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Student Loans Student Loan Repayment BECU Student Loans Review 2025: Not-for-Profit Credit Union for Select Borrowers Updated May 21, 2025 10-min read Reviewed by Sarah Li Cain Reviewed by Sarah Li Cain Expertise: Personal loans, home loans, insurance planning, banking, small business Learn more about Sarah Li Cain View Rates Private Student Loans Not-for-profit, member owned credit union Serves Credit union serving Boeing employees and eligible borrowers in Washington, Idaho, and Oregon 10-year repayment plan for its student loans Partners with LendKey for servicing Cosigner release after 24 consecutive on-time payments Rates (APR)7.60% – 12.99% (as of May 2025)Loan amounts$2,000 – $100,000Repayment terms10 years Refinance Student LoansView Rates Refinancing for undergrads up to $100,000, $125,000 for grads and parents Must be a resident or student in Washington state, reside in select counties in Idaho or Oregon, or have an affiliation to BECU partners to qualify for membership No grace period for refinanced loans Rates (APR)6.99% – 11.49% (as of May 2025)Loan amounts$10,000 – $125,000Repayment terms5, 10, or 15 years Founded in 1935, Boeing Employees Credit Union (BECU) initially served Boeing employees, lending them money to purchase tools to do their jobs. The credit union now serves more than 1 million members, which consist of Boeing employees, residents, students, churchgoers, and business owners in Washington, Idaho, and Oregon. BECU offers a variety of banking and loan products, including checking and savings accounts, mortgages, student loans, home equity lines of credit, and personal loans. Overall, we found BECU’s private student loans and refinance student loans are more restrictive and have higher rates than other top-rated student loan lenders. However, it may be a good option if you are eligible to be a member and lending through a smaller, more personal institution is important to you. Here’s what to know about BECU student loans as you decide what’s best for you. Table of Contents BECU’s private student loans BECU’s refinance student loans Who’s eligible for BECU private and refinance student loans? Pros and cons of BECU’s student loans and refinance loans Alternatives to BECU FAQ BECU’s private student loans BECU private student loans offer more limited options than many of its competitors. For one, only a 10-year private student loan term is available, which may not be sufficient for those seeking shorter or longer terms. Borrowers are also required to make payments while still in school—not all lenders have this requirement. A six-month grace period applies upon graduation, during which you’re not required to make principal-and-interest payments. This is in line with what many student loan lenders offer. BECU’s students don’t necessarily have the lowest rates out there, but those who opt into autopay may qualify for 0.25% rate discount. BECU does allow borrowers with limited credit history to apply with a cosigner for a better rate. It also allows for cosigner release after making consecutive payments for 24 months. However, the restrictive credit union requirements may limit who can take out loans. As of March 2024, you must be a resident, student, employee, business owner, or other qualified individual in Washington, Idaho, and Oregon to become a member. Rates, terms, and more Rates for BECU student loans at the time of writing are higher than other popular student loan lenders. Below, you can review BECU student loans rates, terms, and other notable features. TermDetailsRates7.60% – 12.99% APRLoan amounts$2,000 – $100,000Repayment terms10 yearsIn-school repaymentInterest only or $25/monthGrace period6 monthsCosigner releaseAfter 24 months of consecutive on-time loan paymentsFeesNo origination fees or prepayment penaltiesUnique features2 in-school payment options; Rate discount for autopayRates in May 2025 Boeing credit union student loan repayment BECU partners with Lendkey to service its student loans. Its student loans have a 10-year repayment term, and borrowers have two in-school repayment options: Fixed $25 monthly payment Interest-only payments at a $25 minimum Each payment option comes with different starting APRs—the $25 monthly payment option has a lower rate. The in-school payments are on par with what other lenders offer, but most offer more choices in repayment terms. BECU, on the other hand, offers no choice. Everyone is limited to the 10-year term. Once you graduate from your school program or are no longer enrolled half-time, BECU gives you a six-month grace period before starting full principal-and-interest loan payments. Otherwise, your full repayment period will start 60 months after your loan is disbursed for an undergraduate program or 48 months for a graduate program (if earlier than your graduation date). During the full repayment period, your minimum payment is $50 per month. A 10-year repayment period could mean paying more in interest than loans with shorter terms because you’ll make more interest payments. If you prefer a shorter repayment term, you’ll have to go elsewhere. One benefit with BECU student loans is the credit union offers 0.25% off your interest rate if you opt in to autopay. Some lenders also offer this type of discount. BECU’s refinance student loans BECU’s student loan refinancing options are on par with many other lenders’ refinance product. Rates are competitive, but your exact rate depends on factors including your credit score and income. You could apply with a cosigner to increase your odds of qualifying for a loan. Unlike some lenders, with BECU, you can release your cosigner after 24 months of on-time and consecutive payments. The maximum amount you can refinance will depend on the type of loans you have. BECU only allows refinancing for undergraduate loans up to $100,000. The maximum for graduate loans or those parents took out is $125,000. The minimum refinancing amount is higher than we’ve seen with other competitors. Even if you want to refinance with BECU, you may not be able to if you can’t meet its credit union membership requirements. You must be a resident or student in Washington state, reside in select counties in Idaho or Oregon, or have an affiliation to BECU partners to qualify for membership. If not, other options will be more suitable. Rates, terms, and more BECU’s student loan refinancing rates are similar to what many competitors offer, but your offer will depend on your credit profile and other factors. The minimum refinance amount at $10,000 is higher than many other lenders, and the maximum amount is lower. Unlike its private student loans, BECU’s refinance loan offers several repayment term options but no grace period. TermDetailsRates6.99% – 11.49% APRLoan amounts$10,000 – $125,000Repayment terms5, 10, or 15 yearsCosigner releaseAfter 24 months of consecutive on-time loan paymentsFeesNo origination fees or prepayment penaltiesUnique featuresAutopay rate discountRates as of May 2025 BECU student loan refinance repayment BECU’s student loan refinancing is also serviced through Lendkey. The lender will work with you on which loans you want to refinance, whether one or multiple loans. You must log in to your account online through Lendkey to manage your loan or call 866-291-6868 to speak with a representative. When refinancing, you can choose between three repayment terms: five, 10, or 15 years. BECU allows applicants to refinance the following types of student loans: Federal student loans Private student loans from other lenders Federal student loans taken out by parents (e.g., PLUS loans) Loan terms and refinancing options are on par with other student loan lenders that offer refinancing. You get flexibility as to how soon you want to pay off your loans. For example, if you want to refinance to pay off your loan faster, you can opt for the five-year term. Those wanting to lower their monthly payments may choose to extend their repayment term to 15 years. The longer the term, the more you could pay in interest. Who’s eligible for BECU private and refinance student loans? Only BECU members are eligible for in-school and refinance student loans. The lender recommends cosigners if you think it will increase your chances of getting approved. Borrowers must be at the legal age in their state of residence and be enrolled in an eligible school or graduated from one for refinancing. Parents who are BECU members with a valid Social Security number can also refinance Parent PLUS or qualifying private student loans. The credit union doesn’t mention minimum credit or income requirements. Check with BECU to see what you may qualify for. RequirementDetailsCitizenshipU.S. citizen or resident with a valid Social Security numberState of residenceMust meet credit union membership requirements, which include being a student in one of three qualifying states (Washington, Idaho, and Oregon)Minimum age18 or legal adult in your state of residenceEnrolled schoolMust be in a qualifying educational institutionEnrollment/graduation statusEnrolled at least half-time (student loan) or graduated from a qualifying school (refinance) Pros and cons of BECU’s student loans and refinance loans Here are several benefits and drawbacks of this credit union’s student loan and refinance options. Pros Autopay available BECU’s student loan and refinancing options offer a 0.25% on interest rates if you choose automatic payments. Choose in-school repayment and refinance options Borrowers can choose between two options for in-school payments for their student loans and can choose from three loan terms on refinance loans. Cosigner option available Applicants can enlist a cosigner on their loan application, which can increase chances of getting approved for a student loan, especially if the cosigner has excellent credit. Cosigner release available Not all lenders let borrowers remove cosigners without refinancing to a new loan. As long as you can make 24 months of on-time consecutive payments to BECU, you can request to release your cosigner. Cons High minimum loan amount At $10,000, this minimum loan amount is higher than other lenders, such as SoFi and Sallie Mae. If you only need several thousand to fill in funding gaps, BECU may not be for you. Credit union membership required Borrowers need to become a member of the credit union to apply for a loan. You can bypass these requirements by applying with a credit union with fewer restrictions, a bank, or an online lender, such as College Ave. Not available nationwide Student loans and refinancing are only available to credit union members who reside in certain states or are employees of Boeing. Limited repayment options BECU only offers a 10-year repayment term for student loans, unlike other lenders, which generally offer several choices. Alternatives to BECU Based on our research, BECU student loans don’t stand out for loan-specific details. They have higher rates, restrictive eligibility, and limited terms. However, you might choose the credit union if you can become a member or already are, and want a community-based, not-for-profit feel. Still, we recommend shopping around to find the best student loan for you. Here is how BECU compares to come of the best private student loan and refinance student loan lenders we’ve reviewed. Best private student loans CompanyWhat to knowOur ratingCollege AveBest overall national student loan lender5/5Sallie MaeNational lender with shorter cosigner release (after 12 payments)4.8/5EarnestNational lender offering five repayment term choices4.7/5 Best refinance loans CompanyWhat to knowOur ratingSoFiBest overall national student loan refinance lender5/5ELFINational lender with personalized service4.7/5EarnestOffers repayment perks, like ability to skip one payment annually4.6/5 We also recommend comparing BECU to our top choices for credit union student loans. Many of these credit unions offer that same community-based service, and are worth considering before making your decision. FAQ Can I refinance my student loans with another lender with BECU? Yes, you can refinance your BECU student loan with another lender. Most private lenders allow you to refinance existing student debt regardless of where it originated, including loans from BECU. Keep in mind that refinancing federal student loans with a private lender, whether it’s BECU or another institution, means you lose access to federal benefits like income-driven repayment plans and forgiveness options. If I have a student loan from BECU, can I get other loans through it? Yes, having a student loan from BECU does not prevent you from applying for or receiving other loans through the credit union. In fact, BECU offers a variety of lending products that may suit different financial needs. Other loans BECU offers include: HELOCs (home equity lines of credit). BECU offers flexible HELOCs with competitive rates and no annual fee. These lines of credit let you borrow against your home’s equity as needed, which can be useful for ongoing projects or expenses. Auto loans. BECU auto loans are known for low interest rates and may include features like refinancing options, fast pre-approvals, and extended loan terms for both new and used vehicles. Personal loans. BECU’s personal loans can be used for various purposes, including consolidating debt or covering large expenses. They often come with fixed rates and flexible terms, with no origination or prepayment fees. Rates for all loan products vary depending on your creditworthiness, loan amount, and term. BECU may offer competitive rates, especially for members in good standing. It’s always a good idea to check current rate details on BECU’s official website or speak with a loan officer to get personalized information.