Variable Rates as low as
2.99% APR1
Fixed Rates as low as
4.00% APR2
LOW RATES AND GREAT BENEFITS - APPLY TODAY!
Lower Your Payment with a competitive rate and extended repayment term
Simplify Your Finances with one easy monthly payment with one lender
Save and Simplify even more with a 0.25% Interest Rate Reduction when you sign up for automatic payments3
Cosigner Release Available after 12 consecutive on-time full monthly payments4
ARE YOU A CANDIDATE TO CONSOLIDATE YOUR STUDENT LOANS?
Eligibility Requirements
- We are able to consolidate $7,500 - $125,000 in undergraduate student loan debt (or $7,500 - $175,000 in graduate or combined student loan debt).
- Applicants can apply with or without a cosigner. To apply alone, applicants must have a steady gross monthly income of at least $2,000. To apply with a cosigner, applicants must be currently employed and have a cosigner with a steady gross monthly income of at least $2,000.
- Applicant must be a graduate of an approved degree program
- Applicant must be an existing member of Navy Federal Credit Union to apply. Student Loan applicants who are not members will be directed to apply for membership.
- Applicant and cosigner must be a U.S. Citizen or Permanent Resident
- Applicant must meet all underwriting criteria for loan approval
- Applying with a creditworthy cosigner may result in a better chance of approval and/or lower interest rate
Note: Federal student loans cannot be consolidated or refinanced with our program. If you are seeking a federal student loan consolidation, you can learn more details about the process here:http://www.loanconsolidation.ed.gov/
1 Variable Rate Loans: Annual Interest Rate = Base Rate + Loan Margin. The Base Rate is the average of the 3-Month LIBOR published in the Wall Street Journal on the first business day of the three months immediately preceding each quarterly adjustment. The Loan Margin is between 2.49% to 9.99%
APR = Annual Percentage Rate. Rates and terms based on credit criteria and are all subject to change.
The APR is variable and may change as the Annual Interest Rate varies with the 3-month LIBOR, and, therefore, may increase during the life of the loan. The rate displayed above assumes a 0.25% reduction (subject to the floor rate of 2.49%) upon borrower enrolling in automatic payments. For more information about the automatic payment borrower benefit, see below.
Variable Rate Payment Example: Assuming a $10,000 loan amount, a 4.00% APR, and a 15-year term, you would make 180 monthly payments of $73.97 to repay this loan. If the APR is 10.74% and the loan amount remains $10,000, you would make 180 monthly payments of $112.03. The APR may increase during the life of the loan and can result in higher monthly payments.
2 Fixed Rate Loans: The interest rate charged and the annual percentage rate are constant for the life of the loan.
Fixed Rate Payment Example: Assuming a $10,000 loan amount, a 5.14% APR, and a 15-year term, you would make 180 monthly payments of $79.81 to repay this loan. If the APR is 11.99% and the loan amount remains $10,000, you would make 180 monthly payments of $119.95.
3 Requires continued enrollment of automatic payments. If the automatic payment is cancelled any time after enrollment, the rate reduction will discontinue until automatic payment is reinstated. May be suspended during periods of forbearance and deferment.
4 Subject to Credit Union approval. A request to release a cosigner requires that the borrower has made twelve (12) consecutive timely payments with no periods of forbearance or deferment within the twelve (12) month timeframe. “Timely payment” means each 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 twelve (12) months straight without any interruption. To qualify for a cosigner release, the borrower must submit a request, meet the consecutive, timely payment requirements, provide proof of income and pass a credit check.
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