Special Update for Members
The government has suspended eligible federal student loan payments and interest through Jan. 31, 2022. At this time, we're pausing the option to refinance federal student loans. If you have private student loans, our refinancing options are still available.
Updated as of Aug. 9, 2021
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. Members who refinance more than $25K save an average of $8,087.1
Explore Our Options
Consolidating and refinancing your 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.
Are you paying off 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.
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 (typically 21 months or more) 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
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
Our Online Application Is a Simple 3-Step Process
- 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.
Already have a student loan with Navy Federal?
Sign in to your student loan account now.
Co-Signing a Loan
Understand how to help applicants with limited credit history or income responsibly manage their education loans.Learn Moreabout Co-Signing a Loan
Paying Off Student Loans
Unsure where to begin with paying off your student loans? Get the information you need on repayment options and strategies.Learn Moreabout Paying Off Student Loans
Federal Financial Aid
U.S. Department of Education financial aid resources.Learn Moreabout Federal Financial Aid
This free consumer information tool helps students and parents get information about over 7,000 postsecondary institutions in the United States.Learn Moreabout College Navigator
The overall average savings claim is based on a review of refinanced loans greater than $25,000 that were disbursed between February 24, 2020 and August 31, 2020. The calculation is derived by subtracting the average interest after refinancing from the average interest prior to refinancing. The calculation for interest after refinancing includes the 0.25% autopay deduction, if applicable. The overall interest savings may result from a lower interest rate, a shorter term, or both. Your actual savings may be different.↵
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 automated 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 Loans are based on creditworthiness and subject to change. The "as low as" rate displayed above assumes a 0.25% reduction (subject to the floor rate of 1.43%) 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 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 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.↵
Variable-Rate Payment Example: Assuming a $10,000 loan amount, a 3.42% APR, and a 15-year term, you would make 180 monthly payments of $71.10 to repay this loan. If the APR is 10.19% and the loan amount remains $10,000, you would make 180 monthly payments of $108.63. 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 4.68% APR, you would make 180 monthly payments of $77.42. If the APR is 12.03% and the loan amount remains $10,000, you would make 180 monthly payments of $120.21.↵