Navy Federal Graduate Student Loan Review
Graduate Student Loan
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.
How does this loan compare?
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: 5 years, 10 years, 15 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, 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 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