Updated: August 10, 2023

Navy Federal Undergraduate Student Loan Review

Navy Federal Student Loan (Undergraduate)

Pricing disclosure
Undergraduate
Student Loan Rating
4.5 of 5
Check Rates
Fixed 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 an autopay discount if available.
4.60% - 11.69%
Variable 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 an autopay discount if available.
6.62% - 8.89%
Repayment Terms
10 years
Important Information

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), $120,000 (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 college. 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
View full rankings of the best student loans for college
Navy Federal Credit Union Ascent Student Loans College Ave
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 an autopay discount if available.
Fixed:
4.60% - 11.69%
Variable:
6.62% - 8.89%
Fixed:
4.09% - 15.66%
Variable:
6.22% - 16.08%
Fixed:
4.07% - 15.48% 1
Variable:
5.59% - 16.69% 1
Loan repayment terms (Years) 10 years 5, 7, 10, 12, 15 years 5, 8, 10, 15 years
Cosigner release? Yes, after 24 months on-time principal and interest payments Yes, after 12 months on-time principal and interest payments Yes, after 24 months on-time principal and interest payments
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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 $120,000 for an undergraduate 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. Navy Federal Credit Union membership is open only to servicemembers or veterans of the US armed forces, DOD, and their families.

Navy Federal Credit Union - Private Student Loan Details

Interest Rates, Fees and Terms
  • Credit Check: Hard
  • Repayment Terms: 10 years
  • Minimum Borrowing Limit: $2,000
  • Yearly Borrowing Limit: 100% of Cost of Attendance
  • Aggregate Borrowing Limit: $120,000
  • Application Fee: None
  • Origination Fee: None
  • Prepayment Penalty: None
  • Late Fee: Yes
Requirements to Qualify
  • 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
Repayment Options
  • Immediate Principal and Interest Repayment: None
  • Fixed Monthly Repayment: Yes
  • Interest-Only Repayment: Yes
  • Full Deferment: None
Repayment Details
  • 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
Customer Service
  • 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
Extras
  • Scholarship Search Tool: Yes
  • Sponsors a Scholarship: Yes
  • Job and Career Assistance: Yes
  • Financial Literacy Training: Yes
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