Simplify and Save
When You Refinance
Your Student Loans
You may save both time and money with a lower monthly payment and a reduced interest rate by combining and refinancing outstanding private student loans from other lenders into a single loan with Navy Federal Credit Union. Just have one loan? Opt for a single loan refinance with Navy Federal to capture our great low rates.
The amount of interest paid over the life of the loan may decrease or increase, depending on your repayment term.
For more information, please see our frequently asked questions.
Eligibility: To qualify, applicants must meet credit and underwriting criteria and be a:
Application: Applicants will need to
Eligibility: To qualify, co-signers must meet credit and underwriting criteria and be a:
Application: To complete an application, co-signers need to provide their:
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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 2.49%) 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 2.49% 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.
2Variable-Rate Payment Example: Assuming a $10,000 loan amount, a 7.15% APR, and a 15-year term, you would make 180 monthly payments of $90.72 to repay this loan. 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 an 8.86% APR, you would make 180 monthly payments of $99.53.
3Subject to Navy Federal Credit Union approval. A request to release a co-signer requires that the borrower has made 12 consecutive timely payments with no periods of forbearance or deferment within the 12-month timeframe. “Timely payment” means each 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 twelve 12 months straight without any interruption. 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.
4Automatic 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 2.49%.