Student Loans & Refinancing
Special Update for Members
Eligible federal student loan payments and interest have been suspended by the government while the loan forgiveness plan is reviewed by the courts. If you have federal student loans, we recommend reviewing your current and potential future benefits before refinancing, as they will not carry over. For more information on the government’s student debt relief plan, visit studentaid.gov.
Updated as of Dec. 1, 2022
Take Your Education Higher
Take Your Education Higher
We're here to help you pay for college or refinance your current loans.
Financing for Students and Parents
Whether you need help covering the costs of college or want to refinance existing education loans, we can help. We offer competitive rates – whether you’re a student or a parent, so that you can focus on education, not on costs. A creditworthy co-signer can help applicants with limited credit history qualify. In fact, 9 out of 10 student borrowers have a co-signer.
Student Loans
Pay for your associate, bachelor’s or graduate degree.
Features:
- Loans available for a semester or the entire academic year up to the school-certified cost of attendance1
- Variety of repayment options while you're in school to help reduce overall loan costs
- 0.25% interest rate reduction when you sign up for automatic payments2
- A co-signer release may be requested after 24 consecutive, on-time principal and interest payments3
- Rates & Terms
Student and Parent Refinance Loans
Refinance and consolidate your private and federal student loans to get a lower interest rate, pay off faster or lower your monthly payment.
Features:
- 0.25% interest rate reduction when you sign up for automatic payments2
- Save on interest, pay off faster or lower your monthly payment
- Loans for multiple children can be combined
- Co-signer release may be requested after 12 consecutive, on-time principal and interest payments3
- Rates & Terms
Already have a student loan with Navy Federal?
Sign in to your student loan account now.
Have Questions?
Contact a loan specialist at the Student Loan Center today. 1-877-304-9302, M-F, 8 am - 8 pm, ET or navyfederal@lendkey.com.
Eligibility
To be eligible for student loans or student loan refinancing, applicants must meet credit and underwriting criteria and be a:
- member of Navy Federal Credit Union, or become one in the application process
- current student or graduate of an eligible school (excluding parent refinance loans)
- U.S. citizen or permanent resident
- legal adult in the state in which they reside (age 18 in most states)
How a Co-signer Can Help
An eligible and creditworthy co-signer, as long as they're a member of Navy Federal, can help applicants with limited credit history or income responsibly borrow and manage their education loans. A co-signer may:
- increase the chance of loan approval
- help lower the interest rate on the loan
Career Assistance Program Now Available With Any Student Loan
If you have a Navy Federal student loan, you’re automatically eligible to use an online job search training system and resources, which includes:
- job search and interviewing tips
- suggestions for how to find jobs not yet open to the public
- a job-tracking dashboard
- online tools and exercises, including a resume builder
Easily Apply Online in Minutes
- Apply online and get notified of the preliminary application decision.
- Submit the requested documents—we’ll email you a list.
- Receive the final decision and loan agreement, which you can sign electronically.
Student Loans Resources
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How to Apply for Private Student Loans
Private student loans can help bridge the gap for college costs. Determine your eligibility, better understand the process, and learn what you’ll need to apply.
Learn Moreabout How to Apply for Private Student Loans -
How to Refinance Student Loans in 4 Steps
With no origination costs or application fees, refinancing your student loan may help you save more—and allow you to pay off your loan sooner.
Learn Moreabout How to Refinance Student Loans in 4 Steps -
How to Add or Release a Co-signer From a Loan
Everything co-signers need to know about being added to, and eventually released from, a relative or friend's private student loan.
Learn Moreabout How to Add or Release a Co-signer From a Loan
FAQs
What are the different types of student loans?
There are 2 types of student loans: federal and private.
Federal student loans follow guidelines set by the U.S. Department of Education. They typically offer fixed and lower interest rates and more repayment options compared to private student loans. Federal loans have borrowing limits, which may result in a funding gap. But federal student loans aren't credit-based.
Private loans are issued from lenders such as banks, credit unions, state agencies or schools. If a student can’t borrow enough to cover the entire cost of education with federal loans, grants and available scholarships, private loans help students fill that gap. Unlike federal loan programs, private lenders assess the creditworthiness of the borrower and co-signer (if applicable) before making a loan.
Both private and federal student loans typically allow students to defer full principal and interest payments while in school. Some even offer economic forbearance options once a student completes school. And, federal and private student loans can both be refinanced with Navy Federal.
Who applies for the student loan?
The student applies as the primary borrower. In the case of private loans, parents, a family member or a friend with excellent credit can apply as a co-signer to potentially help lower the interest rate of the loan.
What are the requirements for co-signers?
All co-signers must pass a credit check and be:
- a member of Navy Federal Credit Union
- a U.S. citizen or permanent resident
- and a legal adult (18 in every state except Alabama, Nebraska and Mississippi)
Having a co-signer can increase the chance of loan approval and may help lower the interest rate of the loan.
Disclosures
Navy Federal private student loans are subject to credit qualification, school certification of loan amount, and student's enrollment at a Navy Federal-participating school. Navy Federal reserves the right to approve a lower amount than the school-certified amount or withhold funding if the school does not certify private student loans.
↵Automatic Payments Discount: The discount requires continued enrollment of automatic payments. The borrower authorizes automatic payments from a personal account via Automated Clearing House (ACH). If automatic payments are canceled at any time after enrollment, the rate reduction will not apply until the automatic payments are reinstated. Automatic payments may be suspended during periods of forbearance and deferment. For variable-rate loans, the APR, including the 0.25% rate reduction, may not fall below the floor rate.
↵Subject to Navy Federal Credit Union approval. A request to release a co-signer requires that the borrower has made consecutive timely payments during the repayment period with no periods of forbearance or deferment. The "repayment period" begins after any In-School and Grace Periods. "Timely payment" means each full principal and interest payment is made no later than the 15th day after the scheduled due date of the payment. "Consecutive payment" means the regularly scheduled monthly payment must be made for 24 months straight for private student loans, and 12 months straight for refinance loans, without any interruption immediately prior to the release request. To qualify for a co-signer release, the borrower must submit a request, meet the consecutive, timely payment requirements, provide proof of income and pass a credit check.
↵Variable-Rate Loans: APR = Annual Percentage Rate. Rates and terms are based on creditworthiness and subject to change. The "as low as" rate displayed above is available for the 5-year term and assumes a 0.25% rate reduction upon borrower enrolling in automatic payments. For more information about the automatic payment borrower benefit, see the Automatic Payments Discount disclosure.
Annual Interest Rate = Base Rate + Loan Margin. The Base Rate is the 90-day average of the daily SOFR published by the Federal Reserve Bank of New York as of two business days immediately preceding the quarterly adjustment date. The APR is variable and may change as the Annual Interest Rate varies with the 90-day SOFR, and therefore, may increase during the life of the loan.
Fixed-Rate Loans: APR = Annual Percentage Rate. Rates are based on creditworthiness and subject to change. The Interest Rate charged and the APR are constant for the life of the loan. The "as low as" rate displayed above is available for the 5-year term and assumes a 0.25% reduction upon borrower enrolling in automatic payments. For more information about the automatic payment borrower benefit, see the Automatic Payments Discount disclosure.
↵Variable-Rate Loan Payment Example: Loan repayment depends on the repayment option elected by the borrower.
A) $25 Monthly Payment Option: Assuming a $10,000 loan amount, a 10-year term and a 8.00% APR, you would make 54 (48 months in school + 6-month grace period) monthly payments of $25 while enrolled in school followed by 120 monthly payments of $154.06 to repay this loan. If the APR is 14.48% and the loan amount remains $10,000, you would make 54 monthly payments of $25 while you are enrolled in school followed by 120 monthly payments of $272.53 to repay this loan. The APR may increase during the life of the loan and can result in higher monthly payments.
B) Interest-Only Option: You would pay the amount of interest that accrued during each month while you are enrolled in school, with a minimum of $25. Thereafter, you would make 120 monthly payments calculated based on the principal balance and accruing interest.
Fixed-Rate Payment Example: Loan repayment depends on the repayment option elected by the borrower.
A) $25 Monthly Payment Option: Assuming a $10,000 loan amount, a 10-year term and a 7.69% APR, you would make 54 (48 months in school + 6-month grace period) monthly payments of $25 while enrolled in school followed by 120 monthly payments of $149.82 to repay this loan. If the APR is 12.06% and the loan amount remains $10,000, you would make 54 monthly payments of $25 while you are enrolled in school followed by 120 monthly payments of $221.11 to repay this loan.
B) Interest-Only Option: You would pay the amount of interest that accrued during each month while you are enrolled in school, with a minimum of $25. Thereafter, you would make 120 monthly payments calculated based on the principal balance and accruing interest.
↵Variable-Rate Refinanced loan rates are based on creditworthiness and subject to change. The "as low as" rate displayed above is available for the 5-year term and assumes a 0.25% reduction (subject to the floor rate) upon borrower enrolling in automatic payments. For more information about the automatic payment borrower benefit, see the Automatic Payments Discount disclosure.
Annual Interest Rate = Base Rate + Loan Margin. The Base Rate is the 90-day average of the daily SOFR published by the Federal Reserve Bank of New York as of two business days immediately preceding the quarterly adjustment date. The APR is variable and may change as the Annual Interest Rate varies with the 90-day SOFR, and therefore, may increase during the life of the loan.
↵Variable-Rate Payment Example: Assuming a $10,000 loan amount, a 8.18% APR, and a 15-year term, you would make 180 monthly payments of $96.61 to repay this loan. If the APR is 13.18% and the loan amount remains $10,000, you would make 180 monthly payments of $127.71. The APR may increase during the life of the loan and can result in higher monthly payments.
Fixed-Rate Payment Example: Assuming a $10,000 loan amount, a 15-year term, and a 6.60% APR, you would make 180 monthly payments of $87.66. If the APR is 10.45% and the loan amount remains $10,000, you would make 180 monthly payments of $110.23.
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