Navy Federal Student Loan Refinance Review
Student Refinance Loans
Eligibility: Must be a member of Navy Federal Credit Union
Overall Limits: $7,500-$175,000
Navy Federal Credit Union is a good lender to go with for refinancing student loans, especially if you are looking to consolidate your debt with your sibling or siblings. This credit union offers multiple repayment options and countless perks for borrowers, making it one of the more flexible and rewarding options out there.
Pros
- Ability to combine loans from multiple children
- Cosigner release available
- 0.25% interest rate reduction with autopay
- Multiple repayment options
- No origination, application or prepayment fees
Cons
- Hard credit pull to obtain interest rates
- Restricted to members of the U.S. military and their families
- Low borrowing limit
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 an autopay discount if available. |
Fixed:
Not Available
Variable:
Not Available
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Fixed:
5.49% - 12.18%
Variable:
4.38% - 7.98%
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Fixed:
4.89% - 9.74%
Variable:
5.89% - 9.74%
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| Loan repayment terms (Years) | 5, 10, 15 years | 5, 7, 10, 15, 20 years | 5, 10, 15, 20 years |
| Cosigner release? | Yes, after 12 months on-time principal and interest payments | Yes, after 12 months on-time principal and interest payments | None |
Full Review
Navy Federal offers fixed and variable-rate 5, 10 and 15-year repayment terms. A unique feature of this lender that could be beneficial for many borrowers is that it allows for the debt across multiple children in a family to be combined. Parents can qualify to refinance their student loan debt even before their child has graduated, but students will need to earn their degree to qualify.
You do not need to have a cosigner to qualify for a Navy Federal refinance loan, but it will help you qualify if you don’t make enough money or have a good enough credit history yourself. You may apply for cosigner release after making 12 consecutive on-time loan payments if you meet credit and income requirements and your loan is not in forbearance. The minimum loan amount for students and parents is $7,500 and maximum loan amount for undergraduate loans is $125,000 and for graduate loans is $175,000.
To qualify for Navy Federal student loan refinancing, you need to already be a Navy Federal member, and membership is restricted to members and family members affiliated with the U.S. military. Membership includes active-duty servicemembers, retirees and veterans of all branches of the military; immediate family members of those that serve or have served in the military, including minors; and U.S. Department of Defense civilians. This restricts many people from access, making their loans a less attractive option overall. But once you’re a member and borrower, you’ll receive job and career assistance.
Navy Federal Credit Union - Private Student Loan Details
- Credit Check: Hard
- Repayment Terms: 5, 10, 15 years
- Minimum Borrowing Limit: $7,500
- Application Fee: None
- Origination Fee: None
- Prepayment Penalty: None
- Late Fee: Not specified by lender
- Minimum Credit Score: Not specified by lender
- Minimum Annual Income: $24,000
- Citizenship Restriction: Citizens or Residents
- List of States where Loan is Not Available: None
- Approved Schools Include: All
- Maximum Forbearance Period: Not specified by lender
- Cosigner Release Option: Yes, after 12 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:
