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Navy Federal Graduate Student Loan Review
Graduate Student Loan
Rewards: Autopay Discount
Eligibility: Requires borrowers to become members of the Navy Federal Credit Union
Yearly Loan Limits: Covers up to 100% of your Cost of Attendance
Overall Loan Limits: $2,000 (minimum), $160,000 (aggregate maximum)
Cosigner Terms: Cosigner optional, allows for Cosigner Release after 24 on-time monthly payments
Rewards: Autopay Discount
Eligibility: Requires borrowers to become members of the Navy Federal Credit Union
Yearly Loan Limits: Covers up to 100% of your Cost of Attendance
Overall Loan Limits: $2,000 (minimum), $160,000 (aggregate maximum)
Cosigner Terms: Cosigner optional, allows for Cosigner Release after 24 on-time monthly payments
The bottom line
Navy Federal Credit Union provides some of the best customer service for their student loan borrowers, and even allows you to borrow up to the full cost of attendance at your school. But to borrow with them, you have to become a part of their credit union.
Pros- Can borrow up to the full cost of attendance
- Has evening and weekend call center hours
- Cosigner release option after 24 months of consecutive on-time monthly payments
Cons- Borrowers must join the Navy Federal Credit Union
- Performs a hard credit inquiry even to check your rate with them
- Does not make deferment and forbearance policies publicly available
Loan comparison
Full review
When it comes to customer service, we rate Navy Federal Credit Union as one of the best. They offer 24/7 call center hours, and their team is U.S.-based. And when considering their borrowing limits, we see more evidence of great service. You can borrow up to the full cost of attendance every year, and, in aggregate, up to $160,000 for a graduate degree.
That being said, beware of the costs of borrowing so much. Navy Federal’s student loan rates are higher than average, and they don’t offer any rewards beyond an autopay discount, so you’ll be better off looking for another lender to reduce the amount you’re paying in the long-run. And, if you’re curious and want to check what rate they’ll give you, get ready for a hard inquiry on your credit.
Beyond that, keep in mind that to borrow with Navy Federal you have to become a part of Navy Federal. Joining a credit union is not a byzantine process by any means, but it’s an extra step to follow nonetheless.
Navy Federal Credit Union - Graduate Student Loan
Other loans that Navy Federal Credit Union offers:
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