Student Loan Features and Rates
With Navy Federal Student Loans, you can borrow what's needed to bridge the gap when federal loans, scholarships and grants aren't enough.
- Loans available up to the school-certified cost of attendance1 – including tuition, fees, books, computer, meals and housing
- 0.25% interest rate reduction when you sign up for automatic payments2
- You can apply for one semester or the entire academic year
- Variety of payment options while you're in school to help reduce your overall loan costs
- A co-signer release that may be requested after 24 consecutive, on-time principal interest payments3
- Rates & Terms
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
A creditworthy co-signer can help applicants with limited credit history qualify. A co-signer may:
- increase the chance of loan approval
- help lower the interest rate on the loan
In fact, 9 out of 10 student borrowers have a co-signer, and at Navy Federal, borrowers can request to release co-signers after 24 consecutive, on-time payments.3
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
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.
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
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
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.↵
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 Loans: APR = Annual Percentage Rate. Rates and terms are based on creditworthiness and subject to change. The "as low as" rate displayed above assumes a 0.25% rate reduction upon borrower enrolling in automatic payments. Loan term includes up to five years of in-school time (inclusive of grace period) and ten years of repayment time. 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 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 3.16% 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 $98.09 to repay this loan. If the APR is 8.86% 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 $166.60 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 4.99% 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 $116.62 to repay this loan. If the APR is 11.69% 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 $214.07 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.↵