Both Sallie Mae and Earnest offer valuable student loan options, with Earnest having the edge due to its lack of fees and refinancing options. However, Sallie Mae's cosigner release and more extensive deferment options may be more appealing to some borrowers. Earnest is not available in Nevada.
| Attribute | Sallie Mae Smart Option Student Loan | Earnest Student Loans |
|---|---|---|
| Interest Rates (Fixed) | 3.19% to 16.99% (as of June 23, 2025) | As low as 3.19% APR with autopay; range from 4.64% to 16.74% |
| Interest Rates (Variable) | 4.37% to 16.49% (as of June 23, 2025), tied to SOFR | As low as 4.99% APR with autopay; range from 5.87% to 18.51%; capped at 11.95% for loans exceeding 15 years (based on 30-day SOFR) |
| Loan Amounts Available | Minimum: $1,000. Maximum: Up to 100% of the school-certified cost of attendance, minus financial aid. | New Loans: $1,000 up to the total cost of attendance (lifetime maximum of $400,000). Refinancing: $5,000 to $550,000 (minimum of $10,000 in California, $10,001 in New Mexico) |
| Repayment Options | Deferred, Fixed ($25/month), Interest Repayment, Graduated Repayment Period (GRP) | Standard, Interest-Only, Deferred (up to nine months after graduation), Flexible (extended-term and rate reduction), In-school (full payment, interest-only, fixed $25 payments, or deferred) |
| Eligibility Requirements | U.S. citizens or permanent residents. Non-U.S. citizens (including DACA) with a creditworthy U.S. citizen or permanent resident cosigner. Average FICO score at approval was 747 in 2022. | U.S. citizen or permanent resident (DACA recipients may qualify), Minimum credit score of 650 (700+ without a degree), Income required, Enrollment at least half-time, Residency in a state where Earnest is licensed (not Nevada) |
| Fees | Origination Fee: None. Prepayment Penalty: None. Late Payment Fee: 5% of the past due amount (up to $25). Returned Check Fee: Up to $20. | No origination, application, prepayment, or late fees |
| Loan Terms | 10 to 15 years. | 5 to 15 years for new loans, up to 20 years for refinance loans |
| Cosigner Options and Release | Cosigner optional. Release available after graduation, 12 on-time payments, and meeting credit requirements. Releasing the cosigner will not adversely impact the loan's interest rate. | Cosigner can help with limited credit history; no cosigner release (refinance to remove) |
| Discounts | 0.25 percentage point interest rate reduction for auto-pay. Lower interest rates for in-school monthly interest payments (0.5 to 1.0 percentage points lower than deferred). | 0.25% interest rate reduction for automatic payments |
| Customer Service | Phone support at 844-8-ASSIST (844-827-7478) or 302-451-4912. Online chat available. Committed to superior service. | Limited to weekdays; known for transparency and user-friendly platform |
| Application Process | Online application, typically completed in 10 minutes. Applicants can choose fixed or variable interest rates. | Online; answer within 72 hours, entire process 2-5 weeks; soft credit check initially |
| Forbearance and Deferment Options | Deferment periods in 12-month increments, up to 60 months total. Interest is charged during deferment. Graduated Repayment Period (GRP) available. | Forbearance and rate reduction program available; defer loans up to nine months after graduation; interest accrues during forbearance |
| Refinancing Options | Sallie Mae does not specifically offer loan refinancing. | Available with terms up to 20 years; minimum credit score of 650 |
| Fees | Origination Fee: None. Prepayment Penalty: None. Late Payment Fee: 5% of the past due amount (up to $25). Returned Check Fee: Up to $20. | No origination, application, prepayment, or late fees |