Are there eligibility restrictions for these loans?

To qualify, applicants must meet credit and underwriting criteria and be a:

  • member of Navy Federal Credit Union (see if you're eligible)
  • 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)

Co-signers must also meet credit and underwriting criteria and be a:

  • member of Navy Federal Credit Union (see if you're eligible)
  • U.S. citizen or permanent resident
  • legal adult in the state in which they reside (age 18 in most states)

What's a co-signer, and who should have one?

A co-signer on a loan can help the borrower qualify, especially those who are in school full-time and don't have income of their own. Having a co-signer can also help get a lower rate, which will decrease the cost of the loan.

Who can be a co-signer?

The qualifications for co-signers are that they must be a member of Navy Federal Credit Union, a U.S. citizen or permanent resident, a legal adult in the state in which they reside (age 18 in most states), and able to pass a credit check. A co-signer can increase the chance of loan approval and may help lower the interest rate of the loan.

Can Navy Federal Private Student Loans be used at any school?

When applying for a loan, check to see which colleges or universities are eligible, as not all schools qualify. You can view a list of eligible schools on the first page of the application.

Applying for a Student Loan

What's the difference between a Federal Student Loan and a Private Student Loan?

Federal Student Loans follow guidelines set forth by the U.S. Department of Education and typically offer fixed and lower interest rates and more repayment options compared to private student loans. However, federal loans, unlike most private loans, have borrowing limits, which may not allow a student to borrow enough to cover the entire cost of education. Private loans help students fill the funding gap between the cost of attending school and the amount of federal loans, grants and available scholarships. Both Private and Federal Student Loans typically allow students to defer full principal and interest payments while in school, and some offer economic forbearance options once a student completes school. Unlike federal loan programs, private lenders assess the creditworthiness of the borrower and co-signer (if applicable) before making a loan.

What information do I need to apply?

Applicants will need to provide their:

  • Social Security Number
  • permanent address, phone number and email addresses
  • basic information about their academic standing (when applying for a student loan)

What's the school-certified cost of attendance?

School-certified cost of attendance is the amount of money your school believes is required to attend their institution. It includes tuition, fees, room and board, and other education-related expenses. Your school's financial aid office can provide this figure for you. Keep in mind that Private Student Loans are meant to bridge the gap between the cost of attendance and the funding you've received from Federal Student Loans, scholarships and grants. Navy Federal requires that all credit-approved loans go through the school certification process and reserves the right to approve a lower amount than the school-certified amount or withhold funding if the school doesn't certify Private Student Loans.

Managing Your Student Loan

Who is LendKey?

LendKey is our servicer for student loans. Navy Federal has partnered with LendKey to leverage their expertise in working with schools to ensure the best experience for our members.

How will schools receive the money?

The loan proceeds will be sent to the school by check or through electronic funds transfer (EFT). The check will usually be mailed within 5 to 7 business days of the borrower accepting their final disclosure, unless the school requests a later date. Typically, once the school receives the funds, they'll process the amount owed and send the remaining funds to the student.

Can I refinance Parent PLUS or private parent loans with Navy Federal?

Yes, Parent PLUS and private parent loans are eligible for a Navy Federal parent refinance loan.

What types of loans can be consolidated?

Federal and Private Student Loans can be consolidated with Navy Federal.

Federal Loan Consolidation

If you consolidate your Federal Student Loans through a Navy Federal Student Refinance Loan, you'll lose certain benefits associated with your Federal Student Loans, including certain forbearance and deferment options, loan forgiveness for public service, and income-based repayment plans. You may be able to consolidate your outstanding Federal Student Loans without losing these benefits by consolidating into a Federal Direct consolidation loan with the Federal Government. A full explanation of Federal Student Loan benefits and consolidation options can be found at studentaid.ed.gov.

Is the interest tax deductible?

Yes, interest on student loans is tax deductible with some restrictions. An in-depth explanation is available on the IRS website.

What is LIBOR?

LIBOR stands for the London Interbank Offered Rate. This is a rate at which banks can borrow from each other. Navy Federal's Private Student Loan rates vary based on the 3-month LIBOR rate, as published in The Wall Street Journal on the first business day of each of the 3 months immediately preceding each quarterly adjustment date. If the first day of the month isn't a business day, the preceding business day will be used. Interest rates will adjust quarterly on the first day of January, April, July and October.

Student Loan Repayment

What's the loan repayment term for Private Student Loans?

Private Student Loan terms are up to 15 years. Students are given up to 4.5 years of in-school time and a 6-month grace period before entering the 10-year full repayment period. This means that the loan term will vary depending on how far along a student is in his or her studies. For example, a student who is taking out a loan for her junior year will have 20 months of in-school time (assuming her loan is disbursed in August 2020 and she graduates in May 2022), 6-months of grace, then the 10-year repayment period. Her total loan term will be 146 months.

Career Assistance Program

What's the Career Assistance Program?

The Career Assistance Program provides access to an exclusive online job search training system and resources, making it easier for you to find a job that’s a great fit. It includes aggregated job boards, assessments and job search training with a multimedia curriculum.

How do I access the online Career Assistance Program?

If you have a Navy Federal education loan, you’re eligible. To get started, sign in, then select Explore Career Assistance under the My Info tab and sign up.

Need help?

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.