Refinancing with Earnest
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Student loan interest rates can make it difficult to repay your loans. Add on monthly payments to other bills, and you might feel buried in debt.
For college graduates who qualify for membership, the Navy Federal Credit Union student loans consolidation program offers much-needed debt relief. It offers competitive features, like low-interest rates and favorable cosigner terms. Keep reading to see if this program is right for you.
Navy Federal Credit Union review
Navy Federal Credit Union (NFCU) has been serving the military community since 1933. It has over 6 million members. Members qualify for loan discounts, 100-percent mortgage financing, military retirement plans, and more.
Among NFCU services is its student loan consolidation program. NFCU has strict membership requirements, though.
How to join Navy Federal Credit Union
To enjoy the perks of NFCU’s student loan consolidation program, you have to join the credit union as a member. Eligibility requirements include:
- You are or have been affiliated with the U.S. armed forces, Department of Defense, Coast Guard, or National Guard.
- You have a family member who is or has been affiliated with the military. This includes grandparents, parents, spouses, siblings, children, grandchildren, and household members.
- You have a family member who is already a member of NFCU.
You can apply for membership online (must be 18 years old), in an NFCU branch, or over the phone at 1-888-842-6328.
Navy Federal Credit Union student loans program review
Once you’re confirmed as a member of NFCU, you’ll have access to its student loan refinancing program. The credit union uses LendKey as its service provider.
To be eligible, you must meet the following basic requirements:
- Be an NFCU member
- Graduated from an eligible school
- Be a U.S. citizen or permanent resident
- Be a legal adult in the state you live
NFCU allows you to consolidate both federal and private student loans. The credit union offers both variable and fixed rates:
- Variable: 3.52% – 11.27% APR
- Fixed: 4.25% – 12.24% APR
You can choose a 5-, 10-, or 15-year repayment plan. The shorter the plan, the lower the interest rate. You’ll also qualify for a 0.25% interest rate reduction if you sign up for autopay.
You can consolidate $7,500 to $125,000 in undergraduate student loans or up to $175,000 in graduate or combined student loan debt.
To apply for student loan consolidation with NFCU, you must meet the following requirements:
- Be employed with a monthly gross income of at least $2,000
- Be at least 18 years old
- Be a U.S. citizen or permanent resident
If you’re unemployed, you can apply with a cosigner, who must meet the same income requirement. After 12 months of consecutive on-time payments, you may request to have your cosigner taken off the loan.
Pros and cons
If you’re interested in Navy Federal Credit Union student loan consolidation, consider these drawbacks and benefits to its program:
The biggest benefit to NFCU’s program is that cosigners aren’t stuck with the loan until it’s paid off. Cosigning a loan comes with risks for both the cosigner and primary borrower. NFCU’s policies help curb those risks.
The credit union also allows borrowers to apply for forbearance. With a 15-year loan term, for example, you qualify for up to 18 months of forbearance. Because private lenders aren’t required to offer this perk, many don’t.
The program’s autopay discount is an easy way to save on interest, too. The 0.25 percent discount might not sound like much, but over the life of the loan, your savings add up.
For example, if you have a $20,000 loan with a 10-year term and 5.00% APR, the autopay discount would drop your APR to 4.75%. Over the life of your loan, that amounts to $292.45 in savings.
NFCU has strict membership requirements. Some military credit unions allow you to become a member by joining a third-party organization or making a donation. But the only way to join NFCU is if you or a family member are affiliated with the military.
Applying for Navy Federal Credit Union student loans consolidation
You can apply online or by calling LendKey at 1-877-304-9302. Be prepared with the following information:
- Navy Federal Access Number
- Social Security Number
- Government-issued ID
- Basic information about your academic standing
- Details about the private loans you wish to consolidate, including the lender and balances
- Permanent address, phone number, and email address
If you’re applying with a cosigner, you’ll need to provide the following:
- Name, address, phone number, and email address
- Social Security Number
- Government-issued photo ID number
- Personal reference
- Employer name and contact information
- Two most recent pay stubs
- A W-2 form or tax return
When you apply, LendKey will run a credit check, which will trigger a hard inquiry on your credit report. The same will happen to a cosigner’s credit report if you’re using one.
Should you consolidate with Navy Federal Credit Union?
If you qualify for membership and have private student loans, NFCU’s program is a solid option. NFCU is also an attractive option for borrowers with cosigners.
Overall, NFCU offers attractive interest rates. If you have solid credit or a cosigner with good credit, you can qualify for rates that compete with the top refinancing banks.
But if you aren’t eligible to join NFCU, you’ll need to consider other options. The same applies if you don’t qualify for the best rates and don’t have a cosigner.
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1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 5.87% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 5.87% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at firstname.lastname@example.org, or call 888-601-2801 for more information on ourstudent loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
3 Important Disclosures for SoFi.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.57% – 6.98%3||Undergrad & Graduate||Visit SoFi|
|2.47% – 5.87%1||Undergrad & Graduate||Visit Earnest|
|2.80% – 6.22%2||Undergrad & Graduate||Visit Laurel Road|
|2.51% – 8.03%4||Undergrad & Graduate||Visit Lendkey|
|2.48% – 6.25%5||Undergrad & Graduate||Visit CommonBond|
|2.57% – 8.17%6||Undergrad & Graduate||Visit Citizens|