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 | |
| Fixed APR Rate | 3.75% to 13.72% | 4.44% to 14.70% (undergrad); 4.99% to 14.48% (grad); 6.50% to 14.83% (parent). |
| Variable APR Rate | 4.00% to 14.34% | 5.59% to 13.97% (undergrad); 5.99% to 13.97% (grad); 6.32% to 14.03% (parent). |
| Loan Terms | 10 to 20 years | 5, 10, or 15 years |
| Loan Amounts | $1,000 to your school-certified, total cost of attendance | $5,000 up to your school-certified, total cost of attendance |
| Minimum Credit Score | Mid-600s | Mid-600s |
| Minimum Income | No minimum income requirement | 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 | No | No |
| 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 | 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 | Cons |
| Offers competitive interest rates. | Sallie Mae does not offer biweekly student loan payments via autopay. Payments must be paid on a monthly basis. |
| Has 4 different repayment plans. | Sallie Mae does not offer loan prequalification, meaning that borrowers must submit a formal application and incur a hard credit check to see what they qualify for. |
| Sallie Mae offers private loans to international and DACA students. | Loans are not accessible to students who are enrolled less than part-time. |
| Cosigners can be released from a student loan after 12 months of timely payments. | |
| Sallie Mae offers a 6-month grace period for students who have graduated, dropped below part-time enrollment, or left school. |
Apply with Sallie Mae.
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 | Cons |
| SoFi tends to offer lower interest rates than its competitors. | Borrowers must have “good” or “excellent” credit scores. |
| Has 4 different repayment plans. | $5,000 minimum loan amount. |
| Cosigners can be released from a student loan after 24 months of timely payments. | Loans are not accessible to students who are enrolled less than part-time. |
| SoFi offers generous forbearance and deferment options. | You will only receive a 6-month grace period if you have the deferred repayment plan. |
| Offers a variety of borrower perks, including career coaching, wealth management, job search assistance, and other personal finance resources. |
Apply with SoFi.
The latest rates from Sparrow’s partners
See a rate you like? Click Apply and we’ll take you to the right place to get started with the lender of your choosing.
Find my rate
ASLA
Minimum credit score
Fixed APR
PARENT -> Loans are made available by the Arkansas Student Loan Authority (ASLA), a division of the Arkansas Development Finance Authority, which is an Arkansas state government agency.
Loan terms are subject to change. All loans are subject to approval based upon underwriting guidelines determined by ASLA and its advisors. Interest rates for approved loans will be based upon the borrower’s credit history as reported under the FICO credit scoring system.
Non-Arkansas residents must attend an eligible institution of higher education within the state of Arkansas to be eligible for an ASLA loan. Arkansas residents may attend an eligible institution of higher education within or outside of the state of Arkansas to be eligible for an ASLA loan.
For more information related to the Arkansas Student Loan Authority and its loan products, visit www.asla.info.
Variable APR
Apply
Brazos
Minimum credit score
Fixed APR
It is recommended that you utilize scholarships, grants and other federal student loans, such as the Federal Direct Student Loans, available to you before you use a Brazos Student Loan.
By providing your email, you are consenting to receive periodic emails from Brazos regarding the Brazos Student Loan, as well as general student loan information, information on other Brazos loan products or services, and other information we believe you will find informative and helpful.
Rates and terms provided as a result of a soft credit check do not mean you have been approved for the Brazos Student Loan but will give you an indicator of if, and on what terms, you may qualify. In order to qualify and be approved for the loan, you must apply, have a hard credit pull performed, and provide all necessary documents and information. A hard credit inquiry may impact your credit score.
Credit Review and Approval. If you choose to apply for a Brazos Student Loan, Brazos Parent Loan, or Brazos Refinance Loan and continue your application past the pre-credit eligibility stage, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for Brazos to be able to issue you a Brazos loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. The initial credit review is based on review of all the information you and your cosigner (if applicable) provide during the application process and the information obtained from your credit report(s). If you pass the initial credit review, you will need to provide acceptable documentation such as your income verification before the final loan approval.
Brazos Education Lending Corporation (Brazos) is a part of a group of several non-affiliated nonprofit companies that are all managed by The Brazos Higher Education Service Corporation, Inc. and are commonly referred to as the Brazos Managed Companies. The first of the Brazos Managed Companies was organized in 1975 in Waco, Texas, as a secondary market for student loans. Since that time, the Brazos Managed Companies have, on a combined basis, served an estimated 2 million student borrowers and have helped fund an estimated $30 billion in student loans.
Variable APR
It is recommended that you utilize scholarships, grants and other federal student loans, such as the Federal Direct Student Loans, available to you before you use a Brazos Student Loan.
By providing your email, you are consenting to receive periodic emails from Brazos regarding the Brazos Student Loan, as well as general student loan information, information on other Brazos loan products or services, and other information we believe you will find informative and helpful.
Rates and terms provided as a result of a soft credit check do not mean you have been approved for the Brazos Student Loan but will give you an indicator of if, and on what terms, you may qualify. In order to qualify and be approved for the loan, you must apply, have a hard credit pull performed, and provide all necessary documents and information. A hard credit inquiry may impact your credit score.
Credit Review and Approval. If you choose to apply for a Brazos Student Loan, Brazos Parent Loan, or Brazos Refinance Loan and continue your application past the pre-credit eligibility stage, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for Brazos to be able to issue you a Brazos loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. The initial credit review is based on review of all the information you and your cosigner (if applicable) provide during the application process and the information obtained from your credit report(s). If you pass the initial credit review, you will need to provide acceptable documentation such as your income verification before the final loan approval.
Brazos Education Lending Corporation (Brazos) is a part of a group of several non-affiliated nonprofit companies that are all managed by The Brazos Higher Education Service Corporation, Inc. and are commonly referred to as the Brazos Managed Companies. The first of the Brazos Managed Companies was organized in 1975 in Waco, Texas, as a secondary market for student loans. Since that time, the Brazos Managed Companies have, on a combined basis, served an estimated 2 million student borrowers and have helped fund an estimated $30 billion in student loans.
Apply
College Ave
Minimum credit score
Fixed APR
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
*The 0.25% auto-pay interest rate reduction applies as long as the borrower or cosigner, if applicable, enrolls in auto-pay and authorizes our loan servicer to automatically deduct your monthly payments from a valid bank account via Automated Clearing House (“ACH”). The rate reduction applies for as long as the monthly payment amount is successfully deducted from the designated bank account and is suspended during periods of forbearance and certain deferments. Variable rates may increase after consummation. $5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees. Information advertised valid as of 08/25/2022. Variable interest rates may increase after consummation.
This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 09/13/2023. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.
Variable APR
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
*The 0.25% auto-pay interest rate reduction applies as long as the borrower or cosigner, if applicable, enrolls in auto-pay and authorizes our loan servicer to automatically deduct your monthly payments from a valid bank account via Automated Clearing House (“ACH”). The rate reduction applies for as long as the monthly payment amount is successfully deducted from the designated bank account and is suspended during periods of forbearance and certain deferments. Variable rates may increase after consummation. $5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees. Information advertised valid as of 08/25/2022. Variable interest rates may increase after consummation.
This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 09/13/2023. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.
Apply
Earnest
Minimum credit score
Fixed APR
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 Origination Interest Rate Disclosure
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.70% APR to 15.15% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.24% APR to 15.55% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred. Sparrow receives compensation from Earnest on a per-funded loan basis.
Student Loan Origination Loan Cost Examples
These examples provide estimates based on the Deferred Repayment option, meaning you make no payments while enrolled in school and during the separation period of 9 billing periods thereafter. Variable APR: A $10,000 loan with a 15-year term (180 monthly payments of $157.12) and an 11.69% APR would result in a total estimated payment amount of $21,290.40. 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 15-year term (180 monthly payments of $173.51) and an 13.03% APR would result in a total estimated payment amount of $22,827.79. Your actual repayment terms may vary.
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 Lending Licenses – Earnest 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.
© 2023 Earnest LLC. All rights reserved.
Variable APR
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 Origination Interest Rate Disclosure
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.70% APR to 15.15% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.24% APR to 15.55% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred. Sparrow receives compensation from Earnest on a per-funded loan basis.
Student Loan Origination Loan Cost Examples
These examples provide estimates based on the Deferred Repayment option, meaning you make no payments while enrolled in school and during the separation period of 9 billing periods thereafter. Variable APR: A $10,000 loan with a 15-year term (180 monthly payments of $157.12) and an 11.69% APR would result in a total estimated payment amount of $21,290.40. 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 15-year term (180 monthly payments of $173.51) and an 13.03% APR would result in a total estimated payment amount of $22,827.79. Your actual repayment terms may vary.
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 Lending Licenses – Earnest 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.
© 2023 Earnest LLC. All rights reserved.
Apply
ISL
Minimum credit score
Fixed APR
Subject to credit approval. Loans are made by Iowa Student Loan Liquidity Corporation or Bank of Lake Mills. Bank of Lake Mills does not have an ownership interest in Iowa Student Loan Liquidity Corporation. Bank of Lake Mills is Member FDIC. Annual percentage rate (APR) shown is dependent on if you are viewing this page with or without the auto-debit discount applied. If viewing with auto-debit discount applied, the APR rate will range from 3.85% APR to 7.91% APR and assumes you are enrolled in and maintain auto-debit payments from the date of origination. Enrolling in auto-debit results in a 0.25% interest rate reduction. Without enrolling in auto-debit, the rate will range from 3.60% APR to 7.66% APR. Not all borrowers receive the lowest rate. If you are approved for a loan, the rate offered will depend on your credit profile, the term you select, your state of residence or your current lender and will be within the ranges shown above.
Variable APR
Subject to credit approval. Loans are made by Iowa Student Loan Liquidity Corporation or Bank of Lake Mills. Bank of Lake Mills does not have an ownership interest in Iowa Student Loan Liquidity Corporation. Bank of Lake Mills is Member FDIC. Annual percentage rate (APR) shown is dependent on if you are viewing this page with or without the auto-debit discount applied. If viewing with auto-debit discount applied, the APR rate will range from 3.85% APR to 7.91% APR and assumes you are enrolled in and maintain auto-debit payments from the date of origination. Enrolling in auto-debit results in a 0.25% interest rate reduction. Without enrolling in auto-debit, the rate will range from 3.60% APR to 7.66% APR. Not all borrowers receive the lowest rate. If you are approved for a loan, the rate offered will depend on your credit profile, the term you select, your state of residence or your current lender and will be within the ranges shown above.
Apply
Sallie Mae vs. SoFi: Which is Better for Student Loans?
In the battle of Sallie Mae vs. SoFi, there is no objectively “better” option for borrowing student loans.
If additional borrower perks like job assistance and career coaching are important to you, you may prefer SoFi. For DACA recipients and international students, Sallie Mae would be the more fitting option.
If you plan to have a cosigner on your student loan, consider asking your cosigner whether they prefer a shorter or longer cosigner release option. Sallie Mae has a cosigner release option after 12 months of timely payments, while SoFi offers the option after 24 months.
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 application with Sparrow. Your credit score will not be negatively affected by your pre-qualified offers.
View Sallie Mae and SoFi disclosures.