How to refinance your student loans through a credit union

When you refinance your student loans, a credit union is an option where you might find a lower interest rate and favorable terms. Unlike banks, which are for-profit organizations, credit unions are not-for-profit, member-owned organizations. Because of this, they may offer more reasonable interest rates to their members. 

Keep reading for insight into credit union refinance loans, including the benefits and downsides. 

Credible makes it easy to compare student loan refinance rates from various lenders, all in one place.

The following four credit unions offer student loan refinancing. Of these, only PenFed is a Credible partner lender.

When you refinance your student loans with First Tech Federal Credit Union, you won’t have to worry about application or origination fees. You can choose a loan term of five, seven, 10, or 15 years, and you can refinance loans up to $500,000.

Military service members, veterans, and their families can qualify for refinancing through Navy Federal Credit Union. The credit union offers a 0.25% interest rate reduction when you sign up for automatic payments.

With PenFed, both students and parents of students can refinance loans. The credit union doesn’t charge fees, and it says its application can be completed in less than 15 minutes. 

With Service Credit Union, you can refinance both private and federal student loans, including PLUS Loans, up to $150,000. The credit union offers five-, 10-, and 15-year repayment terms and has no origination fees or prepayment penalties.

With Credible, you can compare student loan refinance rates from multiple lenders in minutes.

If you decide that refinancing your student loans is the right move for you, take these steps to complete the process with a credit union: 

You have quite a few options when it comes to refinancing your student loans, and a credit union is just one of them. If you’re considering refinancing through a credit union, keep these advantages and disadvantages in mind: 

Before you refinance your student loans, it’s important to compare various lenders to get the best rates and terms for your situation. The last thing you want to do is overspend on your new loan. You can start by checking out local credit unions first, as qualifying with a local one may be easier. 

With Credible, you can easily compare student loan refinance rates without affecting your credit score.