Navy Federal Credit Union Reviews: Student Loan Refinancing and Private Student Loans

Navy Federal Credit Union offers its members an 18-month grace period for repayment, but no deferment options.
Anna HelhoskiDec 3, 2020

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Student loan ratings

Navy Federal
  • Student loan refinancing

  • Private student loan

The bottom line: Navy Federal Credit Union requires members to be connected with the military. It began offering student loans in 2015. Its refinancing loan is an option for members of Navy Federal Credit Union, especially those who have an associate degree. Its private loan is an option for members of Navy Federal Credit Union who can make small payments while in school.

Student loan refinancing review

Navy Federal Student Loan Refinance

Navy Federal Student Loan Refinance

3.5

NerdWallet rating 
Fixed APR

2.99 - 12.03%

Variable APR

1.45 - 10.26%

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.

An option for members of Navy Federal Credit Union, especially those who have an associate degree.

Full Review

Navy Federal's consolidation loan replaces one or more student loans with a single, lower-rate loan. It's one of the few refinance loans available for borrowers who have an associate degree. It allows borrowers to get up to 18 months of forbearance. There are no other deferment options.

Navy Federal Credit Union student loan refinancing at a glance

  • Only available to existing Navy Federal Credit Union customers.

  • Borrowers cannot refinance PLUS loans or a parent's loan in their own name.

  • Up to 18 months of forbearance.

How Navy Federal student loan refinancing could improve

Navy Federal Credit Union could improve by offering additional programs, such as:

  • Additional repayment or deferment options.

  • Refinancing for borrowers without a degree.

  • Personalized rate estimates without affecting credit.

How much can refinancing save?

Navy Federal student loan refinancing details

  • Soft credit check to qualify and see what rate you’ll get: No.

  • Loan terms: 5, 10 or 15 years.

  • Loan amounts: $7,500 to $125,000 for undergraduate debt or $7,500 to $175,000 in graduate or combined student loan debt.

  • Can transfer a parent loan to the child : No.

  • Application or origination fee: No.

  • Prepayment penalty: No.

  • Late fees: Yes, after 15 days past due. $20 for most borrowers or the lesser of $10 or 5% for Wisconsin borrowers.

Compare Navy Federal’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 Navy Federal Credit Union will offer you, apply on its website.

Financial

  • Minimum credit score: Did not disclose.

  • Minimum income: Without a co-signer, a borrower must have a minimum annual income of $24,000. With a co-signer, a borrower must prove a minimum annual income of $1,200 and the co-signer must prove a minimum annual income of $24,000.

  • 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: Yes.

Other

  • Citizenship: Must be a U.S. citizen or permanent resident.

  • Location: Available in all U.S. states.

  • Must have graduated: Yes, with at least an associate degree.

  • Must have attended a school authorized to receive federal aid: Find all eligible schools when you begin your application.

  • Percentage of borrowers who have a co-signer: <40%.

Many lenders are offering relief related to COVID-19. Check this list of private loan relief options to see what this lender offers.

  • Forbearance: If you have difficulty making payments, Navy Federal offers up to 18 months of forbearance in increments of up to six months. Navy Federal does not offer deferment. Forbearance can be used for several different circumstances, including unemployment, financial difficulty, enrollment in school and active-duty military service.

  • Co-signer release available: Yes. The borrower must submit a request, meet the twelve (12) consecutive on-time monthly payment requirements, provide proof of income, and pass a credit check.

  • Death or disability discharge available: No.

  • Loan discharge if co-signer dies or becomes disabled: No.

Repayment preferences:

  • Allows greater-than-minimum payments via autopay: Yes.

  • Allows biweekly payments via autopay: No.

  • Loan servicer: Lendkey.

  • In-house customer service team: No.

  • Process for escalating concerns: Yes.

  • Borrowers get assigned a dedicated banker, advisor or representative: No.

  • Average time from approval to payoff: Does not disclose.

Before Refinancing with Navy Federal Credit Union

You can apply for a Navy Federal Credit Union refinanced student loan on its website. 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 borrowers who are struggling to make payments.

If you’re ready to refinance with Navy Federal Credit Union, you can apply on its website.

If you aren’t eligible to refinance with Navy Federal Credit Union

If Navy Federal Credit Union denies your refinance application, the lender will let you know why. Depending on the reason, you may want to consider other lenders or need a co-signer.

NerdWallet recommends prequalifying with multiple refinance lenders before you apply. This will let you know which lenders you may be eligible with, without affecting your credit.

How does this loan compare?

LendKey Student Loan Refinance
PenFed Student Loan Refinance
NerdWallet rating 
NerdWallet rating 
Check RateCheck Rate
Fixed APR

2.95 - 7.63%

Fixed APR

2.89 - 5.08%

Variable APR

1.90 - 5.25%

Variable APR

N/A

Min. Credit Score

660

Min. Credit Score

670

Private student loan review

Navy Federal Private Student Loan

Navy Federal Private Student Loan

3.0

NerdWallet rating 
Fixed APR

4.99 - 11.69%

Variable APR

3.01 - 8.92%

Min. Credit Score

Does not disclose

Pros

  • Forbearance of 18 months is longer than many lenders offer.

Cons

  • Available only to existing Navy Federal Credit Union customers.
  • Only one repayment term: 10 years.
  • Payment required while in school and during the grace period.

An option for members of Navy Federal Credit Union who can make small payments while in school.

Frequently asked questions