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First Tech Federal Credit Union Student Loan Refinancing Review

First Tech has a team of student loan specialists and lets borrowers choose to make lower monthly payments starting out.
March 20, 2019
Loans, Student Loans
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3.5 NerdWallet rating

First Tech Federal Credit Union primarily serves the technology industry — people who work at places like Amazon, Intel and Microsoft.

But with repayment options that allow lower monthly payments starting out, its student loan refinancing product could be a fit for other professionals whose incomes are expected to grow over time.

You must be — or become — a member of First Tech to be eligible for its student loan refinance product. You qualify for membership if you work for one of the hundreds of technology and telecom companies First Tech partners with. There are also other relatively easy ways to qualify for membership, such as joining the Financial Fitness Association.

First Tech at a glance:

  • Three repayment options: Fixed, interest-only or balloon.
  • Student loan specialists to walk you through the process.
  • No option to temporarily pause payments through forbearance.
Reviewed loanStudent loan refinancing.
Interest rates (APR)Fixed: 3.75% - 7.15%.
Variable: N/A.
Loan terms5, 10, or 15 years.
Loan amountsN/A.
Co-signer release availableNo.
Can transfer a parent loan to the childNo.
Check rates at First Tech Federal Credit Union

How much can refinancing save?

How First Tech scores

NerdWallet student loan experts evaluated more than 50 data points across five categories to see whether First Tech ranks below average, average or above average compared with other student loan refinance lenders.

Enables faster repayment:
Lenders score highly if they offer a variety of term lengths and make extra payments easy.

Discloses requirements, limits costs:
Below average
Lenders score highly if they limit fees and interest rates, are transparent about their underwriting criteria and allow borrowers to get personalized rate estimates before applying.

Serves range of borrowers:
Below average
Lenders score highly if they cater to customers in varying locations, in different financial situations, and with varying citizenship statuses.

Offers payment flexibility:
Below average
Lenders score highly if they offer longer than 12-month forbearance periods, in-school and military deferment, and any other flexible policies that help borrowers during tough times.

Supports customers:
Above average
Lenders score highly if they assign borrowers an advisor, offer multiple ways to get in touch, and have in-house customer service. Websites should display full APR ranges, fees and forbearance policies.

» MORE: First Tech Federal Credit Union Review: Checking, Savings and Certificates

How First Tech could improve

First Tech could improve by:

  • Offering forbearance to let borrowers temporarily pause payments during financial hardship.
  • Conducting soft credit checks to give personalized rate estimates without affecting credit.
  • Allowing borrowers to refinance their parents’ PLUS loans.

First Tech student loan refinancing details

  • Soft credit check to qualify and see what rate you’ll get: No.
  • Application or origination fee: No.
  • Prepayment penalty: No.
  • Late fees: Yes; $25.

Compare First Tech Federal Credit Union’s range of interest rates with other student loan refinance lenders. Your actual rate will depend on factors including your — or your co-signer’s — credit history and financial situation. To see what rate First Tech Federal will offer you, apply on its website.

Check rates at First Tech Federal Credit Union


  • Minimum credit score: Did not disclose.
  • Minimum income: Did not disclose.
  • Typical credit score of approved borrowers or co-signers: Did not disclose.
  • Typical income of approved borrowers: Did not disclose.
  • Maximum debt-to-income ratio: Did not disclose.
  • Can qualify if you’ve filed for bankruptcy: Did not disclose.


  • Citizenship: Did not disclose.
  • Location: All 50 U.S. states.
  • Must have graduated: Did not disclose.
  • Must have attended a Title IV-accredited school: Did not disclose.
  • Percentage of borrowers who have a co-signer: Did not disclose.


You must become a member of First Tech Federal Credit Union. You’ll qualify for membership if you meet at least one of the following criteria:

  • Work for the state of Oregon.
  • Work for a technology or telecom sponsor company.
  • Live or work in Lane County, Oregon.
  • Are a member of the Financial Fitness Association or the Computer History Museum.
  • Are an immediate family member of a First Tech Federal Credit Union member.

Repayment options

First Tech Federal Credit Union offers three types of loans with different repayment options:

  • Fixed: Make equal monthly payments throughout the life of the loan. You’ll get a lower interest rate if you choose this option.
  • Balloon: Make smaller monthly payments throughout the life of the loan, but owe one large payment of 40% or 50% of the original loan amount at the end of your loan term. The 15-year repayment schedule is the only term length available with this option.
  • Interest-only: Pay just the interest for the first 10 years, then larger monthly payments for the remaining five years. The 15-year repayment schedule is the only term length available with this option.

Repayment preferences

  • Academic deferment: Not available.
  • Military deferment: Did not disclose.
  • Disability deferment: Payment protection is available.
  • Reduced payments for medical and dental residents: No.
  • Forbearance: Not available.
  • Are loans discharged in the event of death/disability of borrower? No.
  • Allows greater-than-minimum payments via autopay: Yes.
  • Allows biweekly payments via autopay: No.

  • Loan servicer: First Tech Federal Credit Union.
  • In-house customer service team: Yes.
  • Process for escalating concerns: No.
  • Borrowers get assigned a dedicated banker, advisor or representative: No.
  • Average time from approval to payoff of the refinanced loans: Did not disclose.

If you refinance student loans with First Tech Federal Credit Union, you’ll get the following perks:

  • 0.25% off auto loan rates at First Tech.
  • $100 when you open a First Tech Dividend Rewards Checking account.
  • 20,000 bonus reward points with a new First Tech Choice Rewards Credit Card.

How to refinance with First Tech

Before deciding on a student loan refinance lender, compare multiple student loan refinance options to make sure you’re getting the best rate you qualify for. In addition to interest rates, compare lenders’ repayment options and the flexibility they offer for borrowers who are struggling to make payments.

» MORE: How to refinance student loans in 6 steps

If you’re ready to borrow, you can apply on First Tech’s website.

Check rates at First Tech Federal Credit Union


NerdWallet believes the best student loan is one you can repay at the lowest interest rate you can get. That’s why NerdWallet’s student loan ratings reward lenders that offer a variety of loan terms, limit their fees and penalties, and extend borrowers multiple options to avoid default. Points are also awarded for soft credit checks, underwriting transparency and other consumer-friendly features. Use these ratings as a guide, but we encourage you to shop around for the lowest interest rate you can qualify for. NerdWallet does not receive compensation for its reviews. Read our editorial guidelines.

5 stars out of 5 — Among the very best for consumer-friendly features

4.5 stars out of 5 — Excellent; offers most consumer-friendly features

4 stars out of 5 — Very good; offers many consumer-friendly features

3.5 stars out of 5 — Good; may not offer something important to you

3 stars out of 5 — Fair; missing important consumer-friendly features

2.5 stars out of 5 — Poor; proceed with great caution

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