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Notice for Members with Federal Student Loans

On September 1, the Department of Education resumed interest accrual on federal student loans, with payments resuming in October. If you have questions or concerns, we encourage you to contact your federal loan servicer or visit studentaid.gov.

Updated as of September 19, 2023

Education Loan Refinancing for Parents and Students

Education Loan Refinancing for Parents and Students

Simplify and save today by refinancing your loans.

Degree in hand and future shining bright ahead, don't let high-rate student loan payments
stop you. Refinancing your private and federal student loans could save you time and money. 

Student Refinance Loans

Do you have private or federal student loans, or both? You could refinance and combine them into 1 monthly payment. If you just have 1 loan, you can still take advantage of our great rates. 

Features:

  • Competitive interest rates
  • 0.25% interest rate reduction when you sign up for automatic payments1
  • Option to save on interest, lower your monthly payment or pay off faster
  • No application or origination fees
  • Co-signer release may be requested after 12 consecutive, on-time principal and interest payments2
  • Student Refinance Rates & Terms

Rates:

Variable APR as low as3
6.48%
with autopay


Fixed APR as low as4
4.85%
with autopay

Terms:

5-, 10- or 15-year5

Parent Refinance Loans

Are you paying off high-interest federal Parent PLUS loans or private parent loans for your child? Refinancing with us could help you save on interest and lower your monthly payments.

Features:

  • Competitive interest rates
  • 0.25% interest rate reduction when you sign up for automatic payments1
  • Loans for multiple children can be combined
  • Refinance before your student has graduated
  • No application or origination fees
  • Co-signer release may be requested after 12 consecutive, on-time principal and interest payments2
  • Parent Refinance Rates & Terms

Rates:

Variable APR as low as3
6.48%
with autopay


Fixed APR as low as4
4.85%
with autopay

Terms:

5-, 10- or 15-year5

Ready to co-sign? Locate the primary borrower's open application here to co-sign a student refinance primary borrower's open application  or a  parent refinance primary borrower's open application.

Do You Meet Our Credit Requirements?

To be eligible for a Navy Federal Student or Parent Refinance Loan, you'll need to have:

  • a monthly income of at least $2,000 and an established credit history, or
  • an income of at least $100 a month and a creditworthy co-signer whose monthly income is at least $2,000

Adding a Co-Signer Can Help

If you have a limited credit history, adding an eligible and creditworthy co-signer who is a Navy Federal member can be a great idea. They could:

  • increase your chances of loan approval
  • help you get a lower interest rate on your loan

Confirm Eligibility Before You Apply

To be eligible for a Navy Federal Student or Parent Refinance Loan, you'll need to meet credit and underwriting requirements and also be a:

Apply for Your Loan In Just a Few Minutes

  • Apply online and find out if you're conditionally approved for a loan.  
  • Submit the requested documents to complete your application.
  • Receive the final decision and loan agreement, which you can sign electronically.

Check out the full step-by-step process


Get Career Assistance From Navy Federal

If you have a Navy Federal student loan, you’re automatically eligible to get online job search training and take advantage of other resources, including:

  • suggestions for how to find jobs not yet open to the public
  • a job-tracking dashboard
  • online tools and exercises, including a resume builder

Meet Our Student Loan Partner

LendKey is Navy Federal's trusted partner that handles our student loan applications and manages our private student loans, student refinance loans and parent refinance loans.

When you apply for your loan, you'll fill out your application and create an account on a special LendKey/Navy Federal website. You'll receive emails from LendKey during the process.  

See What Your Monthly Payment Could Be

See how much you can expect to pay each month based on your loan amount, loan term and interest rate.

Try our loan calculator

 

Student Loan Resources

View MoreStudent Loan Resources

FAQs

While refinancing private and federal student loans can be very beneficial, it isn’t necessarily the right decision for everyone. There’s a lot to consider. We can help you understand if refinancing student loans makes sense for you. Start by asking some questions around student loans, or contacting one of our loan specialists today at our student loan center, powered by LendKey. Call 1-877-304-9302, M-F, 8 am – 8 pm ET, or send an email to navyfederal@lendkey.com

 

Federal and private student loans, and federal Parent PLUS and private parent loans can be refinanced with Navy Federal.

  • Consolidating: Student loan consolidation is a U.S. Department of Education (DOE) program. It allows you to combine all the federal student loans you already have into one new loan. That loan’s interest rate will be a weighted average of your previous loans’ rates. You can’t include your private student loans (those you received from private sources like banks, credit unions or online lenders) in the DOE’s program.
  • Refinancing: Student loans can be refinanced through a private lender, like a bank or credit union. Refinancing is the process of taking out a new loan to pay off your existing student loans. You can refinance both federal and private student loans. It's possible to get a lower interest rate and new term length to make your loans more affordable. Even if you previously consolidated or refinanced your student loans, you still may be able to refinance. 

If you're applying without a co-signer, you may need to provide proof of your income and proof of your identity.

If you're applying with a co-signer, you may be asked to provide proof of your identity. Your co-signer will be asked to provide proof of their income and may need to provide proof of identity.

  • To provide proof of identity, you'll upload documents such as a driver's license or passport.
  • For proof of income, you'll upload documents such as a pay stub, W2, 1040 or 1099 form, Social Security Benefit Award, pension statements or trust documents.  

Federal student loans are funded by the United States federal government. The types of federal student loans include Direct Loans, Direct PLUS Loans and Direct Consolidation Loans.

Private student loans are funded by a private organization, such as a credit union or a bank—like Navy Federal Credit Union. 

LendKey is our trusted partner that handles our student loan applications and manages our private student loans, student refinance loans and parent refinance loans.

When you apply for one of these loans with us, you'll fill out your application and create an account on a special LendKey/Navy Federal website. You'll receive emails from LendKey during the process. 

Already have a student loan with Navy Federal?

Sign in to your student loan account now.

Manage Your Loan

Need to Talk?

Contact a loan specialist today at our student loan center, powered by LendKey. 1-877-304-9302, M-F, 8 am - 8 pm ET or navyfederal@lendkey.com.

Disclosures

1

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 at 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.

2

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.

3

Variable-Rate Loans: APR = Annual Percentage Rate. Variable-Rate Refinanced loan rates are based on creditworthiness and subject to change. The "as low as" rate displayed above is available for the 5-year term and 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.

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.

4

Fixed-Rate Loans: APR = Annual Percentage Rate. Rates 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 is available for the 5-year term and assumes a 0.25% reduction upon borrower enrolling in automatic payments. For more information about the automatic payment borrower benefit, see the Automatic Payments Discount disclosure.

5

Variable-Rate Payment Example: Assuming a $10,000 loan amount, a 8.53% APR, and a 15-year term, you would make 180 monthly payments of $98.65 to repay this loan. If the APR is 13.78% and the loan amount remains $10,000, you would make 180 monthly payments of $131.70. 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 6.85% APR, you would make 180 monthly payments of $89.05. If the APR is 12.55% and the loan amount remains $10,000, you would make 180 monthly payments of $123.58.