Can Sallie Mae Student Loans Be Forgiven?

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The Biden administration and the Department of Education last year announced a three-part student loan forgiveness plan (which is currently blocked in court) to help working- and middle-class student loan borrowers resume making regular monthly payments as pandemic-related support comes to an end.

While this plan includes loan forgiveness of up to $20,000, it only applies to federal student loans. If you have private loans through banks like Sallie Mae, they’re not eligible for student loan forgiveness. However, you can refinance your current loans with another lender for a potentially lower monthly payment and rate.

Does Sallie Mae offer student loan forgiveness?

No, Sallie Mae does not offer student loan forgiveness. If a student borrower becomes totally and permanently disabled or dies, however, the bank will waive their current balance. Sallie Mae recommends calling 800-472-5543 to discuss the situation.

Options if you don’t qualify for student loan forgiveness

While Sallie Mae loans don’t qualify for student loan forgiveness, there are steps you can take to avoid falling into delinquency (when you’ve failed to pay some or all of your monthly payment) and default (when you’ve failed to repay your loan and the entire current balance becomes due) with your student loans.

If you fall into delinquency, you may be charged late fees and lose any interest-rate reduction programs you were once eligible for. Additionally, if your loan falls into delinquency or default, it may be reported to consumer reporting agencies, negatively impacting your credit report for up to seven years.

Other options include deferment or forbearance, which let you temporarily postpone your payments. Sallie Mae offers deferment if you’ve gone back to school at least half-time or are selected for a program.

Through deferment, you can reduce or postpone payments when you go back to school or begin an internship, clerkship, fellowship, or residency. You may also be able to postpone payments through deferment or forbearance if you’re in current military service. To find out if you’re eligible, call Sallie Mae at 855-534-2668.

Keep in mind: Interest will still continue to accrue with these deferment and forbearance plans, as the bank states that interest is charged until a loan is paid off in full.

Learn More: How to Recover From Student Loan Default

How to refinance your student loans

If you don’t qualify for student loan forgiveness, you can consider student loan refinancing. Another student loan lender buys out your loan from your existing servicer, resulting in a new loan and interest rate. An added bonus is that if you refinance multiple private student loans, a lender will consolidate them so you can make one simple payment each month.

While Sallie Mae itself doesn’t offer loan consolidation or refinancing, you might be able to reduce your interest rate by refinancing your student loans with a different private lender (such as one of Credible’s partners).

Here’s how to refinance your student loan:

• Research and compare lenders. When comparing lenders, be sure to consider interest rates, repayment terms, and any fees the lender may charge.

• Fill out a form. Through Credible, compare your options by filling out a form with your details. You can see the best lenders and rates without impacting your credit score.

• Choose your loan option. Once you’ve found the right lender, pick the loan option that fits your situation.

• Complete an application. If you’ve prequalified, you’ll still need to complete an application. The lender conducts a hard credit pull (which will impact your credit) and will determine if you’re approved.

• Keep up with your payments. If you’re approved, continue making payments on your current loan to avoid being late, which can hurt your credit.

Since market interest rates have significantly decreased over the last few years, it can make a lot of sense to refinance your Sallie Mae student loan, and you have plenty of options for student loan refinance companies to do it with.

How to calculate your savings

Depending on your credit, you could save money with a lower interest rate and shorter repayment term.

Take time to assess your situation, determine if you should work with Sallie Mae to move forward with deferment or forbearance plans, or if student loan refinancing may ultimately be the most sensible solution for you.

The student loan consolidation companies in the table below are Credible’s approved partner lenders. Because they compete for your business through Credible, you can request rates from all of them by filling out a single form. Then, you can compare your available options side-by-side. Requesting rates is free, doesn’t affect your credit score, and your personal information is not shared with our partner lenders unless you see an option you like.

Lender	Variable rates from (APR)	Fixed rates from (APR)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	4.79%+	4.4%+
Fixed APR: 4.4%+ Variable APR: 4.79%+ Min. credit score: 720 Loan amount: $10,000 to $400,000 Loan terms (years): 5, 7, 10, 15, 20 Repayment options: Military deferment, forbearance Fees: Late fee Discounts: Autopay Eligibility: Must have a credit score of at least 720, a minimum income of $60,000, and must be a resident of Texas Customer service: Email, phone Soft credit check: 720 Cosigner release: No Loan servicer: Firstmark Services Max. Undergraduate Loan Balance: $100,000 – $149,000 Max. Graduate Loan Balance: $200,000 – $400,000 Offers Parent PLUS Refinancing: Does not disclose
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	6.26%+1	5.39%+1
Fixed APR: 5.39%+1 Variable APR: 6.26%+1 Min. credit score: Does not disclose Loan amount: $10,000 to $750,000 Loan terms (years): 5, 7, 10, 15, 20 Repayment options: Immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay, loyalty Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 24 to 36 months Loan servicer: Firstmark Services Max. Undergraduate Loan Balance: $100,000 to $149,000 Max. Graduate Loan Balance: Less than $150,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	5.99%+2	5.99%+2
Fixed APR: 5.99%+2 Variable APR: 5.99%+2 Min. credit score: Does not disclose Loan amount: $5,000 to $300,000 Loan terms (years): 5, 7, 10, 12, 15 Repayment options: Military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: All states except for ME Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 24 to 36 months Loan servicer: College Ave Servicing LLC Max. Undergraduate Loan Balance: $100,000 to $149,000 Max. Graduate Loan Balance: Less than $300,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	7.16%+5	7.16%+5
Fixed APR: 7.16%+5 Variable APR: 7.52%+5 Min. credit score: 700 Loan amount: $7,500 to $200,000 Loan terms (years): 5, 10, 15, 20 Repayment options: Immediate repayment, academic deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and submit two personal references Customer service: Email, phone Soft credit check: Yes Cosigner release: After 36 months Loan servicer: Granite State Management & Resources (GSM&R) Max. Undergraduate Loan Balance: $150,000 to $249,000 Max. Graduate Loan Balance: $150,000 to $199,000 Offers Parent PLUS Refinancing : Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	4.78%+3	5.08%+3
Fixed APR: 5.08%+3 Variable APR: 4.78%+3 Min. credit score: 680 Loan amount: $10,000 to $250,000 Loan terms (years): 5, 7, 10, 15, 20 Repayment options: Forbearance Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident, have at least $15,000 in student loan debt, and have a bachelor’s degree or higher from an approved school Customer service: Email, phone Soft credit check: Yes Cosigner release: No Loan servicer: Mohela Max. Undergraduate Loan Balance: $250,000 Max. Graduate Loan Balance: $250,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	6.61%+4	5.61%+4
Fixed APR: 5.61%+4 Variable APR: 6.61%+4 Min. credit score: 670 Loan amount: $5,000 to $250,000 Loan terms (years): 5, 10, 15, 20 Repayment options: Academic deferment, military deferment, forbearance Fees: Late fee, returned payment fee Discounts: Autopay Eligibility: Must be U.S. citizen or permanent resident Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: Yes Max undergraduate loan balance: $250,000 Max graduate loan balance: $250,000 Offers Parent PLUS refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	4.89%+	4.49%+
Fixed APR: 4.49%+ Variable APR: 4.89%+ Min. credit score: 700 Loan amount: $5,000 to $300,000 Loan terms (years): 5, 7, 10, 15 Max. undergraduate Loan Balance: $125,000 Time to Fund: 10 to 30 days Repayment options: Immediate repayment, forbearance Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and have already graduated with at least an associate degree from an eligible institution Customer service: Email, phone Soft credit check: Yes Cosigner release: After 12 months Loan servicer: LendKey Technologies Inc. Max. graduate Loan Balance: $175,000 Credible Review: LendKey Student Loans review Offers Parent PLUS Refinancing: No
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	N/A	5.5%+
Fixed APR: 5.5%+ Variable APR: N/A Min. credit score: 670 Loan amount: $10,000 up to the total amount Loan terms (years): 7, 10, 15 Repayment options: Military deferment, loans discharged upon death or disability Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans Customer service: Email, phone Soft credit check: Yes Cosigner release: No Loan servicer: AES Max. Undergraduate Loan Balance: No maximum Max. Gradaute Loan Balance: No maximum Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	5.34%+ – 10.29%+8	7.06%+ – 13.72%+8
Fixed APR: 5.34%+ – 10.29%+8 Variable APR: 7.06%+ – 13.72%+8 Min. credit score: Mid-to-high 600’s FICO8 Loan amount: $5,000 to $500,000 (depending on degree) Loan terms (years): Multiple options Time to fund: 3 business days Repayment options: Immediate Fees: Late fee, NSF fee Discounts: Autopay8 Eligibility: Must be a U.S. citizen or have permanent residency status with a valid U.S. Social Security number Customer service: Email, phone Soft credit check: Yes8 Cosigner release: After 24 months8 Loan servicer: Firstmark Services Max. undergraduate loan balance: $125,000 Max. graduate loan balance: $500,000 Offers Parent PLUS loans: Yes Min. income: You or your cosigner must meet Nelnet Bank’s income criteria
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	N/A	5.79%+
Fixed APR: 5.79%+ Variable APR: N/A Min. credit score: 680 Loan amount: $7,500 to $250,000 Loan terms (years): 5, 10, 15 Repayment options: Academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay Eligibility: Available in all 50 states; must also have at least $7,500 in student loans and a minimum income of $40,000 Customer service: Email, phone Soft credit check: Does not disclose Cosigner release: No Loan servicer: Rhode Island Student Loan Authority Max. Undergraduate Loan Balance: $150,000 – $249,000 Max. Graduate Loan Balance: $200,000 – $249,000 Offers Parent PLUS Refinancing: Yes
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All APRs reflect autopay and loyalty discounts where available | 1Citizens Disclosures | 2College Ave Disclosures | 5EDvestinU Disclosures | 3 ELFI Disclosures | 4INvestEd Disclosures | 7ISL Education Lending Disclosures  | 8Nelnet Bank Disclosures

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