If you’ve spent any time researching your options for the best private student loans, you may well have whittled down your favorites to SoFi and Sallie Mae. They’ve both got a lot going for them, from uncapped loan amounts to a large suite of student loan types.
There are some important differences to note, however. Here’s what you need to understand when comparing SoFi vs. Sallie Mae private student loans.
SoFi vs. Sallie Mae at a glance
Lender details checked July 6, 2026.
More about SoFi
SoFi® Private Student Loans
Max undergrad loan amount
Starting undergrad loan fixed APR
Starting undergrad loan variable APR
- Year Founded: 2011
- Company Headquarters: San Francisco, CA
- CEO: Anthony Noto
More about Sallie Mae
Sallie Mae
Max undergrad loan amount
Starting undergrad loan fixed APR
Starting undergrad variable APR
- Year Founded: 1972
- Company Headquarters: Newark, DE
- CEO: Jonathan W. Witter
Pros and cons
Pros and cons of SoFi student loans
Pros:
- No maximum borrowing limit
- Great member benefits (rewards, discounts, etc.)
- Multiple repayment terms to choose from
Cons:
- Less protections than with a federal student loan
- Doesn’t offer funding for programs outside Title IV degree-granting schools
- Does not fund associate’s degrees
Pros and cons of Sallie Mae student loans
Pros:
- Comparatively low minimum APR
- Good cosigner release option
- More willing to work with nontraditional programs than many competitors
Cons:
- No income-driven repayment program
- Comparatively high maximum APR
- Frequent customer service complains
SoFi vs. Sallie Mae interest rates
Both SoFi and Sallie Mae publish wide APR ranges, the highest rates being wholly unacceptable for anyone looking for meaningful funding.
Either could be a decent option if you’ve got a smaller bill remaining after you’ve taken advantage of federal student loans. But unless your credit profile is stellar, or you can add an exceptionally creditworthy cosigner, using SoFi or Sallie Mae as the primary method of funding your schooling isn’t a good idea:
- SoFi charges 2.98%–15.99% fixed APR
- Sallie Mae charges 2.39%–17.49% fixed APR
As you can see, Sallie Mae offers the lowest rate for those who qualify for the lowest APR as of this writing—but it also charges the highest rate for those with less-than-impressive credit.
SoFi vs. Sallie Mae loan amounts
Both SoFi and Sallie Mae enforce the same rules when it comes to loan amounts: You can fund up to the entire cost of school-certified expenses. Not all lenders are this generous when it comes to financing your education. If you’ve got an unusual amount of expenses (and you qualify for the lowest rates), both of these lenders are equally beneficial when it comes to the maximum amount you can borrow.
SoFi vs. Sallie Mae student loan types
Both SoFi and Sallie Mae accept a long list of programs that qualify for student loans. Sallie Mae has the clear advantage, however.
SoFi offers the usual suspects—though it’s worth noting that SoFi doesn’t fund Associate’s Degrees. You must be attending for a Bachelor’s Degree or above. SoFi also only funds select Title IV degree-granting schools. You can choose from:
- Undergraduate loans
- Parent loans
- Graduate school loans
- Medical school loans
- Law school loans
- MBA school loans
- Health profession loans
- Dental school loans
- STEM loans
With Sallie Mae, you can expect a bit more leniency. Its funding works with nontraditional programs, such as aviation and career training certificates, as well as specialty graduate loans like bar study loans:
- Undergraduate loans
- Graduate school loans
- Career training loans
- Nursing school loans
- Flight school loans
- MBA loans
- Law school loans
- Medical school loans
- Health professions loans
- Dental school loans
- Bar exam loans
- Medical residency loans
- Dental residency loans
- Cosigners and Parent loans
SoFi vs. Sallie Mae repayment options
Both SoFi and Sallie Mae offer deferred repayment, fixed repayment, and interest repayment options. In terms of the amount of time you have to repay your loan, the financial institutions differ quite a bit. Both offer up to 20-year terms, depending on the type of private student loan, but that’s where the similarities end.
With SoFi, you can choose terms from 5, 7, 10, 15, or 20 years—while Sallie Mae will assign you a term length when you apply. Most loans get 10, 15, or 20 years, but some small balances will be assigned less than 10 years.
If you don’t like the terms Sallie Mae offers, you can decline the loan.
SoFi vs. Sallie Mae hardship programs
Again, neither SoFi nor Sallie Mae come close to offering the safety nets that you’ll find with a federal student loan. That’s a big reason we recommend taking full advantage of any federal aid offered to you before dipping your toe into private student loans. That said, both lenders come with some helpful perks for those having trouble paying the bills.
SoFi offers:
- Reduced repayment options – You can temporarily lower your monthly payment in the event that you lose your job or are experiencing other financial difficulties such as medical expenses, relocation for employment, legal fees, damage to your home or vehicle, etc.
- Forbearance – Temporarily pause or reduce your payments due to military mobilization or a natural disaster affecting your ZIP code (declared by FEMA). You can also skip a payment if you’re experiencing a short-term hardship that you expect will be buttoned up within a month.
- Maturity Extension Loan Modification – If you’re struggling to make payments, you may be able to permanently restructure your loan to decrease future minimum payments. You’ll also typically have any unpaid accrued interest added to your total balance before the restructure—meaning you could owe more money than you originally agreed upon.
Sallie Mae also offers a forbearance option, allowing you to temporarily postpone your payments if you’re having difficulty and think you may be headed toward delinquency. If you’re already delinquent, however, your options include:
- Reduced Payment Plan – Make up to six months of interest-only payments.
- Payment Extension – Make payments equal to or greater than the current amount due for three consecutive months to bring your loan current.
- Loan Modification – Your monthly payments can be reduced by lowering your interest rate and potentially extending your repayment term.
SoFi vs. Sallie Mae customer reviews
You’ll find that the average financial institution isn’t particularly beloved among review sites and online forums. SoFi and Sallie Mae are some of the few that are. On Trustpilot, SoFi maintains a star rating of 4.2 out of 5 with over 12,000 reviews (though note that SoFi offers many products in addition to private student loans). Sallie Mae’s primary focus is student loans—though it does a few other things—and it receives 4.6 out of 5 stars with between 400 and 500 reviews.
With both lenders, customers comment on low rates for creditworthy customers, as well as helpful customer service that reacts quickly to problems.
On the other hand, SoFi customers report difficulty being approved without top-tier credit and refinancing complications. Dissatisfied Sallie Mae customers lament the challenges of obtaining hardship benefits.
The takeaway
Both SoFi and Sallie Mae are top-tier options when looking for a private student loan. Their interest rates are extremely competitive for the most creditworthy borrowers, and can even save you considerable money over federal student loans, depending on the rate you qualify for. They both also come with a wide range of student loan types—with Sallie Mae edging out SoFi thanks to its willingness to fund more nontraditional programs.
Either way, it’s a good idea to explore your federal student loan options first and use a private student loan as a supplement. Federal aid comes with hardship options that are generally superior to anything you’ll find with private lenders such as SoFi or Sallie Mae.
Frequently asked questions
Does SoFi or Sallie Mae charge origination fees?
Neither SoFi nor Sallie Mae charge origination fees when opening a private student loan.
Which lender has the lower interest rates: SoFi or Sallie Mae?
At the time of writing, Sallie Mae has the lower minimum interest rate—while SoFi has the lower maximum interest rate.
Does SoFi or Sallie Mae have better repayment options?
SoFi has more loan term options than Sallie Mae, and it allows you to choose the one you want. Sallie Mae will assign you a term after you apply. This gives SoFi a definite edge over Sallie Mae in our assessment.
Can you get a student loan from SoFi or Sallie Mae without a cosigner?
It’s possible to get a student loan from both SoFi and Sallie Mae without a cosigner, but you’ll need good credit to do it. These lenders will examine details such as your credit score, debt-to-income ratio, and employment history when deciding whether to approve your application.
Does SoFi or Sallie Mae offer student loan refinancing?
SoFi offers student loan refinancing. Sallie Mae does not.
SoFi disclaimers
Pricing Disclosure
Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status, be residing in the U.S., and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates at the time of application and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, income, and other factors. If SoFi is unable to offer you a loan but matches you for a loan with a participating bank, then your rate may be outside the range of rates listed above. Rates and Terms are subject to change at any time without notice. SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Minimum loan amount is $5,000. The average of SoFi Personal Loans funded in 2024 was around $33K. Information current as of 03/24/26. SoFi Personal Loans originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org). See SoFi.com/legal for state-specific license details. See SoFi.com/eligibility for details and state restrictions.
Fixed rates from 7.74% APR to 35.49% APR. APR reflect the 0.25% autopay interest rate discount and a 0.25% SoFi Plus interest rate discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, operating from its Delaware branch, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take
out a loan originated by Cross River Bank. These rate ranges are current as of 03/24/26 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibilitycriteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of
your credit worthiness, income, and other factors.
Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive.
Member Rate Discount
To be eligible for an additional 0.25% interest rate reduction on a Personal Loan, you must, within 31 days of loan funding, either (1) meet SoFi Plus eligibility criteria, (2) receive an Eligible Direct Deposit into a SoFi Checking or Savings account, or (3) receive at least $5,000 in Qualifying Deposits into a SoFi Checking or Savings account. You must continue to meet at least one of the above eligibility criteria every 31 days to maintain the discount. See the SoFi Plus terms for details on SoFi Plus subscription. For more details on Eligible Direct Deposit or Qualifying Deposits, please see https://www.sofi.com/legal/banking-rate-sheet.
Once you become eligible during the initial period, the discount will be removed or reinstated depending on whether the criteria have been met. Each time your loan is re-amortized, your monthly payment amount will change based upon the interest rate that was in place. SoFi reserves the right to modify or terminate this offer at any time for unenrolled participants. You are not required to meet these criteria to be approved for a loan.
