Sallie Mae does not provide refinancing services. Borrowers wanting to refinance their Sallie Mae student loans will need to seek out a different lender.
You can refinance a student loan in two ways: through your current lender or through a different lender. Some lenders allow you to refinance your student loans with them; unfortunately, Sallie Mae does not allow borrowers to refinance their student loans.
Before taking the steps to refinance, make sure that your student loans are serviced by Sallie Mae, not Navient. This is a point of confusion for some borrowers because Navient is a company created by Sallie Mae. It’s technically a separate brand and used to have a government contract to service federal student loans. Things to consider before refinancing Sallie Mae student loans
Even with a cosigner, it doesn’t guarantee that you’ll get the lowest refinance rate, or even approval from all lenders.Many people refinance specifically to lower their monthly student loan payment. This can be helpful for borrowers who are struggling to afford their monthly payments based on their current income. Con:
Sallie Mae offers borrowers benefits, some of which other lenders may not. Refinancing with another lender may cause you to lose these benefits. It might be a nonissue because the benefits available from Sallie Mae may not be applicable to you from the start. Although benefits may be minimal, any money saved is helpful. Foregoing benefits may raise your overall expenses.Technically, you can refinance all types of student loans, but that doesn’t mean the process for each is exactly the same.
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