Best of

Credit Unions That Refinance Student Loans

Teddy NykielMay 29, 2019

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

A credit union student loan refinance lender may be right for you if you prefer credit unions over banks, or if it offers the lowest interest rate you qualify for or a unique feature you value, such as initial interest-only payments.

LendKey Student Loan Refinance
Check Rate

on LendKey's website

Check Rate

on LendKey's website

Fixed APR

3.64-7.50%

Variable APR

2.44-6.87%

Min. Credit Score

660

Pros

  • Forbearance of 18 months for 15- and 20-year loan terms is longer than many lenders.
  • Interest-only payments available for the first four years on 15- and 20-year loan terms.
  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

  • Loans aren't available in Nevada, Maine, North Dakota, West Virginia or Rhode Island.
  • No payment postponement available if borrowers return to school or serve in the military.
Read full review

Qualifications

  • Typical credit score of approved borrowers or co-signers: 757.
  • Loan amounts: $7,500 to $300,000, depending on the higest degree earned.
  • Must have a degree: Yes, at least an associate degree.

Available Term Lengths

10 years

Disclaimer: See LendKey's full terms and conditions at https://www.lendkey.com/disclaimers

PenFed Student Loan Refinance
Check Rate

on Purefy's website

Check Rate

on Purefy's website

Fixed APR

3.87-7.03%

Variable APR

3.10-7.84%

Min. Credit Score

670

Pros

  • Married couples can refinance student loans into a single loan.
  • You can refinance parent PLUS loans in your name.
  • Above-average customer support compared with other lenders.

Cons

  • No formal deferment/forbearance options.
  • You must become a member of Pentagon Federal Credit Union to qualify.
Read full review

Qualifications

  • Typical credit score of approved borrowers or co-signers: 779.
  • Loan amounts: $7,500 to $300,000.
  • Must have a degree: Yes, at least a bachelor’s degree.

Available Term Lengths

5, 8, 12 or 15 years

Disclaimer: Rates and offers current as April 1, 2019. Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rates range from 3.75% APR to 7.03% APR and Variable Rate range from 3.10% APR to 7.84%. Both Fixed and Variable Rates will vary based on application terms, level of degree and presence of a co-signer. These rates are subject to additional terms and conditions and rates are subject to change at any time without notice. For Variable Rate student loans, the rate will never exceed 9.00% for 5 year and 8 year loans and 10.00% for 12 and 15 years loans (the maximum allowable for this loan). Minimum variable rate will be 2.00%. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.This credit union is federally insured by the National Credit Union Administration.

First Tech Federal Credit Union Student Loan Refinance
Check Rate

on First Tech Federal Credit Union's website

Check Rate

on First Tech Federal Credit Union's website

Fixed APR

3.75-7.15%

Min. Credit Score

Does not disclose

Pros

  • Three repayment options: Fixed, interest-only or balloon.
  • Above-average customer support compared with other lenders.
  • Greater-than-minimum payments allowed via autopay.

Cons

  • No option to temporarily pause payments through forbearance.
  • You can't see if you’ll qualify and what rate you’ll get without a hard credit check.
  • Students cannot refinance a parent PLUS loan in their name.
Read full review

Qualifications

  • Typical credit score of approved borrowers or co-signers: Did not disclose.
  • Loan amounts: No minimum or maximum.
  • Must have a degree: Did not disclose.

Available Term Lengths

5, 10 or 15 years

Disclaimer: APR = Annual Percentage Rate. Actual rate will be determined based on the applicant’s credit history, primary State of residency, collateral financed, mileage and final loan terms. Offer is subject to normal credit qualifications, meeting First Tech Federal Credit Union’s relationship requirements and underwriting policy guidelines. Interest rate and program terms are subject to change without notice. Additional restrictions may apply.

Navy Federal Student Loan Refinance
Check Rate

on Navy Federal's website

Check Rate

on Navy Federal's website

Fixed APR

4.29-12.46%

Variable APR

4.96-12.84%

Min. Credit Score

Does not disclose

Pros

  • Forbearance of 18 months is longer than many lenders offer.
  • Greater-than-minimum payments allowed via autopay.

Cons

  • Available only to existing Navy Federal Credit Union customers
  • Students cannot refinance a parent PLUS loan in their name.
  • You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.
Read full review

Qualifications

  • Typical credit score of approved borrowers: Did not disclose.
  • Loan amounts: $2,000 minimum to $120,000 for undergraduates, or $160,000 for graduate students.
  • Must have a degree: Yes, at least an associate degree.

Available Term Lengths

5, 10 or 15 years

Alliant Credit Union Student Loan Refinance
Check Rate

on Alliant Credit Union's website

Check Rate

on Alliant Credit Union's website

Fixed APR

4.50-7.00%

Variable APR

4.25-6.50%

Min. Credit Score

680

Pros

  • Interest rate discount for autopay is larger than most lenders offer.
  • Biweekly and weekly autopay options available.

Cons

  • Students cannot refinance a parent PLUS loan in their name.
  • Forbearance of six months is less than most lenders offer.
  • You can't see if you’ll qualify and what rate you’ll get without a hard credit check.
Read full review

Qualifications

  • Typical credit score of approved borrowers or co-signers: 780.
  • Loan amounts: $10,000 to $100,000.
  • Must have a degree: Yes.

Available Term Lengths

5, 10, 15 or 20 years

Disclaimer: APR=Annual Percentage Rate. Loan approval, APR and other terms and conditions are based on creditworthiness and ability to repay, and are subject to change. The borrower must be an Alliant member and either U.S. citizen or legal resident. To become an Alliant member, you must meet eligibility requirements for Alliant membership. We may not extend credit to you if you do not meet Alliant criteria. Payments for Variable Rate loans can adjust quarterly and are fixed for the life of a Fixed Rate loan. The minimum loan amount is $10,000 and the maximum loan amount is $100,000. Eligible schools may not be proprietary (a school that is considered a for-profit institution), community colleges or trade schools. Minimum payment amount is $75 per month. Loan proceeds must pay off existing private or government student loan debt incurred by the borrower. Combining debt for more than one student is not allowed. Fixed Rate payment example: Monthly payment of $372.86 per $20,000 borrowed based on a rate of 4.50% APR as of 01/01/2019 and a repayment term of 5 years. Variable Rate payment example: Monthly payment of $368.33 per $20,000 borrowed based on a rate of 4.00% APR as of 01/01/2019 and a repayment term of 5 years.

Summary of Credit Unions That Refinance Student Loans

LenderFixed APRVariable APRMin. Credit ScoreLearn More
LendKey Student Loan Refinance

LendKey Student Loan Refinance

Check Rate

on LendKey's website

3.64-7.50%

2.44-6.87%

660

Check Rate

on LendKey's website

PenFed Student Loan Refinance

PenFed Student Loan Refinance

Check Rate

on Purefy's website

3.87-7.03%

3.10-7.84%

670

Check Rate

on Purefy's website

First Tech Federal Credit Union Student Loan Refinance

First Tech Federal Credit Union Student Loan Refinance

Check Rate

on First Tech Federal Credit Union's website

3.75-7.15%

N/A

Does not disclose

Check Rate

on First Tech Federal Credit Union's website

Navy Federal Student Loan Refinance

Navy Federal Student Loan Refinance

Check Rate

on Navy Federal's website

4.29-12.46%

4.96-12.84%

Does not disclose

Check Rate

on Navy Federal's website

Alliant Credit Union Student Loan Refinance

Alliant Credit Union Student Loan Refinance

Check Rate

on Alliant Credit Union's website

4.50-7.00%

4.25-6.50%

680

Check Rate

on Alliant Credit Union's website

LenderFixed APRVariable APRMin. Credit ScoreLearn More
LendKey Student Loan Refinance

LendKey Student Loan Refinance

Check Rate

on LendKey's website

3.64-7.50%

2.44-6.87%

660

Check Rate

on LendKey's website

PenFed Student Loan Refinance

PenFed Student Loan Refinance

Check Rate

on Purefy's website

3.87-7.03%

3.10-7.84%

670

Check Rate

on Purefy's website

First Tech Federal Credit Union Student Loan Refinance

First Tech Federal Credit Union Student Loan Refinance

Check Rate

on First Tech Federal Credit Union's website

3.75-7.15%

N/A

Does not disclose

Check Rate

on First Tech Federal Credit Union's website

Navy Federal Student Loan Refinance

Navy Federal Student Loan Refinance

Check Rate

on Navy Federal's website

4.29-12.46%

4.96-12.84%

Does not disclose

Check Rate

on Navy Federal's website

Alliant Credit Union Student Loan Refinance

Alliant Credit Union Student Loan Refinance

Check Rate

on Alliant Credit Union's website

4.50-7.00%

4.25-6.50%

680

Check Rate

on Alliant Credit Union's website

How credit unions are different

Unlike banks and online lenders, credit unions require membership and are nonprofit institutions.

You may be able to apply for credit union membership as part of your student loan refinancing application. The credit union may require that you live in a certain geographic area, have a certain employer or are a military member, for example.

As nonprofits, credit unions give back to their members in different ways. For instance, some credit unions periodically reward student loan refinance customers for staying current with their loans, says Christian Widhalm, senior vice president of lender partnerships at LendKey.

“They can be very creative with benefits,” Widhalm says, citing lump-sum rebates and small interest rate reductions as two examples.

» MORE: Credit unions vs. banks: How to decide

Last updated on May 29, 2019

To recap our selections...

NerdWallet's Credit Unions That Refinance Student Loans