
Student Loan Deferment Calculator
Still, a deferment can be a useful tool, giving you breathing room in your budget while you complete your education.
To request a deferment, complete Sallie Mae’s request form:
You could also request a deferment or forbearance during military service by calling 855-534-2668.
Modified loan terms for delinquent borrowers
If you fall behind and miss a student loan payment, you could try to work your way out of delinquency employing one of these options, including the Salle Mae rate reduction program:
- Temporarily reduce your interest rate (and, as a result, monthly payment)
- Reduce your rate and monthly payment as part of extending your loan term
- Rehabilitate your loan by making three straight, on-time monthly payments
How much will Sallie Mae reduce your interest rate? Some borrowers have reported a temporary rate of as little as 2.00% to 3.00%. With no one-size-fits-all policy made public, however, rate reductions are determined on an individual borrower basis.
By being delinquent or in default on your Sallie Mae student loan, however, you could lose access to some of these support programs. For greater detail, contact the lender’s customer service.
Maybe you don’t need deferment or forbearance, but you are ready to get rid of your student loans as quickly as possible. If so, use these tips to pay them off ahead of schedule.
You can cut down on interest charges and save money by making even small in-school payments. Besides deferment, Sallie Mae has two in-school repayment options, including:
- Fixed repayment: Submit a set amount each month
- Interest repayment: Cover the accrued interest each month
When you make an additional payment, Sallie Mae first applies it to unpaid fees, then to unpaid interest. Next, any remaining amount is applied to the current balance. Unless directed otherwise, the extra payment will go toward your next payment due. To speed up your repayment, contact the company and ask it to count it as an extra payment, rather than reducing your next payment.
Measure the effect of this move using our lump sum extra payment calculator.
And you don’t have to worry about a Sallie Mae prepayment penalty: The lender doesn’t charge one.
If your Sallie Mae loan has a high interest rate, you could save a substantial amount of money by refinancing your student loans.
With refinancing, you take out a new loan for some or all of your current ones. This way, you can get a better interest rate, a longer term with smaller payments or a shorter term to get you out of debt faster.
Find out how much you can save by using our refinancing calculator. And if you think this might be the right move for you, compare offers from multiple refinancing lenders to ensure you get your best rate.
Andrew Pentis contributed to this report.
Interested in refinancing student loans?Here are the top 9 lenders of 2021!
|Lender||Variable APR||Eligible Degrees|
|1.88% – 6.15%1||Undergrad & Graduate|
|1.88% – 5.64%2||Undergrad & Graduate|
|1.88% – 5.64%3||Undergrad & Graduate|
|2.50% – 6.85%4||Undergrad & Graduate|
|2.25% – 6.39%5||Undergrad & Graduate|
|1.90% – 5.25%6||Undergrad & Graduate|
|1.89% – 5.90%7||Undergrad & Graduate|
|2.39% – 6.01%||Undergrad |
|2.13% – 5.25%8||Undergrad & Graduate|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Splash Financial.
Splash Financial Disclosures
Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. Refinancing or consolidating private and federal student loans may not be the right decision for everyone. Federal loans carry special benefits not available for loans made through Splash Financial, for example, public service loan forgiveness and economic hardship programs, fee waivers and rebates on the principal, which may not be accessible to you after you refinance. The rates displayed may include a 0.25% autopay discount
The information you provide to us is an inquiry to determine whether we or our lenders can make a loan offer that meets your needs. If we or any of our lending partners has an available loan offer for you, you will be invited to submit a loan application to the lender for its review. We do not guarantee that you will receive any loan offers or that your loan application will be approved. Offers are subject to credit approval and are available only to U.S. citizens or permanent residents who meet applicable underwriting requirements. Not all borrowers will receive the lowest rates, which are available to the most qualified borrowers. Participating lenders, rates and terms are subject to change at any time without notice.
To check the rates and terms you qualify for, Splash Financial conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of June 1, 2021.
2 Rate range above includes optional 0.25% Auto Pay discount. Important Disclosures for Earnest.
Interest Rate Disclosure
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 2.59% APR to 5.79% APR (excludes 0.25% Auto Pay discount). Variable rates range from 1.88% APR to 5.64% APR (excludes 0.25% Auto Pay discount). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 36% (the maximum allowable for these loans). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 2.04% and 5.8% to the one month LIBOR. Earnest rate ranges are current as of 6/8/2021, and are subject to change based on market conditions.
Auto Pay Discount Disclosure
You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.
Student Loan Refinancing Loan Cost Examples
These examples provide estimates based on payments beginning immediately upon loan disbursement. Variable APR: A $10,000 loan with a 20-year term (240 monthly payments of $72) and a 5.89% APR would result in a total estimated payment amount of $17,042.39. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 20-year term (240 monthly payments of $72) and a 6.04% APR would result in a total estimated payment amount of $17,249.77. Your actual repayment terms may vary.Terms and Conditions apply. Visit https://www.earnest. com/terms-of-service, e-mail us at [email protected], or call 888-601-2801 for more information on our student loan refinance product.
Earnest Loans are made by Earnest Operations LLC or One American Bank, Member FDIC. Earnest Operations LLC, NMLS #1204917. 535 Mission St., Suite 1663, San Francisco, CA 94105. California Financing Law License 6054788. Visit earnest.com/licenses for a full list of licensed states. For California residents (Student Loan Refinance Only): Loans will be arranged or made pursuant to a California Financing Law License.
One American Bank, 515 S. Minnesota Ave, Sioux Falls, SD 57104. Earnest loans are serviced by Earnest Operations LLC with support from Navient Solutions LLC (NMLS #212430). One American Bank and Earnest LLC and its subsidiaries are not sponsored by or agencies of the United States of America.
© 2021 Earnest LLC. All rights reserved.
3 Important Disclosures for Navient.
4 Important Disclosures for CommonBond.
Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.15% effective Jan 1, 2021 and may increase after consummation.
5 Important Disclosures for SoFi.
Fixed rates from 2.74% APR to 6.74% APR (with autopay). Variable rates from 2.25% APR to 6.39% APR (with autopay). All variable rates are based on the 1-month LIBOR and may increase after consummation if LIBOR increases; see more at SoFi.com/legal/#1. If approved for a loan your rate will depend on a variety of factors such as your credit profile, your application and your selected loan terms. Your rate will be within the ranges of rates listed above. Lowest rates reserved for the most creditworthy borrowers. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. SoFi loans are originated by SoFi Lending Corp. or an affiliate (dba SoFi), a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license #6054612; NMLS #1121636 (www.nmlsconsumeraccess.org). Additional terms and conditions apply; see SoFi.com/eligibility for details. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
6 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised variable APR is only available for loan terms of 5 years and is reserved for applicants with FICO scores of at least 810.
As of 04/07/2021 student loan refinancing rates range from 1.90% APR – 5.25% Variable APR with AutoPay and 2.95% APR – 7.63% Fixed APR with AutoPay.
7 Important Disclosures for Laurel Road.
Laurel Road Disclosures
All credit products are subject to credit approval.
Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.
As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.
Assumptions: Repayment examples above assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount.
Annual Percentage Rate (“APR”): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.
Interest Rate: A simple annual rate that is applied to an unpaid balance.
Variable Rates: The current index for variable rate loans is derived from the one-month London Interbank Offered Rate (“LIBOR”) and changes in the LIBOR index may cause your monthly payment to increase. Borrowers who take out a term of 5, 7, or 10 years will have a maximum interest rate of 9%, those who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%.
KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This information is current as of April 29, 2021. Information and rates are subject to change without notice.
8 Important Disclosures for PenFed.
Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rates range from 2.89%-4.78% APR and Variable Rates range from 2.13%-5.25% APR. Both Fixed and Variable Rates will vary based on application terms, level of degree and presence of a co-signer. These rates are subject to additional terms and conditions and rates are subject to change at any time without notice. For Variable Rate student loans, the rate will never exceed 9.00% for 5 year and 8 year loans and 10.00% for 12 and 15 years loans (the maximum allowable for this loan). Minimum variable rate will be 2.00%. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.