Private Student Loans
You have the dreams, the drive, the degree in mind. Need a bit of cash to bridge the gap between federal loans, scholarships and grants? Enter: Navy Federal Private Student Loans.
Navy Federal Private Student Loans
Borrow what you need to pay for college or grad school and cover the costs that federal loans and scholarships don't.
Features:
- Loans available up to the school-certified cost of attendanceFootnote 1 – including tuition, fees, books, computer, meals and housing
- 0.25% interest rate reduction when you sign up for automatic paymentsFootnote 2
- Easy online application. Apply for one semester or the entire academic year in 5 minutes or less
- Variety of payment options while you're in school to help reduce your overall loan costs
- No application or origination fees
- A co-signer release that may be requested after 24 consecutive, on-time principal and interest paymentsFootnote 3
- Rates & Terms
Rates:
Variable APR as low asFootnote 4
7.77%
with autopay
Fixed APR as low asFootnote 5
4.75%
with autopay
Terms:
5- or 10-yearFootnote 6
Ready to co-sign? Locate the student's open application here.
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!
Confirm Eligibility Before You Apply
To be eligible for a Navy Federal Student Loan, you'll need to meet credit and underwriting requirements and also be a:
- Navy Federal Credit Union member
- current student of an eligible school
- legal adult in the state in which you reside (age 18 in most states)
- U.S. citizen or legal resident
Adding a Co-Signer Can Help
9 out of 10 of our student borrowers have a co-signer. Adding an eligible and creditworthy co-signer who is a Navy Federal member can be a great idea, and you can request to have them released from your loan after 24 consecutive on-time principal and interest payments.Footnote 3
A co-signer could:
- increase your chances of loan approval
- help you get a lower interest rate on your loan
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
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.
Student Loan Resources
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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
College Resources From Navy Federal
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College Planning
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College Planning
FAQs
What is the timeline for securing my student loan funds?
It typically takes 4 to 6 weeks for your school to receive your funds from us once we give you our preliminary decision, which happens right after you apply for a Navy Federal Private Student Loan online (this takes 5 minutes or less).
Timing depends on how quickly you're able to provide us with the necessary documentation and sign your loan docs. It also depends on your school’s timeline for completing the certification process, which is often done in the weeks before classes start. Refer to their financial aid office or website for more information.
During the certification process, they’ll confirm several things, including your:
- enrollment status (part-time or full-time)
- anticipated graduation date
- grades and academic standing (unless rising freshman), verifying if you're making satisfactory academic progress according to their definition
- requested loan amount, making sure that the funds won't exceed your school's calculated maximum cost of attendance minus any aid or other loans you've received
What costs are covered by Navy Federal's Private Student Loans?
Our loans can be used for:
- tuition
- dorm room costs or off-campus housing, such as rent for an apartment
- laptops, textbooks and supplies
- food costs, like meal plans or groceries
- transportation
- other education-related expenses certified by your school
What information do I need to apply?
You'll need to provide your:
- Social Security number
- permanent address, address at school, phone number and email addresses
- basic academic information (e.g., graduation date, academic period the loan is for, enrollment status, cumulative college GPA, if not a freshman)
- requested loan amount
What documents do I need to have ready for the student loan application process?
If you're applying 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 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.
What's the difference between a federal and a private student loan?
Federal student loans are funded by the United States federal government and are called either Direct Loans or Direct Plus Loans.
Private student loans are funded by a private organization, such as a credit union or a bank—like Navy Federal Credit Union.
Is the interest on my student loan tax deductible?
Yes, interest on student loans is tax deductible with some restrictions. An in-depth explanation is available on the IRS website.
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. 1-877-304-9302, M-F, 8 am - 8 pm ET or navyfederal@lendkey.com.
Disclosures
Navy Federal private student loans are subject to credit qualification, school certification of loan amount, and student's enrollment at a Navy Federal-participating school. Navy Federal reserves the right to approve a lower amount than the school-certified amount or withhold funding if the school does not certify private student loans.
↵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.
↵Variable-Rate Loans: APR = Annual Percentage Rate. Rates and terms are based on creditworthiness and subject to change. 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.
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: APR = Annual Percentage Rate. Rates are based on creditworthiness and subject to change. The Interest Rate charged and the APR are constant for the life of the loan. The "as low as" rate displayed above is available for the 5-year term and assumes a 0.25% reduction upon borrower enrolling in automatic payments. For more information about the automatic payment borrower benefit, see the Automatic Payments Discount disclosure.
↵Variable-Rate Loan Payment Example: Loan repayment depends on the repayment option elected by the borrower.
A) $25 Monthly Payment Option: Assuming a $10,000 loan amount, a 10-year term and a 8.72% APR, you would make 54 (48 months in school + 6-month grace period) monthly payments of $25 while enrolled in school followed by 120 monthly payments of $164.42 to repay this loan. If the APR is 15.12% and the loan amount remains $10,000, you would make 54 monthly payments of $25 while you are enrolled in school followed by 120 monthly payments of $287.48 to repay this loan. The APR may increase during the life of the loan and can result in higher monthly payments.
B) Interest-Only Option: You would pay the amount of interest that accrued during each month while you are enrolled in school, with a minimum of $25. Thereafter, you would make 120 monthly payments calculated based on the principal balance and accruing interest.
Fixed-Rate Payment Example: Loan repayment depends on the repayment option elected by the borrower.
A) $25 Monthly Payment Option: Assuming a $10,000 loan amount, a 10-year term and a 7.91% APR, you would make 54 (48 months in school + 6-month grace period) monthly payments of $25 while enrolled in school followed by 120 monthly payments of $152.84 to repay this loan. If the APR is 12.85% and the loan amount remains $10,000, you would make 54 monthly payments of $25 while you are enrolled in school followed by 120 monthly payments of $236.95 to repay this loan.
B) Interest-Only Option: You would pay the amount of interest that accrued during each month while you are enrolled in school, with a minimum of $25. Thereafter, you would make 120 monthly payments calculated based on the principal balance and accruing interest.
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