Refinance Student Loans
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
Education Loan Refinancing for Parents and Students
Education Loan Refinancing for Parents and Students
Simplify and save today by refinancing your loans.
Refinance Your Student Loans
Refinancing your student loans with Navy Federal may help you lower your interest rate, decrease your monthly payment or pay off your loan sooner.
Explore Our Options
Student Refinance Loans
Consolidating and refinancing your private and federal student loans could save you time and money. Only have one loan? You can still take advantage of our great low rates with a single loan refinance.
Features:
- Competitive interest rates
- 0.25% interest rate reduction when you sign up for automatic payments1
- Option to save on interest, lower your monthly payment or pay off faster
- Co-signer release may be requested after 12 consecutive, on-time principal and interest payments2
- Student Refinance Rates & Terms
Parent Refinance Loans
Are you paying off high-interest federal Parent PLUS loans or private parent loans for your child? You could save on interest and lower your monthly payments by refinancing—giving you more freedom to focus on your other financial goals.
Features:
- Competitive interest rates
- 0.25% interest rate reduction when you sign up for automatic payments1
- Loans for multiple children can be combined
- Refinance before your student has graduated
- Co-signer release may be requested after 12 consecutive, on-time principal and interest payments2
- Parent Refinance Rates & Terms
Already have a student loan with Navy Federal?
Sign in to your student loan account now.
Manage Your Loan Sign in to your student loan account.
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
Minimum Credit Requirements
The minimum credit qualifications needed for a refinance loan are:
- a monthly income of at least $2,000 and an established credit history or
- an income of at least $100 a month and a creditworthy co-signer whose monthly income is at least $2,000
How a Co-signer Can Help
A creditworthy co-signer can help applicants with limited credit history or income qualify. 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.
Eligibility
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)
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
Is refinancing my student loan(s) right for me?
While refinancing private and federal student loans can be very beneficial, it isn’t necessarily the right decision for everyone. There’s a lot to consider. We can help you understand if refinancing student loans makes sense for you. Start by understanding some common misconceptions around student loans with us or contacting one of our loan specialists at the Student Loan Center today. Call 1-877-304-9302, M-F, 8 am – 8 pm ET, or send an email to navyfederal@lendkey.com.
What types of loans can be refinanced?
Federal and private student loans can both be refinanced with Navy Federal.
What’s the difference between refinancing and consolidating student loans?
- Consolidating: Student loan consolidation is a U.S. Department of Education (DOE) program. It allows you to combine all the federal student loans you already have into one new loan. That loan’s interest rate will be a weighted average of your previous loans’ rates. You can’t include your private student loans (those you received from private sources like banks, credit unions or online lenders) in the DOE’s program.
- Refinancing: Student loans can be refinanced through a private lender, like a bank or credit union. Refinancing is the process of taking out a new loan to pay off your existing student loans. You can refinance both federal and private student loans. It's possible to get a lower interest rate and new term length to make your loans more affordable. Even if you previously consolidated or refinanced your student loans, you still may be able to refinance.
Disclosures
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 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.
↵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 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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