Student Loan Refinance Rates

Variable Rate Solution

The Annual Percentage Rate (APR) for our student loan refinance program is variable1 and is based on the 1-Month LIBOR index2 plus a margin. The rate you receive depends upon the credit qualifications of the borrower or cosigner (if applicable) and the repayment term selected. 

The current offered rates are3:

  • 5-Year Repayment Term:
    Rates between 7.25% and 7.75% APR

  • 10-Year Repayment Term:
    Rates between 7.51% and 8.00% APR

  • 15-Year Repayment Term:
    Rates between 7.75% and 8.25% APR

Your interest rate is calculated by adding the Index in effect plus a Margin4.

Rates shown include a 0.25% discount for optional enrollment in automatic electronic payments.

 

Fixed Rate Solution

The Annual Percentage Rate (APR) for our student loan refinance program is fixed5 for the life of the loan. The rate you receive depends upon the credit qualifications of the borrower or cosigner (if applicable) and the repayment term selected. 

The current offered rates6 are:

  • 5-Year Repayment Term:
    Rates between 6.74% and 8.24% APR

  • 10-Year Repayment Term:
    Rates between 7.74% and 9.24% APR

  • 15-Year Repayment Term:
    Rates between 8.24% and 9.74% APR

Rates shown include a 0.25% discount for optional enrollment in automatic electronic payments.

 

All loans are subject to approval and restrictions may apply. We reserve the right to change rates for new applications at any time and without notice. Credit union membership and a minimum share deposit is required. Contact us for membership details. All borrowers must elect immediate principle and interest payments with a minimum monthly payment of $100.
 

Important:  Please remember that federal loans do offer certain benefits and protections that do not transfer to a private loan. By refinancing your federal student loans to a private loan you will lose any federal benefits that may apply to you. Please review this important disclosure for more information.

 

Important Disclosures and Repayment Examples:

  1. The Annual Percentage Rate is subject to increase after consummation. Your interest rate is variable and may be adjusted quarterly on each January 1, April 1, July 1 and October 1 (Adjustment Date) based on the 1-month LIBOR index as published in the Wall Street Journal on the first business day of the month immediately prior to the Adjustment Date (e.g., December, March, June and September). Any increase in the index may increase the APR and the amount of your monthly payment.

  2. The "Index" for the quarter beginning October 1st, 2018, is 2.22%, which was the 1-month LIBOR index published in the Wall Street Journal on the first business day of September 2018.

  3. Current offered rates are calculated using the Index and Margin value(s) in effect. Your specific Index, Margin, and/or credit approval depends upon the credit qualification of the student borrower or cosigner (if applicable). Applicants may apply with a creditworthy cosigner which may result in a better chance of approval and/or lower interest rate.

  4. Margin will be disclosed upon approval. This Margin is added to the Index to determine the calculated interest rate. The APR will not exceed 18.00%, regardless of the Index. 

  5. Your interest rate is fixed and your rate and/or credit approval depends upon the credit qualifications of the student borrower or cosigner (if applicable).

  6. Your actual rate within the range stated will be disclosed upon approval. Student borrowers may apply with a creditworthy cosigner which may result in a better chance of approval and/or lower interest rate.

 

Repayment examples:
Examples provided use highest current offered rate in effect for each repayment term and assume a constant interest rate on a $50,000 loan amount. Rates shown include a 0.25% discount for optional enrollment in automatic electronic payments.  

Variable Interest Rate Solution

  • 5 year loan term: with a 7.75% APR, the monthly payment will be $1,007.85. Finance charges will be $10,470.88.

  • 10 year loan term: with a 8.00% APR, the monthly payment will be $606.64. Finance charges will be $22,796.56.

  • 15 year loan term: with a 8.25% APR, the monthly payment will be $485.07. Finance charges will be $37,312.63.

Fixed Interest Rate Solution

  • 5 year loan term: with a 8.24% APR, the monthly payment will be $1,019.57. Finance charges will be $11,174.20.

  • 10 year loan term: with a 9.24% APR, the monthly payment will be $639.89. Finance charges will be $26,786.80.

  • 15 year loan term: with a 9.74% APR, the monthly payment will be $529.38. Finance charges will be $45,288.40.

 

 

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