Navient Student Loan Refinance Review
NaviRefi
Rewards: 0.25% interest rate reduction with autopay
Eligibility: Degree not required to refinance
Flexibility: Multiple types of repayment assistance for borrowers facing financial hardship
Overall Limits: $5,001 (minimum), $500,000 (maximum)
Navient refinance student loans or NaviRefi loans are an all-around good choice for student borrowers. This lender provides many relief programs for borrowers having difficulty making payments for one reason or another and has fairly forgiving policies. Especially for borrowers without a degree and those that could use repayment flexibility, this refinancer should be at or near the top of the list.
Pros
- Lifetime service in-house, borrowers will never have their loans serviced by another company
- Multiple types of repayment assistance for borrowers facing financial hardship
- No origination, application or prepayment fees
Cons
- Cannot apply with a cosigner
- Nevada residents do not qualify
How does this loan compare?
|
 |
 |
|
|---|---|---|---|
| Rates from (APR) i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts. |
Fixed:
4.99% - 9.74%
Variable:
5.81% - 9.74%
|
Fixed:
4.89% - 90.40%
Variable:
5.54% - 9.12%
|
Fixed:
4.49% - 9.99%
Variable:
5.99% - 9.99%
|
| Loan repayment terms (Years) | 5 years to 20 years | 5, 7, 10, 15, 20 years | 5, 7, 10, 15, 20 years |
| Cosigner release? | Not specified | Yes, after 12 months on-time principal and interest payments | None |
Full Review
NaviRefi is a student loan refinancing loan offered by Navient Solutions LLC, which is best known for servicing federal student loans. Loans for NaviRefi are made by Earnest Operations LLC (commonly known as simply “Earnest”), which is within the Navient family of companies.
One of the things that makes NaviRefi stand out when compared to other refinance lenders is that it provides many routes for lightening the financial burden of a loan. These include a Rate Reduction Program that can reduce the interest rate on your loan for six months, a Term and Rate Modification Program that works in conjunction with the Rate Reduction Program to extend your repayment term, and various forms of total temporary repayment relief. A borrower might qualify for forbearance if they are experiencing temporary financial hardship, for deferment if they are an active-duty U.S. military member, or for loan forgiveness/discharge in the event of death or disability. However, like nearly all student loan refinancing lenders, borrowers do not have the same access to income-driven repayment plans and other protections as they do with federal student loans
You do not have to be a college graduate to qualify for student loan refinancing with NaviRefi. A NaviRefi loan requires that you have attended a school (specifically one that is eligible to receive Title IV federal student aid, i.e. the Pell Grant), that you are employed or have another means of sufficient income, and that you are a U.S. citizen or permanent resident. With that said, eligibility is determined on a case-by-case basis and loan servicers will look at how long it has been since you left college, if you are not still a student. NaviRefi considers a borrower’s full credit history and financial profile, not just their FICO score. They offer a multi-dimensional approach to underwriting that considers the big picture.
You must have a minimum loan amount of $5,001 to qualify or $10,001 if you are a California resident. You can refinance up to $500,000. Customizable loan terms, from 5 to 20 years are available, offering flexibility to either lower monthly payments or pay loans off faster and save on the total loan cost.
Like many lenders, NaviRefi offers both fixed-rate and variable-rate loans.
Navient (NaviRefi) - Private Student Loan Details
- Credit Check: Hard
- Repayment Terms: 5 years to 20 years
- Minimum Borrowing Limit: $5,001
- Aggregate Borrowing Limit: $500,000
- Application Fee: None
- Origination Fee: None
- Prepayment Penalty: None
- Late Fee: None
- Minimum Credit Score: Not specified by lender
- Minimum Annual Income: Not specified by lender
- Citizenship Restriction: Citizens or Residents
- List of States where Loan is Not Available: NV
- Approved Schools Include: Title IV
- Maximum Deferment Period: 36 months
- Maximum Forbearance Period: 12 months
- Cosigner Release Option: Not specified by lender
- Death Discharge: Yes
- Disability Discharge: Yes
- US-Based Call Center: Yes
- Hours of Operation (in addition to weekdays): No Evenings or Weekends
- Application Timeline: Rate in 3 minutes
- Scholarship Search Tool: None
- Sponsors a Scholarship: Yes
- Job and Career Assistance: None
- Financial Literacy Training: Yes
