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Navy Federal Credit Union | Private Student Loan

Are Federal Loans not enough to cover the cost of your college education?

The Private Student Loan program available through Navy Federal Credit Union can be the answer to your funding needs.

MAIN FEATURES

  • Borrow from $2,000 to $120,000 per year (or up to $160,000 per year for graduate students), subject to the Cost of Attendance certified by your school
  • Choose either Interest-Only Payments or a nominal $25 Proactive Payment while in school
  • Use our private student loan to pay for qualified education expenses including tuition, required fees, books, room, board, and computers
  • Receive a quick credit decision once you complete your application

STUDENT BENEFITS

  • No Origination Fee
  • 30 Day No-Fee Return Policy - You may cancel the loan within 30 days of disbursement without fees or interest
  • 0.25% Interest Rate Reduction - When you sign up for automatic payments3
  • Cosigner Release Available - For creditworthy borrowers after 24 consecutive on-time principal and interest payments during the Repayment Period4

ELIGIBILITY & CREDIT REQUIREMENTS

  • Applicant must be enrolled in an eligible school and pursuing a degree program on at least a half-time basis5
  • 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.
  • Both applicant and cosigner must be a U.S. Citizen or Permanent Resident
  • Both applicant and cosigner must meet appropriate underwriting criteria for loan approval
  • Applying with a creditworthy cosigner may increase chances of approval and/or a lower interest rate. However, a cosigner is not required and applicants who meet the credit and income requirements may be approved without one.

Note: Private student loans should be used as supplemental funding after exhausting all other sources of financial aid, including grants, scholarships, and federal student loans. Federal loans offer more attractive terms when compared to most other borrowing options, including private student loans. For more information on federal loans, visit http://www.fafsa.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 2.99% to 9.25%.

APR = Annual Percentage Rate. Rates are 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 2.99%) 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 3.88% APR, and a 10-year term, 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 $105.44 to repay this loan. If the APR is 9.70% 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 $179.53 to repay this loan. 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. The rate displayed above assumes a 0.25% reduction (subject to the floor rate) upon borrower enrolling in automatic payments. For more information about the automatic payment borrower benefit, see below.

Fixed Rate Payment Example: Assuming a $10,000 loan amount, a 5.58% APR, and a 10-year term, you would make 54 monthly payments of $25, while enrolled in school followed by 120 monthly payments of $123.25 to repay this loan. If the APR is 10.99% 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 $201.43 to repay this loan.

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. The Repayment Period begins after the In-School and Grace Period. A request to release a cosigner requires that the borrower has made twenty-four (24) consecutive timely payments with no periods of forbearance or deferment within the twenty-four (24) 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 twenty-four (24) 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.

5 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.

Navy Federal Credit Union | Consolidation

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: https://studentloans.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 4.43% APR, and a 15-year term, you would make 180 monthly payments of $76.14 to repay this loan. If the APR is 11.17% and the loan amount remains $10,000, you would make 180 monthly payments of $114.73. 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.