4 Credit Unions That Refinance Student Loans

Key facts

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

• Estate is still responsible for the loan if the borrower dies.

Qualifications

• Typical credit score of approved borrowers or co-signers: 773.

• 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 June 3, 2021. 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 2.89% APR - 5.63% APR and Variable Rates range from 2.13% APR - 5.25% APR. 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.

Key facts

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: 751.

• 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

Key facts

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

Key facts

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: 660.

• Loan amounts: No minimum or maximum.

• Must have a degree: Did not disclose.

Available Term Lengths

5, 7, 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.