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.
Student loan ratings

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
4.0
NerdWallet ratingFixed 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
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?
Check Rate | Check Rate |
Fixed APR2.95 - 7.63% | Fixed APR2.99 - 5.15% |
Variable APR1.91 - 5.25% | Variable APR2.17 - 4.47% |
Min. Credit Score680 | Min. Credit Score670 |
Private student loan review

Navy Federal Private Student Loan
3.5
NerdWallet ratingFixed 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.
Full Review
Navy Federal Credit Union's undergraduate private student loans are available only to members of the credit union. The lender says it takes a “holistic approach” to creditworthiness, factoring in a member’s entire financial relationship with the credit union. Navy Federal Credit Union requires borrowers to make small payments while in school and during the grace period.
Navy Federal Credit Union private student loans at a glance
Interest-only or $25 minimum payments due while enrolled in school and during the six-month grace period.
Co-signer release available after 24 consecutive on-time payments.
The only loan repayment term available is 10 years.
How Navy Federal's private student loan could improve
Navy Federal Credit Union could improve its private student loan by adding programs, such as:
Personalized rate estimates without affecting credit.
Biweekly student loan payments via autopay.
Additional loan term options.
Navy Federal private student loan details
How to apply for a Navy Federal Credit Union student loan
You can apply for a Navy Federal Credit Union student loan on its website. Before taking out a Navy Federal Credit Union student loan or any other private student loan, exhaust your federal student loan options first. Submit the Free Application for Federal Student Aid, known as the FAFSA, to apply.
» MORE: NerdWallet’s FAFSA Guide
Compare your private student loan options to make sure you’re getting the best rate you qualify for. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments.
If you’re ready to borrow with Navy Federal Credit Union, you can apply on its website.
If you aren’t eligible for a Navy Federal student loan
If Navy Federal Credit Union denies your student loan application, the lender will let you know why. Depending on the reason, you may want to consider other lenders or, if you haven’t already, try applying with a co-signer.
If you don’t have access to a co-signer — or still aren’t eligible with one — consider lenders that don’t require co-signers or specialize in bad or no credit student loans.
STUDENT LOANS RATINGS METHODOLOGY
NerdWallet believes the best student loan is one you can repay at the lowest interest rate you can get. That's why NerdWallet’s private student loans 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.