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
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
How does this loan compare?
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|---|---|---|---|
| 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:
5.50% - 12.84%
Variable:
7.49% - 9.48%
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Fixed:
3.69% - 14.30%
Variable:
5.89% - 15.97%
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Fixed:
3.47% - 14.49%
1
Variable:
4.99% - 14.49%
1
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| Loan repayment terms (Years) | 10 years | Up to 15 years | 5, 8, 10, 15 years |
| Cosigner release? | Yes, after 24 months on-time principal and interest payments | None | Yes, after 24 months on-time principal and interest payments |
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 - Private Student Loan Details
- Credit Check: Hard
- Repayment Terms: 10 years
- Minimum Borrowing Limit: $2,000
- Yearly Borrowing Limit: 100% of Cost of Attendance
- Aggregate Borrowing Limit: $160,000
- Application Fee: None
- Origination Fee: None
- Prepayment Penalty: None
- Late Fee: Yes
- Minimum Credit Score: Not specified by lender
- Minimum Annual Income: $15,000
- Citizenship Restriction: Citizens or Residents
- Minimum Enrollment Restriction: Half-Time
- List of States where Loan is Not Available: None
- Approved Schools Include: All
- Immediate Principal and Interest Repayment: None
- Fixed Monthly Repayment: Yes
- Interest-Only Repayment: Yes
- Full Deferment: None
- Length of Grace Period: 6 months
- Maximum Deferment Period: Not specified by lender
- Maximum Forbearance Period: Not specified by lender
- Cosigner Release Option: Yes, after 24 months on-time principal and interest payments
- Death Discharge: Yes
- Disability Discharge: Not specified by lender
- US-Based Call Center: Yes
- Hours of Operation (in addition to weekdays): 24/7
- Application Timeline: 15 minutes for entire application, 2-4 weeks for entire process
- Scholarship Search Tool: Yes
- Sponsors a Scholarship: Yes
- Job and Career Assistance: Yes
- Financial Literacy Training: Yes
Other Loans that Navy Federal Credit Union Offers:
