Refinance Student Loans
Degree in hand and future shining bright ahead, don't let high-rate student loan payments
stop you. Refinancing your private and federal student loans could save you time and money.
Student Refinance Loans
Do you have private or federal student loans, or both? You could refinance and combine them into 1 monthly payment. Even if you have just 1 loan, you can still refi and take advantage of our great rates.
Features:
- Competitive interest rates
- 0.25% interest rate reduction when you sign up for automatic paymentsFootnote 1
- Option to save on interest, lower your monthly payment or pay off faster
- No application or origination fees
- Co-signer release may be requested after 12 consecutive, on-time principal and interest paymentsFootnote 2
- Student Loan Refinance Rates & Terms
Rates:
Variable APR as low asFootnote 3
6.21%
with autopay
Fixed APR as low asFootnote 3
4.85%
with autopay
Terms:
5-, 10- or 15-yearFootnote 4
Parent Refinance Loans
Are you paying off high-interest federal Parent PLUS loans or private parent loans for your child? Refinancing with us could help you save on interest and lower your monthly payments.
Features:
- Competitive interest rates
- 0.25% interest rate reduction when you sign up for automatic paymentsFootnote 1
- Loans for multiple children can be combined
- Refinance before your student has graduated
- No application or origination fees
- Co-signer release may be requested after 12 consecutive, on-time principal and interest paymentsFootnote 2
- Parent Loan Refinance Rates & Terms
Rates:
Variable APR as low asFootnote 3
6.21%
with autopay
Fixed APR as low asFootnote 3
4.85%
with autopay
Terms:
5-, 10- or 15-yearFootnote 4
Ready to co-sign? Access the primary borrower's student refinance or parent refinance application here to co-sign.
See What Our Members Have to Say
Whether it's offering guidance through a loan application or planning a financial strategy, we always put our members first. After all, they're what matter most!
How to Refi Your Student Loans in Just a Few Minutes
Apply online and find out if you're conditionally approved.
Submit the requested documents to complete your application.
See What Your Monthly Payment Could Be
Estimate how much you can expect to pay each month with student loan refinancing based on your new loan amount, loan term and interest rate.
With a Student Loan Refinance, You Could:
Save on monthly payments
Lower your interest rate
Pay off your loan faster
Check Your Eligibility and Credit Requirements Before You Apply
To be eligible for a Navy Federal Student or Parent Refinance Loan, you'll need to meet credit and underwriting requirements and:
- belong to Navy Federal Credit Union
- have graduated from an eligible school (excluding parent refinance loans)
- be a U.S. citizen or legal resident and a legal adult in the state in which you reside (age 18 in most states)
- have a gross monthly income of at least $2,000 and an established credit history or an income of at least $100 a month and a creditworthy co-signer whose gross monthly income is at least $2,000
Adding a Co-Signer Can Help
If you have a limited credit history, adding an eligible and creditworthy co-signer who is a Navy Federal member can be a great idea. They could:
- increase your chances of getting your student refinance loan application approved
- help you get a lower interest rate on your loan
Meet Our Student Loan Partner
LendKey is Navy Federal's trusted partner that handles our student loan applications and manages our private student loans, student refinance loans and parent refinance loans.
When you apply for your loan, you'll fill out your application and create an account on a special LendKey/Navy Federal website. You'll receive emails from LendKey during the process.
Get Career Assistance From Navy Federal
If you have a Navy Federal student loan, you’re automatically eligible to get online job search training and take advantage of other resources, including:
- suggestions for how to find jobs not yet open to the public
- a job-tracking dashboard
- online tools and exercises, including a resume builder
Student Loan Resources
-
How to Apply for Private Student Loans
Private student loans can help bridge the gap for college costs. Determine your eligibility, better understand the process and learn what you’ll need to apply.
Learn More about How to Apply for Private Student Loans -
How to Refinance Student Loans in 4 Steps
With no origination costs or application fees, refinancing your student loan may help you save more—and allow you to pay off your loan sooner.
Learn More about How to Refinance Student Loans in 4 Steps -
How to Add or Release a Co-signer From a Loan
Everything co-signers need to know about being added to, and eventually released from, a relative or friend's private student loan.
Learn More about How to Add or Release a Co-signer From a Loan
Student Loan Repayment Resources From Navy Federal
-
Repaying Loans
-
-
Repaying Loans
FAQs
Is refinancing my student loan(s) right for me?
While refinancing private and federal student loans can be very beneficial, it isn’t necessarily the right decision for everyone. There’s a lot to consider. We can help you understand if refinancing student loans makes sense for you. Start by asking some questions about student loans, or contacting one of our loan specialists today at our student loan center, powered by LendKey. Call 1-877-304-9302, Mon.—Fri., 8 am—8 pm ET, or send an email to navyfederal@lendkey.com.
What types of student loans can be refinanced?
Federal and private student loans, and federal Parent PLUS and private parent loans can be refinanced with Navy Federal.
What’s the difference between refinancing and consolidating student loans?
- Consolidating: Student loan consolidation is a U.S. Department of Education (DOE) program. It allows you to combine all the federal student loans you already have into one new loan. That loan’s interest rate will be a weighted average of your previous loans’ rates. You can’t include your private student loans (those you received from private sources like banks, credit unions or online lenders) in the DOE’s program.
- Refinancing: Student loans can be refinanced through a private lender, like a bank or credit union. Refinancing is the process of taking out a new loan to pay off your existing student loans. You can refinance both federal and private student loans. It's possible to get a lower interest rate and new term length to make your loans more affordable. Even if you previously consolidated or refinanced your student loans, you still may be able to refinance.
What documents do I need to have ready for the student loan refinancing application process?
If you're applying to refinance student loans without a co-signer, you may need to provide proof of your income and proof of your identity.
If you're applying with a co-signer, you may be asked to provide proof of your identity. Your co-signer will be asked to provide proof of their income and may need to provide proof of identity.
- To provide proof of identity, you'll upload documents such as a driver's license or passport.
- For proof of income, you'll upload documents such as a pay stub, W2, 1040 or 1099 form, Social Security Benefit Award, pension statements or trust documents.
What's the difference between a federal student loan and a private student loan?
Federal student loans are funded by the United States federal government. The types of federal student loans include Direct Loans, Direct PLUS Loans and Direct Consolidation Loans.
Private student loans are funded by a private organization, such as a credit union or a bank—like Navy Federal Credit Union.
What is LendKey?
LendKey is our trusted partner that handles our student loan applications and manages our private student loans, student refinance loans and parent refinance loans.
When you apply for one of these loans with us, you'll fill out your application and create an account on a special LendKey/Navy Federal website. You'll receive emails from LendKey during the process.
Already have a student loan with Navy Federal?
Sign in to your student loan account now.
Need to Talk?
Contact a loan specialist today at our student loan center, powered by LendKey. Call 1-877-304-9302, Mon.—Fri., 8 am—8 pm ET or email navyfederal@lendkey.com.
Disclosures
Automatic Payments Discount: The discount requires continued enrollment of automatic payments. The borrower authorizes automatic payments from a personal account via Automated Clearing House (ACH). If automatic payments are canceled at any time after enrollment, the rate reduction will not apply until the automatic payments are reinstated. Automatic payments may be suspended during periods of forbearance and deferment. For variable-rate loans, the APR, including the 0.25% rate reduction, may not fall below the floor rate.
↵Subject to Navy Federal Credit Union approval. A request to release a co-signer requires that the borrower has made consecutive timely payments during the repayment period with no periods of forbearance or deferment. The "repayment period" begins after any In-School and Grace Periods. "Timely payment" means each full principal and interest payment is made no later than the 15th day after the scheduled due date of the payment. "Consecutive payment" means the regularly scheduled monthly payment must be made for 24 months straight for private student loans, and 12 months straight for refinance loans, without any interruption immediately prior to the release request. To qualify for a co-signer release, the borrower must submit a request, meet the consecutive, timely payment requirements, provide proof of income, and pass a credit check.
↵APR = Annual Percentage Rate. Rates are based on creditworthiness and subject to change. Advertised "as low as" APRs assume excellent borrower credit history. Your actual APR may differ and will be based on several factors, including credit history and loan term. The “as low as” rate displayed above is available for the 5-year term and assumes a 0.25% rate reduction upon borrower enrolling in automatic payments (subject to the floor rate). For more information about the automatic payment borrower benefit, see the Automatic Payments Discount disclosure.
Variable-Rate Loans: Annual Interest Rate = Base Rate + Loan Margin. The Base Rate is the 90-day average of the daily SOFR published by the Federal Reserve Bank of New York as of two business days immediately preceding the quarterly adjustment date. The APR is variable and may change as the Annual Interest Rate varies with the 90-day SOFR, and therefore, may increase during the life of the loan.
Fixed-Rate Loans: The Interest Rate charged and the APR are constant for the life of the loan.
↵Variable-Rate Payment Example: Assuming a $10,000 loan amount, a 7.26% APR, and a 15-year term, you would make 180 monthly payments of $91.34 to repay this loan. If the APR is 13.01% and the loan amount remains $10,000, you would make 180 monthly payments of $126.59. The APR may increase during the life of the loan and can result in higher monthly payments.
Fixed-Rate Payment Example: Assuming a $10,000 loan amount, a 15-year term, and a 6.35% APR, you would make 180 monthly payments of $86.29. If the APR is 11.80% and the loan amount remains $10,000, you would make 180 monthly payments of $118.73.
↵