Consolidation Loans

Student Loans: Consolidation Loans

Simplify and Save When You
Refinance Your Student Loans

Consolidation Loans

You may save both time and money with a lower monthly payment and a reduced interest rate by combining and refinancing outstanding federal and 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.

Features of Our Consolidation Loans
  • Variable rates as low as 3.64% APR and fixed rates as low as 4.00% APR1
  • Select 5-, 10- or 15-year term2
  • Co-signer release that may be requested after 12 consecutive, on-time principal and interest payments3
  • 0.25% interest rate reduction when you sign up for automatic payments4

For more information, please see our frequently asked questions.

Smarth Financial Decision Making Starts Here


Eligibility: To qualify, applicants must meet credit and underwriting criteria and be a:

  • member of Navy Federal Credit Union
  • graduate of an eligible school
  • U.S. citizen or permanent resident
  • legal adult in the state in which they reside

Application: Applicants will need to
provide their:

  • Navy Federal Access Number
  • Social Security Number
  • government-issued ID
  • basic information about their
    academic standing
  • permanent address, phone number
    and email
  • details of existing student loans to be consolidated, including lender and amount

Eligibility: To qualify, co-signers must meet credit and underwriting criteria and be a:

  • U.S. citizen or permanent resident
  • legal adult, 18 years or older

Application: To complete an application, co-signers need to provide their:

  • name, address, phone number and email
  • Social Security Number
  • government-issued photo ID number
  • personal reference
  • employer's name and contact information
  • two most recent pay stubs
  • W-2 form or tax return

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 4.65% APR, and a 15-year term, you would make 180 monthly payments of $77.27 to repay this loan. If the APR is 11.39% and the loan amount remains $10,000, you would make 180 monthly payments of $116.12. 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 5.14% APR, you would make 180 monthly payments of $79.81. If the APR is 11.99% and the loans amount remains $10,000, you would make 180 monthly payments of $119.95.

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%.