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Navy Federal Student Loans 2019 in United States (U.S.).
Navy Federal Student Loans 2019 – Navy Federal Credit Union is an organization that offers private student loans and student loan refinancing, which it calls private consolidation. Both products are only offered to members of Navy Federal.
To be eligible for membership, you must be active in duty, reserve, retired or a veteran of the military; a Department of Defense civilian worker 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.
This article is all about the Navy federal student loan.
Navy Federal Student Loan
Established in the year 1933, the Navy Federal Credit Union (NFCU) has serviced the financial needs of active duty military members, reserve members, and veterans, including those in the Navy, Army, Marine Corps, Air Force, and also the Coast Guard.
Currently, Navy Federal has over eight million members and provides a full array of financial products and services including auto loans, personal loans, and checking and savings accounts.
In addition to those services, NFCU has partnered with LendKey, a New York-based lending platform, to offer both private student loans and student loan refinancing to eligible credit union members.
Navy Federal Credit Union private consolidation loan
Navy Federal’s consolidation loan replaces one or more student loans with a single, lower-rate loan. It is one of the few refinance loans available for borrowers who have an associate degree.
It allows borrowers to get up to 18 months of forbearance. There are no other deferment options.
Navy Federal Credit Union Student Loan Refinancing at a Glance:
- Only available to existing Navy Federal Credit Union customers.
- Borrowers cannot refinance PLUS loans or a parent’s loan in their own name.
- Up to 18 months of forbearance.
To be suitable for Navy Federal Credit Union student loan refinancing, you must:
- Be a Navy Federal Credit Union member
- Make at least $2,000 a month
- Have three years of established credit history
- Have a degree from an eligible school
- Be a US Citizen or permanent resident
- Be the age of majority in your state
Navy Federal Credit Union does not have any hard credit score requirements, though it will judge you or your cosigner’s general creditworthiness based on factors like your credit score, your debt-to-income ratio, and your credit history.
If you have trouble meeting Navy Federal Credit Union’s income requirement or want to be eligible for a more competitive rate, you can apply with a cosigner.
What to Expect when Signing Up
Before you can apply for Navy Federal Credit Union student loan refinancing, you have to become a member. You are eligible for membership if you fall into one of the following categories:
- An active duty member of the Army, Marine Corps, Air Force, Navy or Coast Guard
- A member of the Army and Air National Guard
- A participant in the Delayed Entry Program (DEP)
- A Department of Defense officer candidate
- A ROTC member
- A department of Defense reservist
- A veteran, retiree, an annuitant of the US armed forces
- A Department of Defense employee
- A Department of Defense contractor assigned to US government installations
- A Department of Defense retiree and annuitant
- A US government employee assigned to Department of Defense installations
- An immediate relative of a current member
You can sign up to be a member by completing a quick online application that should not take more than 10 minutes. Once you are officially a member, you are ready to start your application.
- Go to Navy Federal Credit Union’s website, hover over Loans & Credit Cardsin the main navigation bar and tap on Student Loans.
- Scroll down to Consolidation Loans and tap on Learn More.
- Hit Start Now.
- Fill out the required fields in the application, making sure to read the terms and conditions before submitting it.
If you are applying with a cosigner, LendKey will ask you to provide their email address so it can send them a link to their part of the application.
- Wait between one and three days to get conditional approval and potential loan offers.
- Choose a potential offer and upload any requested documentation for you and your cosigner.
- Carefully read and sign your new promissory note.
- Wait for Navy Federal Credit Union to disburse funds to your lenders.
The whole application process can take between two and five weeks from start to finish.
1. How does the Navy Federal Credit Union protect my personal information?
Navy Federal Credit Union and LendKey use SSL encryption to protect all information you enter online. It also automatically signs you out if you’re inactive.
It also stores all sensitive information like your Social Security number at an off-site data center.
Navy Federal Credit Union only shares your personal information with third parties for steps involved in the loan application and repayment process.
It does not share your personal information with other establishments for marketing purposes.
2. How does cosigner release work?
You can qualify for cosigner release after you have made 12 consecutive, on-time, full repayments. You also need to meet the Navy Federal Credit Union’s credit and income requirements on your own.
Applying for a cosigner release involves a hard credit check and can temporarily lower your credit score.
3. Can I become a member if I’m a stepchild of a member?
You can. Natural, adopted and stepchildren of current members are all eligible for membership with Navy Federal Credit Union
4. What’s a cosigner?
A cosigner is a creditworthy parent, grandparent, guardian, or another adult who’s willing to assume legal responsibility for the loan liabilities along with you. A cosigner must be a U.S. citizen or permanent resident.
5. Am I required to have a cosigner?
A cosigner will be required if you do not meet the credit and income requirements by yourself. A creditworthy cosigner increases the likelihood of loan approval and may lead to a lower rate.
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