Refinancing your student loans makes it easier to manage your balance. Plus, you can hook it Low interest ratesa more affordable monthly payment or borrowing costs lower than the loan term. Alternatively, you can shorten the loan term and pay the balance faster.
Meanwhile, some of the top Refinance student loans Companies are online lenders. You can also refinance university debts with a bank or credit union.
Six credit unions that refinance student loans
If so Interested in refinancing student loans With credit unions, it’s best to start a search with your local credit unions, but don’t stop there. One of these four credit unions may be suitable for refinancing student loans.
First Tech Federal Credit Union
First Tech allows you to refinance the federal government Private student loansincluding parents and loans. You can borrow between $5,000 and $500,000 for more than 5, 7, 10, or 15 years. There are three types of loans available.
- Regular loan: This is a traditional loan with a fixed interest rate and fixed monthly installments.
- Balloon Loan: With this loan, you start with a low monthly payment and then suspend after 15 years.
- Interest-only loans: You will be paying interest on this loan for 1-10 years. After that, monthly payments increase over time.
Balloon and interest-only loan options are sold to professionals who are hoping to make more money in the future. However, they have higher interest rates and more complicated repayment terms.
To join First Tech you must have a family member who is already your first tech member, a partner company, or a family member who lives in Oregon or Lane County, Oregon.
Navy Federal Credit Union
The Navy Federal Credit Union is unique in that only qualified members of the military community can participate. If you are eligible under these requirements, you may refinance a federal or private student loan, including a parent loan.
You can borrow just $7,500, up to $125,000 for undergraduate debt and $175,000 for graduate debt. The terms of repayment are 5, 10, and 15 years. Interest rates are competitive, and you can get a 0.25% discount on your interest rate when you set up automatic payments.
If you are a parent, you can combine student loans you have taken for multiple children into one refinance loan. If you need Cosigner to be approved, you can make 12 consecutive hourly payments and remove them after meeting certain credit requirements.
To qualify, the Navy Federation requires a monthly salary of $2,000 or more and an established credit history. If you have a Cosigner, your income will be as low as $100 as long as it’s more than $2,000 per month.
Service Credit Union
Service Credit Union offers university graduates and their parents student loan refinances, and parents have the option to transfer student loan debt to their children.
Loan amounts range from $5,000 to $150,000 and can be repaid for over 5, 10, or 15 years. Like the Navy Federation, Service Credit Unions primarily serve the military community, but can participate by becoming a member of the American Consumer Council or working for one of the service union’s employer groups.
Lenders must at least earn a bachelor’s degree, but do not provide information on credit requirements to be approved to refinance a student’s debt.
Pure Credit Union
The Scranton, Pennsylvania-based net credit union offers fixed and variable student refinance loans of up to $125,000. There are no application fees, origination fees, or advance payment penalties. Additionally, those who sign up for Autopay will be eligible for a discount, but the Credit Union website does not specify how much discount will be offered.
Net Credit Union membership is open to employees of preferred partners and employees whose family and housemates have already deposited their banks in the Net Credit Union. Individuals who live, work, study, and are qualified members of online community churches are also eligible to participate.
Vision Federal Credit Union
Visions Federal Credit Union is headquartered in New York, but has nearly 60 branches in three states and has over 240,000 members.
Credit union purpose signature loans can be used to refinance student loans. There is no collateral required to qualify for these loans and you can borrow up to $40,000 depending on the applicant’s creditworthiness and income. Loan terms are available for up to 120 months.
However, you must be a credit union member to get a loan. Memberships are also open to immediate relatives of existing members and to those with homes, workplaces, schools and churches in eligible areas of New York, Pennsylvania, or New Jersey.
Landmark Credit Union
Landmark Credit Union offers university graduates and their parents variable and fixed fee student loan refinances without origination fees or advance penalties. You can borrow up to $150,000 over a period of five, ten or fifteen years. Sign up for automatic payments and get a 0.25% discount on your fee.
Refinances are open to groundbreaking credit union members who attend approved schools and meet eligibility requirements. If you or your near-kind work in Southern and Northeast Wisconsin and Northeast Wisconsin families, or in Lakes or McHenry County in Illinois, you can join a credit union. You will also need to open a VIP savings account with a minimum deposit of $5.
Pros and cons of refinancing a credit union student loan
Choosing a lender to help you refinance your student loan is an important decision. It not only affects your interest rates, but it can also change the duration of your repayment, fees, and other aspects of your experience.
Credit unions can offer benefits other lenders may not, but they can also have some drawbacks.
Benefits of refinancing with a credit union
- Credit unions typically charge lower interest rates and fees than traditional banks.
- Credit unions traditionally serve specific communities and may better understand their needs, whether it is a local community or a national community like the military.
- Credit unions may provide better services due to their small customer base.
- If you already have financial products managed by a credit union, you often get a discount on your refinance loan.
Cons of refinancing with a credit union
- Credit unions may have a lower limit on how much you can refinance.
- Credit unions may have fewer flexible repayment options.
- You may need to be a member of a credit union before applying.
- Refinance loans from credit unions are usually more expensive than loans from online lenders.
How to find the best credit union to refinance your student loan
Before applying for a refinance, shop, get prequalified with at least three lenders, compare loan offers and ensure you find the best deal. Also consider using platforms such as: LendKeylinking borrowers with credit unions and community banks.
You can also get a co-signer to qualify for a lower rate. Unfortunately, not all credit unions offer fee estimates with soft credit checks. You may need to formally apply to display rates and terms.
Next Steps
Refinancing your student loan can save any interested Mini Forton. And while doing business with a credit union may mean lower fees and better customer service, potential limitations are in mind.
If you are not married to the idea of refinancing exclusively with a credit union, you can also consider comparing fees and other terms with online lenders and banks. However, if you want to work with smaller organisations, stick to your credit union. Either way, you’ll be proactive about paying off your student loans and explore different ways to save money along the way.
