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3 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 you the best deal.

Last updated on May 28, 2024
Written by 
Assistant Assigning Editor
Karen Gaudette Brewer
Edited by 
Fact Checked
Lead Assigning Editor
Fact Checked
Cecilia Clark
Written by 
Assistant Assigning Editor
Karen Gaudette Brewer
Edited by 
Fact Checked
Lead Assigning Editor
Fact Checked

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Credit Unions That Refinance Student Loans

Lender
NerdWallet Rating
Min. credit score
Fixed APR
Variable APR
Learn more
LendKey Student Loan Refinance

LendKey Student Loan Refinance

Check rate
on LendKey's website
on LendKey's website
COMPARE RATES
on Sparrow’s website
on Sparrow’s website
Best for Borrowers who value payment flexibility

Not disclosed.

5.24-9.60%

5.53-8.70%

Check rate
on LendKey's website
on LendKey's website
Navy Federal Student Loan Refinance

Navy Federal Student Loan Refinance

Read review
4.5
/5
Best for Borrowers who have an associate degree

Does not disclose

N/A

N/A

First Tech Federal Credit Union Student Loan Refinance

First Tech Federal Credit Union Student Loan Refinance

3.0
/5
Best for Borrowers who expect their income to grow over time

Not disclosed.

8.60-18.00%

N/A

LendKey Student Loan Refinance
Check rate
on LendKey's website
on LendKey's website
LendKey Student Loan Refinance

LendKey Student Loan Refinance

4.5
Min. credit score

Not disclosed.

Fixed APR

5.24-9.60%

Variable APR

5.53-8.70%

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.
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 Lengths5, 7, 10, 15 or 20 years
DisclaimerSee LendKey's full terms and conditions at https://www.lendkey.com/disclaimers
Read Full Review
Navy Federal Student Loan Refinance

Navy Federal Student Loan Refinance

Min. credit score

Does not disclose

Fixed APR

N/A

Variable APR

N/A

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 Lengths5, 10 or 15 years
First Tech Federal Credit Union Student Loan Refinance

First Tech Federal Credit Union Student Loan Refinance

Min. credit score

Not disclosed.

Fixed APR

8.60-18.00%

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.
  • No death or disability discharge.
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 Lengths5, 7, 10 or 15 years
DisclaimerAPR = 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.

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 may reward student loan refinance customers for staying current with their loans. For example, they might offer lump-sum rebates and small interest rate reductions.

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

STUDENT LOAN REFINANCE RATINGS METHODOLOGY

Our survey of more than 26 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and the top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.

We consider 41 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

Last updated on May 28, 2024

To recap our selections...

NerdWallet's Credit Unions That Refinance Student Loans

  • 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

Further reading

What Is a Credit Union? The Benefits of Membership

By Melissa Lambarena and Chanelle Bessette
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