Navy Federal Student Loan Refinance and Private Loans: Solid Parent Refi But Not the Most Affordable

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Our take: Navy Federal is a solid option for military members and their families, but we recommend comparison shopping to ensure you find the most affordable solution. Compare the best student loan refinance companies and private student loans.

Student Loan Refinance

• No application or origination fees
• Autopay discount
• Job search resources
• Parents can consolidate loans for multiple students

• High interest rates
• Only available to members
• Inflexible repayment terms

Rates (APR)	Starting at 4.85%
Repayment terms	5, 10, or 15 years

Private Student Loans

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• Easy approval with cosigner
• Autopay discount
• Job search resources

• High interest rates
• Only available to members
• Inflexible repayment terms
• Limited repayment assistance

Rates (APR)	Starting at 5.50%
Loan amounts	Up to the school-certified cost of attendance
Repayment terms	5 or 10 years

Table of Contents

1. Student loan refinance
   1. Rates and terms
   2. Eligibility
   3. How to apply
   4. Alternatives
2. Student loans
   1. Rates and terms
   2. Eligibility
   3. How to apply
   4. Alternatives
3. Navy Federal customer reviews and reputation
4. Navy Federal pros and cons
5. How to contact Navy Federal
6. Final verdict: Is Navy Federal right for you?
7. FAQ

Navy Federal student loan refinance

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Refinance Student Loans

• No application or origination fees
• Autopay discount
• Job search resources
• Parents can consolidate loans for multiple students

• High interest rates
• Only available to members
• Inflexible repayment terms

Rates (APR)	Starting at 4.85%
Repayment terms	5, 10, or 15 years

Navy Federal Credit Union offers student loan refinancing for both graduates and parents. While not the most competitive option on the market—rates start higher, and repayment terms are limited—it can be a decent choice for current Navy Federal members who value in-house convenience.

A standout feature is the parent refinance loan, which lets parents consolidate loans for multiple children—even if those students are still in school. All borrowers also get access to free career resources, including resume tools, job search training, and a job-tracking dashboard.

Repayment terms include five, 10, and 15 years, and you can get a 0.25% interest rate reduction for enrolling in autopay. If you apply with a cosigner, you can request cosigner release after 12 on-time monthly payments.

Rates and terms

Fixed rates (APR)	Start at 4.85% with autopay
Variable rates (APR)	Start at 6.48% with autopay
Rate discounts	0.25% for autopay
Repayment terms	5, 10, or 15 years
Cosigner release	After 12 on-time full payments
Fees	None

Eligibility

To qualify for a Navy Federal student loan refinance, you must:

• Be a U.S. citizen or legal resident
• Live in any of the 50 states
• Be a legal adult in your state (typically 18 or older)
• Be a graduate of an eligible school (not required for parents)
• Have a monthly income of at least $2,000, or at least $100 if applying with a creditworthy cosigner who earns $2,000+
• Be a member of Navy Federal Credit Union

How to apply

Refinancing your student loans with Navy Federal can help you secure a lower interest rate, reduce monthly payments, or adjust your repayment term. The process is designed to be user-friendly and efficient:

1. Confirm eligibility: Do you (or your cosigner) meet the criteria described above?
2. Prepare necessary information:
   • Personal and contact details
   • Information about loans to be refinanced
   • Proof of income and employment
3. Complete the online application:
   • Visit Navy Federal’s refinance application page
   • Fill out the application form with the collected information
   • Optionally, include a cosigner to enhance approval chances or secure better rates
4. Submit required documents: Upload proof of graduation, income, and any other requested documents
5. Finalize the loan:
   • Upon approval, review the new loan terms
   • Sign the loan agreement electronically
   • Navy Federal will pay off your existing loans, consolidating them into a new loan with the agreed terms

Alternatives to Navy Federal refinance

Navy Federal’s refinance loan can work for the right borrower, but for most people, other lenders offer lower rates, more flexible terms, and better benefits. Here’s how it compares:

Navy Federal vs. Credible

Credible isn’t a lender itself—it’s a marketplace that shows you prequalified refinance offers from multiple lenders. It’s a fast way to compare rates and terms and usually yields better options, especially if you’re not already a Navy Federal member.

Navy Federal vs. SoFi

SoFi offers financial planning, discounts, and more competitive rates. It also offers greater term flexibility and doesn’t require credit union membership.

Navy Federal vs. Earnest

Earnest lets you choose any repayment term between five and 20 years, giving you more control over your monthly payments. It also includes a skip-a-payment option once a year. Rates are usually lower than Navy Federal’s, and there’s no membership requirement.

Navy Federal private student loans

3.5 _/5

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Private Student Loans

• Easy approval with cosigner
• Autopay discount
• Job search resources

• High interest rates
• Only available to members
• Inflexible repayment terms
• Limited repayment assistance

Rates (APR)	Starting at 5.50%
Loan amounts	Up to the school-certified cost of attendance
Repayment terms	5 or 10 years

Navy Federal Credit Union offers private student loans for current undergrads and grads, but these loans fall short in several areas. They have higher starting interest rates than most competitors, offer only two repayment terms (five or 10 years), and lack comprehensive repayment assistance. They’re also only available to credit union members, which can be a hurdle if you’re not connected to the military.

On the plus side, Navy Federal offers a small autopay discount, basic in-school payment options, and career development tools like resume builders and job search training. Most borrowers will need a cosigner: The income requirement is steep for full-time students.

Rates and terms

Fixed rates (APR)	Starting at 5.50%
Variable rates (APR)	Starting at 7.79%
Rate discounts	0.25% for automatic payments
Loan amounts	Up to 100% of costs
In-school repayment plans	Full, interest-only, or flat
Repayment terms	5 or 10 years
Grace period	6 months
Repayment assistance	None—possible deferment or forbearance on a case-by-case basis, but it’s limited
Cosigner release	After 24 on-time payments
Fees	Late payment
Unique features	Career assistance program offering online job search training, job-finding strategies, job-tracking dashboard, and resume builder

Eligibility

To qualify for a Navy Federal private student loan, you must:

• Be a member of Navy Federal Credit Union, which generally requires military affiliation
• Be a U.S. citizen or legal resident
• Be a legal adult in your state (typically age 18+)
• Be a full-time student at an eligible college or university
• Have a minimum annual income of $15,000, or apply with a cosigner who meets income and credit requirements

How to apply

Applying for a Navy Federal student loan is straightforward. Here’s how to apply:

1. Verify eligibility: Do you (or your cosigner) meet the eligibility requirements above?
2. Gather necessary information:
   • Personal identification (e.g., driver’s license or passport)
   • School details and expected graduation date
   • Financial information, including income and employment details
3. Complete the online application:
   • Visit Navy Federal’s student loan application page
   • Fill out the application form with the gathered information
   • Optionally, add a cosigner to potentially improve loan terms
4. Submit required documentation:
   • Provide proof of income and any other requested documents
   • Documents can be uploaded directly through the application portal
5. Review and sign the loan agreement:
   • Once approved, review the loan terms
   • Sign the loan agreement electronically
   • Funds will be disbursed to your school according to its schedule

Alternatives to Navy Federal

Several other private student loan lenders offer lower rates, more flexible repayment options, and better borrower benefits. Here’s how Navy Federal compares:

Navy Federal vs. College Ave

College Ave consistently ranks as one of the best private student lenders. It offers more repayment flexibility—including up to 15-year terms—and unique perks like a 1% cash-back graduation reward. It’s also easier to qualify without a military affiliation.

Navy Federal vs. Earnest

Earnest offers flexible repayment plans and lower starting rates. Like with its refinance loans, you can customize your term length. It also includes a skip-a-payment option once a year, something Navy Federal doesn’t offer.

Navy Federal vs. SoFi

SoFi offers benefits like deferment, forbearance, and financial planning, along with lower rates for well-qualified borrowers. SoFi also lets you check your rate without affecting your credit, unlike Navy Federal.

Navy Federal vs. Credible

Credible isn’t a lender but lets you compare prequalified offers from multiple lenders at once. It’s a fast, no-obligation way to find better rates and more generous loan terms than what Navy Federal typically offers.

Navy Federal customer reviews and reputation

Customer feedback on Navy Federal student loans is mixed. The credit union earns a strong rating on Trustpilot, while reviews on Google are more neutral—and its Better Business Bureau (BBB) score is notably low.

Much of the praise centers on Navy Federal’s general customer service and banking experience, rather than student loans specifically. Concerns often cite limited loan flexibility or difficulty navigating the eligibility and membership requirements. Compared to other lenders, Navy Federal’s student loan reviews suggest a more average borrower experience.

Source	Customer rating	Number of reviews
Trustpilot	4.5/5	41,898
Better Business Bureau (BBB)	1.15/5	308
Google	2.7/5	176

Does LendKey offer Navy Federal student loans and refinancing?

Yes—Navy Federal Credit Union partners with LendKey to offer its private student loans and student loan refinancing. LendKey provides the online platform that powers Navy Federal’s application and loan servicing process, while Navy Federal supplies the funding.

That means when you apply for a student loan or refinance through Navy Federal, you’re technically applying through LendKey’s infrastructure—but the loan itself is branded and backed by Navy Federal. You’ll still need to meet Navy Federal’s membership and eligibility requirements to qualify.

Navy Federal pros and cons

Pros

• No application or origination fees

• Autopay discount available

• Access to job search and resume tools

• Easy approval with a cosigner (for private student loans)

• Parents can refinance loans for multiple students

• Serves military families and credit union members

Cons

• Higher interest rates than most competitors

• Limited repayment terms (5 or 10 years for private; 5, 10, or 15 for refinance)

• Limited repayment assistance and flexibility

• Available only to Navy Federal members

• Private loans lack options like cosigner release

How to contact Navy Federal

You can reach Navy Federal Credit Union customer service through the following methods:

• Phone: 1-888-842-6328 (24/7 support)
• Website: navyfederal.org (Includes live chat and account messaging)
• Branches: More than 360 locations worldwide

Final verdict: Is Navy Federal right for you?

Navy Federal’s student loan and refinance products may work for a small subset of borrowers, especially those who are already members or want to keep all finances under one roof. Those who value access to career tools and straightforward fixed-rate options may find it appealing, particularly for parent loan refinancing.

However, higher interest rates, inflexible repayment terms, and the lack of features like cosigner release or hardship assistance mean most borrowers can likely find better options elsewhere. Earnest, SoFi, or College Ave may offer more competitive rates, more flexible terms, and broader eligibility.

For most people, especially those outside the military or without strong existing ties to Navy Federal, it’s worth comparing offers before committing.

FAQ

Does Navy Federal offer private or federal student loans?

Navy Federal offers private student loans and refinancing. It does not provide federal student loans, which are administered through the U.S. Department of Education. Private student loans from Navy Federal can help cover the gap between your financial aid package and the cost of tuition.

What credit score do you need for Navy Federal student loans?

To qualify for a Navy Federal student loan, borrowers typically need a good to excellent credit score, often starting around 670 or higher. However, fair- or bad-credit borrowers with a cosigner may be eligible.

How long does it take to get a Navy Federal student loan?

The approval and funding process for Navy Federal student loans can vary, but it typically takes about two to three weeks from the time you submit your application to get the funds. This time frame includes the application review, credit check, and disbursement process.

What types of student loans does Navy Federal offer?

Navy Federal offers undergraduate and graduate private student loans to help cover tuition, books, and other educational expenses. It also provides student loan refinancing options for those looking to consolidate and lower the interest rate on their current loans.

Does applying with Navy Federal hurt my credit?

When you apply for a Navy Federal student loan, the lender conducts a hard credit inquiry, which may cause a small, temporary drop in your credit score. However, this impact is often minor, and your score will recover with responsible credit behavior.

Does Navy Federal require a cosigner?

A cosigner may be required for Navy Federal student loans if the borrower doesn’t meet the credit or income requirements on their own. A cosigner can also help applicants secure better interest rates or improve their chances of approval.

Does Navy Federal offer repayment assistance for its student loans?

No, Navy Federal does not offer dedicated repayment assistance programs for its private student loans, such as income-driven repayment plans or forgiveness options that are available for federal loans. 

However, if you are struggling to make payments, contact Navy Federal. It may provide temporary relief options in certain situations, though this is on a case-by-case basis. You could also consider refinancing your loans for better rates or terms to make payments more manageable.

Can Navy Federal student loans be forgiven?

Navy Federal student loans are private, which means they are not eligible for federal forgiveness programs, such as Public Service Loan Forgiveness (PSLF) or income-driven repayment forgiveness. However, you may explore other options, including refinancing or seeking employer-based repayment assistance programs.

How we rated Navy Federal Credit Union

We designed LendEDU’s editorial rating system to help readers find companies that offer the best student loans. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.

We compared Navy Federal to several student loan lenders, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take is represented in our rating, recapped below.

Product	Rating
Navy Federal student loan refinance	Not rated
Navy Federal student loans	3.5/5