Navy Federal Parent Refinance Loans
Are you paying off high-interest federal Parent PLUS or private parent loans for your child? You could save on interest and lower your monthly payments with a Navy Federal parent refinance loan—giving you more freedom to focus on your other financial goals.The amount of interest paid over the life of the loan may decrease or increase, depending on your repayment term.
Features of Our Refinance Loans
- Variable rates as low as 3.74% APR and fixed rates as low as 4.29% APR1
- Option to save on interest, lower your monthly payment or both
- Select a 5-, 10- or 15-year term2
For more information, please see our frequently asked questions.
Visit MakingCents for clear, step-by-step information on college loans and repayment options.
To qualify, applicants must meet credit and underwriting criteria and be a:
- member of Navy Federal Credit Union
- U.S. citizen or permanent resident
- legal adult in the state in which they reside (age 18 in most states)
Applicants will need to provide their:
- Navy Federal Access Number
- Social Security Number
- government-issued ID
- proof of income, permanent address, phone number and email
- details of existing Parent PLUS and private parent loans to be consolidated, including lender and amount
Contact the Student Loan Center today.
1-877-304-9302, M-F, 8 am - 8 pm, ET
1APR = Annual Percentage Rate. Rates and terms based on credit criteria and are all subject to change. The "as low as" rates displayed above assume 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.
Variable-Rate Loans: Annual Interest Rate = Base Rate + Loan Margin. The Base Rate is the average of the 3-Month LIBOR published in the Wall Street Journal on the first business day of the three months immediately preceding each quarterly adjustment. The Loan Margin is between 1.43% and 9.99%. The APR is variable and may change as the Annual Interest Rate varies with the 3-month LIBOR, and, therefore, may increase during the life of the loan.
Fixed-Rate Loans: The interest rate charged and the annual percentage rate are constant for the life of the loan.
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 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, which is 1.43%.
2Variable-Rate Payment Example: Example: Assuming a $10,000 loan amount, a 5.55% APR, and a 15-year term, you would make 180 monthly payments of $81.97 to repay this loan. If the APR is 12.55% and the loan amount remains $10,000, you would make 180 monthly payments of $123.58. 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 5.74% APR, you would make 180 monthly payments of $82.99. If the APR is 13.09% and the loan amount remains $10,000, you would make 180 monthly payments of $127.12.