Earnest vs Sallie Mae
An honest side-by-side comparison of two of our top student loans picks — pricing, strengths, weaknesses, and who each one is really for.
Earnest
Ranked #3 of 15 in this directory
Student loan refinancing with precision pricing and flexible payments
Sallie Mae
Ranked #2 of 15 in this directory
Largest private student loan lender with flexible repayment options
Our pick: Sallie Mae. Our editors rank Sallie Mae higher overall in Student Loans — but Earnest can be the better fit depending on your budget and use case below. How we review
Compare the details
| Earnest | Sallie Mae | |
|---|---|---|
| Pricing model | Paid | Paid |
| Starting price | See website | See website |
| Category | Refinancing | Private |
| Editorial rank | #3 of 15 | #2 of 15 |
Strengths
Earnest
- ✓Precision pricing looks beyond credit score for personalized rates
- ✓Choose your exact monthly payment amount and loan term
- ✓Skip one payment per year without penalty
- ✓Ability to switch between fixed and variable rates
- ✓No origination fees or prepayment penalties
Sallie Mae
- ✓Multi-year approval feature locks in funding for up to four years
- ✓Wide range of loan types covering undergraduate through professional degrees
- ✓Multiple in-school repayment options to manage costs while studying
- ✓Free scholarship search tool and financial literacy resources
- ✓Competitive rates for borrowers with strong credit or co-signers
Watch out for
Earnest
- !Requires strong credit and income for the best rates
- !No co-signer option available on refinancing loans
- !Refinancing federal loans means losing income-driven repayment and forgiveness
- !Not available in all states
Sallie Mae
- !Private loans lack the borrower protections of federal student loans
- !Variable rates can increase significantly over the life of the loan
- !Co-signer release requires 12 consecutive on-time payments minimum
- !No income-driven repayment or forgiveness options available
Best use cases
Earnest
- →High-earning professional wanting to aggressively pay down student debt
- →Borrower wanting the flexibility to customize their exact monthly payment
- →Recent graduate with strong income seeking the lowest refinancing rate
Sallie Mae
- →Student who has maxed out federal aid and needs additional funding
- →Parent co-signing a loan wanting multi-year approval convenience
- →Graduate student seeking specialized professional degree financing
About each tool
Earnest
Earnest offers student loan refinancing with a unique precision pricing model that considers your full financial profile — not just your credit score — to determine your exact rate. Borrowers can choose their exact monthly payment and loan term, skip one payment per year, and switch between fixed and variable rates. Earnest is owned by Navient and has refinanced billions in student loans. The platform is especially popular among high-earning professionals looking to reduce their interest costs on existing student debt.
Sallie Mae
Sallie Mae is the most recognized name in private student loans, offering undergraduate, graduate, MBA, law, medical, dental, and career training loans. The company provides competitive rates with multiple repayment options including deferred, interest-only, and fixed repayment while in school. Sallie Mae also offers a multi-year loan approval feature that locks in approval for up to four years of college, eliminating the need to reapply each year. With robust scholarship search tools and financial literacy resources, Sallie Mae serves as a comprehensive education financing platform.
Still deciding? Browse all 15 options with honest pros, cons, and pricing.
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