How to Apply for Private Student Loans

Determine eligibility and complete your application.

To apply for a student loan with us, you must be a:

• member of Navy Federal Credit Union
• current or future student at an eligible school (list of eligible schools is on the first page of the application)
• U.S. citizen or legal resident
• legal adult in the state in which you reside (age 18 in most states)

Once you determine if you’re eligible, have the following information ready to apply online:

Personal information

• Name, date of birth and Social Security Number
• Permanent address, phone number and email address
• Annual income, if applicable

Academic information

• Enrollment status (full- or part-time)
• Class standing, major and GPA (not required for freshman)
• Degree pursuing, expected graduation date and academic period you're requesting a loan for
• Loan amount you’re requesting—make sure to include all education-related expenses you'll need covered, such as tuition and fees, housing costs, textbooks and supplies, transportation and food costs.^{Footnote 1}

Tip: Keep your bank account info handy as well. If you set up automatic payments for your student loan, you’ll receive a 0.25% reduction in your rate.^{Footnote 2}

Add a co-signer, if needed.

If you don’t have an income of at least $15,000 a year or if you have a limited credit history (typically less than 36 months), adding a creditworthy co-signer may be a good idea. Having a co-signer on your loan can:

• increase the chance of loan approval
• help lower the interest rate on the loan

In fact, 9 out of 10 Navy Federal student borrowers have a co-signer. At Navy Federal, borrowers can even request to release co-signers after 24 consecutive, on-time principal and interest payments.^{Footnote 3}

 No co-signer? Take these steps to help improve your credit.

Provide final documentation.

Before you’re done, you and your co-signer (if applicable) may need to submit a few more documents to:

• verify your identity
• show proof of income
• validate tuition and the amount of financial assistance requested

Sign your loan agreement and start the certification process.

Once you’re conditionally approved, you’ll need to electronically sign your loan agreement so we can send a certification request to your school’s financial aid office. Each school has its own process and timeline, typically taking between 4-6 weeks, and requests are often completed before classes start.

During the certification process, your school will confirm:

• enrollment status (part-time or full-time)
• anticipated graduation date
• grades and academic standing, if applicable
• requested loan amount, ensuring you do not borrow more than you need

Please refer to your school’s financial aid office or website for more information.

Tip: Check with your school’s financial aid office to ensure you have completed all of your student loan paperwork.

After we’ve received the certification back from your school, we’ll email you with your approval status, and request that you review and accept your final loan disclosure. Then, we’ll send your certified loan amount directly to your school.

Ready to get started? It only takes minutes to apply.

Apply Now