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Navy Federal Credit Union Student Loans 2019 Reviews
Navy Federal Credit Union Student Loans – Navy Federal Credit Union offers private student loans and student loan refinancing, also called private consolidation and both products are only available for members of Navy Federal.
To be a qualified member, you must be active-duty, reserved, retired, or a veteran of the military; a Department of Defense civilian employee or contractor assigned to one of DOD’s facilities; or related to someone who fits one of those categories or who is already a member.
Navy Federal Credit Union has offered student loans since April 2015. Here are the reviews on Navy Federal Credit Union Student Loans.
How do the Navy Federal Credit Union Private Student Loans Work?
Navy Federal Credit Union is a direct private student loan provider that offers about $120,000 per year for undergraduate students and $160,000 for graduate students. You can apply online through the Navy Federal Credit Union website and join if you aren’t already a member.
Navy Federal Credit Union allows borrowers to bring on a cosigner to help you get a more competitive rate. However, both of you will need to meet eligibility criteria aside from credit and income requirements.
How Much Does it Cost?
Navy Federal Credit Union doesn’t charge any application or origination fees on its student loans, so the main cost you need to worry about is the interest. It offers two different types of interest rates, that is, fixed and variable.
The only fees you need to worry about come during repayment. Navy Federal Credit Union charges a $20 fee for late payments. If you’re enrolled in autopay and don’t have enough funds in your account, you’ll have to pay a $10 returned funds fee.
What are Your Repayment Options?
Navy Federal Credit Union offers two options for repaying your student debt while you’re in school and six months after you drop below half-time. They are:
1. Interest-only repayments: Only make payments on the interest that accumulates while you’re in school and during your grace period.
2. Proactive payments: Make $25 monthly repayments while you’re in school and during your grace period.
If you can swing it, consider the interest-only repayment option. Any interest that adds up during this period gets added to your loan’s principal before you start making repayments. A higher principal means you’ll end up paying more in interest in the end and will result in a potentially more expensive student loan.
You only have one repayment option after your grace period is up, which is full repayments. These stay the same if you have a fixed interest rate. If you have a variable interest rate, your repayments change every three months as your interest rate changes.
What are the Benefits of Navy Federal Private Student Loans?
1. Large amounts available: You can borrow more per year than some private student loan providers offer in a lifetime.
2. No fees: You don’t need to pay any fees to apply for this loan.
3. Autopay discount: Navy Federal Credit Union reduces your interest rate by 0.25% just for signing up for autopay.
How to Apply for a Navy Federal Private Student Loan?
Once your membership is active, here’s how to start the application:
1. Go to the Navy Federal Credit Union website; linger over “Loans & Credit Cards” before selecting “Student Loans”.
2. Click the yellow and white “Learn More” button.
3. Hit “Start now” to begin your application.
5. Review your application one last time before hitting “Submit”.
6. Wait to get conditional approval. Typically this only takes a few minutes, though it can take as long as one to three days.
7. Select an offer and upload your documents, including identity verification, a copy of your transcript if applicable and proof of income for you or your cosigner.
8. Sends your application to Navy Federal Credit Union for approval and to your school to certify your costs.
9. Review your final offer before signing the promissory note.
Usually, it takes about 10 minutes to complete the application. The whole funding process can be as long as 20 to 30 days, though it’s possible to complete everything in less time if you submit all of your documentation right away. You can apply each semester or each year.
When Should You Start the Application?
Navy Federal Credit Union encourages borrowers to apply as soon as possible, though applications for the next academic year don’t open until June. You can apply as soon as you know what school you’re going to, have proof of enrollment and know how much you need to borrow.
Can you use a Navy Federal Credit Union Student Loan as an International Student?
Unfortunately, the answer is no. Both you and your cosigner must either be US citizens or permanent residents to qualify.
How to Refinance with Navy Federal?
Before deciding on a student loan refinance lender, compare multiple student loans refinance options to make sure you’re getting the best rate you qualify for. In addition to interest rates, compare lenders’ repayment options and the flexibility they offer borrowers who are struggling to make payments. So, if you’re ready to refinance with Navy Federal Credit Union, you can apply on its website.
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