About Sallie Mae and SoFi Sallie Mae and SoFi are two leading private student loan lenders. Once a federal lender, Sallie Mae now offers a broad range of private student loans with flexible repayment plans and scholarship resources for students exploring all their options to fund their education. SoFi provides affordable financial solutions beyond student […]
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| Rates (APR) | 4.50% – 15.70% | 4.19% – 14.30% |
| Rates (APR) | Rates (APR) | |
| 4.50% – 15.70% | 4.19% – 14.30% | |
| Loan amounts | $1,000 – 100% of certified costs | $1,000 – 100% of certified costs |
| Loan amounts | Loan amounts | |
| $1,000 – 100% of certified costs | $1,000 – 100% of certified costs | |
| Repayment terms | 10 – 15 years | 5, 7, 10, or 15 years |
| Repayment terms | Repayment terms | |
| 10 – 15 years | 5, 7, 10, or 15 years | |
| In-school repayment options | Interest-only, $25 flat, or deferred | Full, interest-only, $25 flat, or deferred |
| In-school repayment options | In-school repayment options | |
| Interest-only, $25 flat, or deferred | Full, interest-only, $25 flat, or deferred | |
| See the best private student loans. | ||
Sallie Mae and SoFi are two leading private student loan lenders. Once a federal lender, Sallie Mae now offers a broad range of private student loans with flexible repayment plans and scholarship resources for students exploring all their options to fund their education.
SoFi provides affordable financial solutions beyond student loans, including personal loans and investments. Its member community and benefits, such as personalized financial advice and reward points, can be excellent for students looking to borrow for their education while pursuing other life goals.
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Sallie Mae and SoFi offer a variety of private student loans, opening access to prospective students from all backgrounds.
Sallie Mae offers private student loans for several borrower profiles and purposes:
Sallie Mae doesn’t offer separate parent loans. However, with its Smart Option Student Loan, parents can cosign for their child’s loan to share responsibility for repayment.
SoFi offers private student loans for undergrads, graduate students, and parent loans, but with a focus on value-added benefits, including VIP-like experiences at SoFi Stadium and travel discounts.
SoFi’s financial services don’t end with private student loans. You can also open a bank account, find insurance, invest, and even sign up for credit monitoring.
With Sallie Mae vs. SoFi, most students’ postsecondary dreams and aspirations are covered.
To know which private student loans would be right for you, it’s best to begin by first understanding whether you’d be eligible for either one or both. Once you’re approved, each lender’s requirements will also influence your loan terms.
Consider the following requirements before you apply.
| Criteria | Sallie Mae | SoFi |
| Citizenship | U.S. citizen or permanent resident, or creditworthy cosigner who meets these qualifications | U.S. citizen, permanent resident, or DACA recipient |
| Age | Student or cosigner must meet age of majority in state of residence | Student or cosigner must meet age of majority in state of residence |
| Enrollment status | May be less than half-time | At least half-time |
| Program | Career & trade programs or higher | Bachelor’s degree or higher |
| Loan amounts | $1,000 – 100% of cost to attend | $1,000 – 100% of cost to attend |
Sallie Mae and SoFi offer loan amounts from $1,000 up to the full cost of attendance, minus any scholarships or other forms of financial aid you may receive.
Here’s where the lenders differ:
Customer reviews provide valuable insight into other borrowers’ experiences with lenders. They can be a reliable way to determine whether filling out an application is worth your time and prepare you for the quality of service you can expect after you open an account.
We’ve examined reviews of Sallie Mae and SoFi from real customers on Trustpilot, Better Business Bureau (BBB), and ConsumerAffairs to help you make a more informed decision about which lender is right for you. Each source rating ranges between 1 and 5, with 1 being poor and 5 being excellent.
| Source | Sallie Mae rating | SoFi rating |
| Trustpilot | 1.4/5 (47 reviews) | 4.6/5 (8,593 reviews) |
| BBB | 1.08/5 (129 reviews) | 1.5/5 (321 reviews) |
| 1.4/5 (35 reviews) | 2.6/5 (123 reviews) |
As you can see, SoFi earns mixed reviews, but Sallie Mae’s are more consistently negative. Customers mention Sallie Mae’s poor customer service and billing issues, with comments such as “unresponsive and hard to deal with.”
Borrowers like SoFi’s efficient service and user-friendly platform, with several reviewers stating, “excellent customer support.” However, reviewers mention getting contradictory info from different representatives. SoFi’s reviews encompass all its services—including personal loans, auto loans, and banking—not just student loans. Because Sallie Mae only provides student loans, it’s reasonable to assume all its reviewers are student loan borrowers.
SoFi’s higher ratings indicate borrowers may have a better borrower experience. Sallie Mae’s lower ratings indicate borrowers have several issues with the lender’s customer service.
Understanding which lender may be best for you can make a lasting impression on your borrowing experience. Sallie Mae and SoFi offer unique advantages depending on your situation.
We’ve considered several scenarios that could apply to you and which lender may be best for you in each situation. You can use them as a guide to help you decide which one might better fit you. These scenarios are not all-inclusive, so it’s important to understand all the terms before applying for and accepting your loan.
| If you… | Consider |
| Need flexible loan options | Sallie Mae |
| Require a cosigner | Sallie Mae |
| Want additional financial services | SoFi |
| Would like to use reward points | SoFi |
| Value member perks | SoFi |
Sallie Mae offers a wide range of loan products tailored to different educational levels and professional programs, including loans for career training, bar exams, and medical residencies.
Sallie Mae’s flexibility and inclusivity could make it an ideal choice for students pursuing trade- or vocation-oriented careers or advanced degrees.
Sallie Mae accommodates non-U.S. citizens as long as they have a creditworthy cosigner. This makes it a potential option for international students who might be hard-pressed to find a lender willing to extend credit.
If you need a cosigner because you have a limited credit history, bad credit, or low income, Sallie Mae may also be more likely to approve your loan.
SoFi extends beyond student loans, offering a suite of financial products, including personal loans, mortgages, and investment opportunities.
This “umbrella” lender can be beneficial for borrowers looking to multitask or set themselves up for a brighter future with more ease. Combining multiple financial services in one place can make achieving financial goals and meeting essential needs much easier for borrowers.
If you have a SoFi student loan, you can apply earned rewards points from the SoFi Unlimited 2% Credit Card toward paying down that loan. This gives borrowers an incentive to spend intentionally and save as they spend.
If you redeem SoFi Rewards Points and use them for SoFi Private Student Loans or Student Loan Refinancing, the rewards points redeem at a rate of 1 cent per point.
SoFi goes beyond lending by offering member perks, including expedited SoFi stadium entry, access to the Member Lounge, and in-person or at-home social events. Members can take advantage of money-saving offers when booking flights, hotels, or car rentals––all through the SoFi app.
These benefits can be valuable for young professionals looking to advance their careers while managing their financial obligations. The added support can make a lasting difference in borrowers’ success after they complete their education program.
Choosing between Sallie Mae and SoFi comes down to your specific needs.
Sallie Mae’s broad range of student loans opens access to funding for borrowers seeking unorthodox postsecondary education, while SoFi’s overarching, integrated financial services appeal to borrowers who’d like terrific benefits all around.
If you want to know more about either lender, check out our full Sallie Mae student loans review and SoFi private student loans review.
We designed LendEDU’s editorial rating system to help readers find companies that offer the best student loans. Our system awards higher ratings to companies with affordable solutions and positive customer reviews.
We included SoFi and Sallie Mae in our most recent evaluation of student loan lenders, which included hundreds of data points from company websites, online applications, public disclosures, customer reviews, and direct communication with company representatives. Our take on each company is represented in our ratings and best-for designations recapped below.
| Product | Best for | Rating |
| Sallie Mae private student loans | Cosigners | 4.8 |
| SoFi private student loans | Member benefits | 4.7 |
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