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Private Student Loan Refinance

Application and Funding Questions

What is the difference between consolidation and refinancing?

Consolidation means you are simply combining your existing loans. Your total payment amount and total interest will likely remain the same, but you'll have the convenience of making one payment rather than multiple payments. This type of loan is usually associated with federal government student loans.

When you refinance, you are taking out a single new loan to pay off your old ones. You'll probably have a new interest rate, new terms, and a different monthly payment amount. This is the loan solution offered by your credit union.

What is payoff verification?

Payoff verification may be a payoff statement from the creditor with a payoff valid through a specified date, a screen shot from the creditor’s website showing this information, or a monthly billing statement no more than 30 days old.  The payoff verification must include the creditor name and address, current loan balance or calculated payoff amount, and the borrower account number.

What types of loans can I refinance?

All loans being refinanced must be post separation from school.

Federal Education Loans:

  • Federal Family Education Loan Program (FFELP)
  • Subsidized or Unsubsidized (aka Stafford Loan)
  • Grad or Parent PLUS William D. Ford Direct Loan Program Subsidized or Unsubsidized (aka Direct Stafford Loan)
  • William D. Ford Direct Loan Program Undergraduate, Grad or Parent PLUS
  • Perkins, Nursing or Health Education Assistance (HEAL)
  • Consolidation

If you choose to refinance a federal loan, you will lose federal student loan benefits such as income driven repayment or loan forgiveness options that may be available on your current federal loan(s). In addition, federal student loans offer deferment and forbearance options that may not available to you if you take out a private refinance loan. You may qualify for a Federal Direct Consolidation Loan. For additional information about a consolidation option for federal loans, contact the Department of Education at: studentloans.gov. See disclosures for more details.

Private Education Loans: 

  • Undergrad
  • Graduate
  • Consolidation

Institutional Education Loans: 

  • Undergrad
  • Graduate
  • Consolidation


How much can I borrow?

The minimum refinance loan amount is $5,000. The maximum loan amount will be $75,000. Make sure to review your existing loans carefully so that you borrow the exact amount you need.

How do I apply?

You can quickly and easily apply online. As part of the loan application process, applicants will receive detailed instructions on additional documentation that must be submitted in order to complete the loan process. If you have questions, please contact our student loan representatives.

Cosigner Questions

Do I need a cosigner?

A borrower is not required to apply with a cosigner. However, applying with a credit worthy cosigner may improve a borrower's chance of meeting the credit union's approval criteria and potentially qualify for the loan at a lower interest rate.

A cosigner release option is available to credit worthy borrowers who make 48 consecutive on-time payments during the principal and interest repayment period, elect to make automated payments, and meet additional requirements (such as salary and debt-to-income ratio). You must apply and be approved for this option after the 48 month period. Other terms and conditions may apply, and option may be revoked or modified without notice.

Repayment and Servicing Questions

Is there a pre-payment fee?

No. There is no pre-payment fee and you can pay off the loan at any time.

If I go back to school, can I put my loans into deferment?

We do not offer an in-school deferment option. Our refinance loan is intended for borrowers who have completed their education and do not plan on returning to school.

Should I continue making loan payments while my refinance application is in process?

Yes, you should continue to make your payments while your application is in process. You will be notified when the funds have been sent to the applicable servicers.

How does the 0.25% automatic electronic payment discount work?

You can receive a 0.25% rate discount by electing to make automatic electronic payments. If automatic electronic payment is cancelled, the rate discount will be removed. If your loan is subject to a floor rate (also known as a minimum interest rate) as specified in your promissory note, your rate will never be less than the floor rate.

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