Sallie Mae vs SoFi: Which is Better for Student Loans?

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Abigail Eun

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Abigail Eun is a freelance writer and personal finance expert. Through diligent research and continuous learning, she has honed her knowledge in budgeting, saving, investing, and debt management. Abigail is passionate about helping people get their finances in order. She believes that everyone should have access to the information they need to make sound financial decisions. Her goal is to provide clear and concise information that is easy to understand.

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Emma Östlund

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Emma Östlund works as a business operations analyst at Sparrow. Emma studied Psychology, Computer Science, and Markets & Management at Duke University. With a well-rounded background in business and analytics, Emma strives to deliver data-driven conclusions and insights.

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Reviewed by

Camden Ford

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Camden leads Sparrow’s business operations – everything from product management to business analytics. After graduating Cum Laude from Duke University where he studied Civil Engineering, Camden worked as a Consultant for A.T. Kearney where he worked in their Strategic Operations practice. With a strong background in analytics, Camden strives to deliver data-driven conclusions and insights.

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Updated

September 11, 2025

Sallie Mae and SoFi® are two reputable lenders in the private loan industry, so you truly can’t go wrong with either. If you’re debating Sallie Mae vs SoFi, here’s what you should know about their private student loans before borrowing with either lender.

Sallie Mae vs. SoFi: A Side-by-Side Comparison

The table below offers an overview of what Sallie Mae and SoFi have to offer.

Sallie Mae

SoFi

Loan Terms

10 to 20 years

5, 7, 10, or 15 years

Loan Amounts

$1,000 to your school-certified, total cost of attendance

$1,000 up to your school-certified, total cost of attendance

Minimum Credit Score

Mid-600s

Minimum Income

No minimum income requirement

Cosigner Release Options

Yes, the cosigner can be released after 12 months.

Yes, the cosigner can be released after 24 months of timely payments.

Ability to Transfer a Parent Loan to a Student

Student Status

Students enrolled at a degree-granting institution qualify for student loans.

Must attend an institution that is authorized to receive financial aid

State Restrictions

None

Sallie Mae: The Pros and Cons

Sallie Mae student loans are good options for DACA recipients, international students, and individuals who want a short turnaround for cosigner release.

Pros

Offers competitive interest rates.
Has 4 different repayment plans.
Offers private loans to international and DACA students.
Cosigners can be released from a student loan after 12 months of timely payments.
Offers a variety of borrower perks, including free scholarship searches, financial planning calculators, and financial literacy resources.

Cons

Does not offer biweekly student loan payments via autopay. Payments must be paid on a monthly basis.
Does not offer loan pre-qualification, meaning that borrowers must submit a formal application and incur a hard credit check to see what they qualify for.
Loans are not accessible to students who are enrolled less than part-time.

SoFi: The Pros and Cons

SoFi student loans are fitting for borrowers who are interested in having a variety of borrower benefits and strong borrower protections.

Pros

Tends to offer lower interest rates than its competitors.
Has 4 different repayment plans.
Cosigners can be released from a student loan after 24 months of timely payments.
Offers generous forbearance and deferment options.
Offers a variety of borrower perks, including ACH discounts, flexible repayment options, and no fees.

Cons

Borrowers must have “good” or “excellent” credit scores.
Loans are not accessible to students who are enrolled less than part-time.
You will only receive a 6-month grace period if you have the deferred repayment plan.

Get pre-qualified in just 2 minutes

Check your rates across multiple lenders to get accurate, pre-qualified rates with no impact to your credit score

Find my rates

Sallie Mae vs. SoFi: Which is Better for Student Loans?

When comparing Sallie Mae and SoFi, the right choice depends on your personal circumstances.

SoFi offers a fully online application, no fees, flexible repayment options, and even a cash bonus for students who maintain a 3.0 GPA or higher. Borrowers may also qualify for rate discounts and benefit from a six-month grace period after graduation (nine months for health professionals).

For DACA recipients and international students, Sallie Mae may provide options that better align with eligibility requirements.

If you’re applying with a cosigner, it’s also worth comparing cosigner release timelines. Sallie Mae allows cosigner release after 12 consecutive on-time payments, while SoFi offers this option after 24 months of consecutive on-time payments.

Closing Thoughts From the Nest

Both Sallie Mae and SoFi are great, reputable lenders. To compare personalized loan offers from both companies, consider submitting a free form with Sparrow. Your credit score will not be negatively affected by your pre-qualified offers.

Dive deeper in student loans

Sallie Mae vs. SoFi: A Side-by-Side Comparison

The table below offers an overview of what Sallie Mae and SoFi have to offer.

Sallie Mae

SoFi

Loan Terms

10 to 20 years

5, 7, 10, or 15 years

Loan Amounts

$1,000 to your school-certified, total cost of attendance

$1,000 up to your school-certified, total cost of attendance

Minimum Credit Score

Mid-600s

Minimum Income

No minimum income requirement

Cosigner Release Options

Yes, the cosigner can be released after 12 months.

Yes, the cosigner can be released after 24 months of timely payments.

Ability to Transfer a Parent Loan to a Student

Student Status

Students enrolled at a degree-granting institution qualify for student loans.

Must attend an institution that is authorized to receive financial aid

State Restrictions

None

Sallie Mae: The Pros and Cons

Sallie Mae student loans are good options for DACA recipients, international students, and individuals who want a short turnaround for cosigner release.

Pros

Offers competitive interest rates.
Has 4 different repayment plans.
Offers private loans to international and DACA students.
Cosigners can be released from a student loan after 12 months of timely payments.
Offers a variety of borrower perks, including free scholarship searches, financial planning calculators, and financial literacy resources.

Cons

Does not offer biweekly student loan payments via autopay. Payments must be paid on a monthly basis.
Does not offer loan pre-qualification, meaning that borrowers must submit a formal application and incur a hard credit check to see what they qualify for.
Loans are not accessible to students who are enrolled less than part-time.

SoFi: The Pros and Cons

SoFi student loans are fitting for borrowers who are interested in having a variety of borrower benefits and strong borrower protections.

Pros

Tends to offer lower interest rates than its competitors.
Has 4 different repayment plans.
Cosigners can be released from a student loan after 24 months of timely payments.
Offers generous forbearance and deferment options.
Offers a variety of borrower perks, including ACH discounts, flexible repayment options, and no fees.

Cons

Borrowers must have “good” or “excellent” credit scores.
Loans are not accessible to students who are enrolled less than part-time.
You will only receive a 6-month grace period if you have the deferred repayment plan.

Get pre-qualified in just 2 minutes

Check your rates across multiple lenders to get accurate, pre-qualified rates with no impact to your credit score

Find my rates

Sallie Mae vs. SoFi: Which is Better for Student Loans?

When comparing Sallie Mae and SoFi, the right choice depends on your personal circumstances.

For DACA recipients and international students, Sallie Mae may provide options that better align with eligibility requirements.

Sallie Mae vs SoFi: Which is Better for Student Loans?

Student Loan Cosigner for December 2024

Best Student Loan Rates of November 2025

How to Get Student Loans with No Credit (December 2024)

Sallie Mae vs. SoFi: A Side-by-Side Comparison

Sallie Mae: The Pros and Cons

Pros

Cons

SoFi: The Pros and Cons

Pros

Cons

Sallie Mae vs. SoFi: Which is Better for Student Loans?

Closing Thoughts From the Nest

Dive deeper in student loans

Sallie Mae vs. SoFi: A Side-by-Side Comparison

Sallie Mae: The Pros and Cons

Pros

Cons

SoFi: The Pros and Cons

Pros

Cons

Sallie Mae vs. SoFi: Which is Better for Student Loans?

Closing Thoughts From the Nest