4 Credit Unions That Refinance Student Loans

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.

Summary of Credit Unions That Refinance Student Loans

Lender	Fixed APR	Variable APR	Min. Credit Score	Learn More
PenFed Student Loan Refinance NerdWallet rating Check Rate on Purefy's website	3.48 - 6.03%	2.32 - 7.06%	670	Check Rate on Purefy's website
LendKey Student Loan Refinance NerdWallet rating Check Rate on LendKey's website	3.39 - 7.75%	1.90 - 8.59%	660	Check Rate on LendKey's website
Navy Federal Student Loan Refinance NerdWallet rating See my rates on NerdWallet's secure website	4.29 - 12.46%	4.96 - 12.84%	Does not disclose	See my rates on NerdWallet's secure website
First Tech Federal Credit Union Student Loan Refinance NerdWallet rating See my rates on NerdWallet's secure website	3.20 - 7.15%	N/A	Does not disclose	See my rates on NerdWallet's secure website

Lender	Fixed APR	Variable APR	Min. Credit Score	Learn More
PenFed Student Loan Refinance NerdWallet rating Check Rate on Purefy's website	3.48 - 6.03%	2.32 - 7.06%	670	Check Rate on Purefy's website
LendKey Student Loan Refinance NerdWallet rating Check Rate on LendKey's website	3.39 - 7.75%	1.90 - 8.59%	660	Check Rate on LendKey's website
Navy Federal Student Loan Refinance NerdWallet rating See my rates on NerdWallet's secure website	4.29 - 12.46%	4.96 - 12.84%	Does not disclose	See my rates on NerdWallet's secure website
First Tech Federal Credit Union Student Loan Refinance NerdWallet rating See my rates on NerdWallet's secure website	3.20 - 7.15%	N/A	Does not disclose	See my rates on NerdWallet's secure website

Check Rate

on Purefy's website

PenFed Student Loan Refinance

4.5

NerdWallet rating

Fixed APR

3.48 - 6.03%

Variable APR

2.32 - 7.06%

Min. Credit Score

670

Check Rate

on Purefy's website

Variable APR

2.32 - 7.06%

Key facts

Pentagon Federal Credit Union, or PenFed, stands out as one of the only lenders — credit union or otherwise — that allows married couples to refinance student loans together. PenFed uses the couple’s combined incomes and the higher credit score of the two to evaluate eligibility and assign a new interest rate. This means the spouse with the lower score would likely qualify for a lower interest rate than he or she would otherwise.

Pros

Married couples can refinance student loans into a single loan.
You can refinance parent PLUS loans in your name.
You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

No formal deferment/forbearance options.

Qualifications

Typical credit score of approved borrowers or co-signers: 777.
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 November 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 3.48% APR to 6.03% APR and Variable Rate range from 2.42% APR to 7.16%. 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.

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Check Rate

on LendKey's website

LendKey Student Loan Refinance

4.5

NerdWallet rating

Fixed APR

3.39 - 7.75%

Variable APR

1.90 - 8.59%

Min. Credit Score

660

Check Rate

on LendKey's website

Variable APR

1.90 - 8.59%

Key facts

LendKey is a student loan refinance marketplace that helps pair borrowers with community banks and credit unions, including Summit Credit Union and Veridian Credit Union. LendKey services all of the loans originated through its platform. LendKey’s average refinance borrower earns $63,000 a year, making the company a strong option for those who don’t earn six figures.

Pros

Forbearance of 18 months for 15- and 20-year loan terms is longer than many lenders.
You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

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

Qualifications

Typical credit score of approved borrowers or co-signers: 754.
Loan amounts: $5,000 to $300,000, depending on the higest degree earned.
Must have a degree: Yes, at least an associate degree.

Available Term Lengths

5, 7, 10, 15 or 20 years

Disclaimer

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

Read Full Review

See my rates

on NerdWallet's secure website

Navy Federal Student Loan Refinance

4.0

NerdWallet rating

Fixed APR

4.29 - 12.46%

Variable APR

4.96 - 12.84%

Min. Credit Score

Does not disclose

See my rates

on NerdWallet's secure website

Variable APR

4.96 - 12.84%

Key facts

Navy Federal Credit Union is one of the few student loan refinance lenders that accepts borrowers whose highest education level is an associate degree.

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.

Qualifications

Typical credit score of approved borrowers: Did not disclose.
$7,500 minimum to $125,000 for undergraduates, or $175,000 for graduate students.
Must have a degree: Yes, at least an associate degree.

Available Term Lengths

5, 10 or 15 years

Disclaimer

Read Full Review

See my rates

on NerdWallet's secure website

First Tech Federal Credit Union Student Loan Refinance

3.5

NerdWallet rating

Fixed APR

3.20 - 7.15%

Variable APR

N/A

Min. Credit Score

Does not disclose

See my rates

on NerdWallet's secure website

Variable APR

N/A

Key facts

First Tech Federal Credit Union caters to borrowers who work in the technology industry and has unique repayment options that let borrowers make lower monthly payments starting out. Its student loan specialists can answer your questions throughout the refinancing process. However, it doesn't offer deferment or forbearance options.

Pros

Three repayment options: Fixed, interest-only or balloon.
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.

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.

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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 October 28, 2019

To recap our selections...

NerdWallet's Credit Unions That Refinance Student Loans

PenFed Student Loan Refinance: Best for Married couples who want to refinance their student loans into a single one
LendKey Student Loan Refinance: Best for Borrowers who value payment flexibility
Navy Federal Student Loan Refinance: Best for Borrowers who have an associate degree
First Tech Federal Credit Union Student Loan Refinance: Best for Borrowers who expect their income to grow over time

Best of

4 Credit Unions That Refinance Student Loans

Summary of Credit Unions That Refinance Student Loans

PenFed Student Loan Refinance

LendKey Student Loan Refinance

Navy Federal Student Loan Refinance

First Tech Federal Credit Union Student Loan Refinance

How credit unions are different

NerdWallet's Credit Unions That Refinance Student Loans

Further reading.

10 Best Credit Unions of 2020

What Is a Credit Union? The Benefits of Membership

Credit Unions vs. Banks: How to Decide