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NaviRefi student loan refinancing review

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Invitation-only loans for current Navient customers.

Navient has partnered with Earnest to offer NaviRefi student loan refinancing with low fixed rates and flexible repayment, deferment and forbearance options. But you’ll need to be invited to apply.

3.73% to 7.13%



Max. Loan Amount


Product NameNaviRefi
Minimum Loan Amount$5,001
Max. Loan Amount$250,000
APR3.73% to 7.13%
Interest Rate TypeFixed
Minimum Loan Term5 years
Maximum Loan Term20 years
RequirementsReceived offer letter, attended a Title IV school, $5,001+ student debt load, employed or steady source of income, age of majority, US citizen or permanent resident, not live in California, Delaware or Nevada

First, am I eligible?

To refinance your student loans with NaviRefi, you need to meet the following criteria:

  • Received offer letter from NaviRefi
  • Attended a school that’s eligible for Title IV federal student aid
  • At least $5,001 in student loans to refinance
  • Live in any state except California, Delaware or Nevada
  • Employed or have a steady source of income
  • US citizen or permanent resident
  • At least 18 years old or the age of majority in your state

What states is NaviRefi available in?

NaviRefi is available in every state except California, Delaware and Nevada.

However, it only offers fixed-rate loans in the following states:

  • Alaska
  • Colorado
  • Connecticut
  • Hawaii
  • Illinois
  • Kentucky
  • Massachusetts
  • Minnesota
  • Mississippi
  • New Hampshire
  • Ohio
  • Oklahoma
  • Tennessee
  • Texas
  • Virginia

How does refinancing with NaviRefi work?

NaviRefi offers invitation-only student loan refinancing to Navient customers through a partnership with Earnest. Students can refinance both private and federal student loans used for undergraduate and graduate degrees. How much you can refinance depends on the type of program you attended:

  • Undergraduate and master’s degree programs: $5,001 to $150,000
  • Medical, dental, pharmacy and veterinary doctorate programs: $5,001 to $250,000

Loan terms last anywhere from 5 to 20 years, though Kentucky residents who refinance $15,000 or less are limited to a maximum 10-year term.

How much will I pay to refinance?

NaviRefi charges no origination fees, so the main cost you need to worry about is interest. It offers both fixed- and variable-rate loans — though not in all states. While it doesn’t disclose its variable rates, its fixed rates range from 3.73% to 7.13% APR — fairly low, even compared to federal loan rates. In addition, it doesn’t charge any prepayment penalties, meaning you can save on interest by making extra repayments.

It doesn’t mention any fees for paying late, so you’ll need to contact NaviRefi before signing up for details about other charges you might incur.

Does NaviRefi offer discounts?

Like many student loan refinancing providers, NaviRefi offers a 0.25% interest rate discount for signing up for autopay.

What are my repayment options?

NaviRefi offers three repayment options to borrowers through its servicer, Navient:

  • Standard repayments. Make monthly repayments of principal and interest for the length of your loan term.
  • Rate reduction program. Navient temporarily reduces your interest rate for six months, giving you lower monthly repayments. Eligibility is based on financial need, and proof of income may be required.
  • Term and rate modification program. This works like the rate reduction program, but you’ll also be given a longer term. While this reduces your monthly repayments, you’ll end up paying more in interest in the long run.

Does NaviRefi offer deferment or forbearance?

Yes, if you’re going back to school, entering a fellowship or residency or are called to active-duty military service, you may qualify to put your repayments on hold. Just be aware that interest continues to accrue during the deferment period.

Once you begin making repayments again, that interest is capitalized and added to your loan balance. This means you’re effectively paying interest on interest, increasing the overall cost of your loan.

Hit a financial rough patch and having a hard time affording repayments? You may be able to reduce or suspend your monthly repayments through forbearance. However, like with deferment, interest is capitalized — making your loan that much more expensive to afford.

What about loan forgiveness and discharge?

Borrowers who are diagnosed with a total and permanent disability (TPD) may qualify to have their entire student debt load discharged. To apply, you need to complete the TPD application and provide either:

  • A physician’s certification that you’re totally and permanently disabled.
  • Documentation from the Department of Veteran Affairs showing you’re unemployable due to a service-connected disability.

In addition, surviving family members of a borrower may be able to have a loan discharged after death.

Compare more student loan refinancing options

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Top reasons to consider NaviRefi

From its low fixed rates to its forgiving repayment options, here are a few perks of borrowing through NaviRefi:

  • Competitive rates. While NaviRefi doesn’t disclose its variable rates, its fixed rates end where many federal student loan rates begin.
  • Multiple repayment options. NaviRefi offers flexible repayment plans, along with deferment and forbearance options, for borrowers struggling to make repayments, going back to school, entering a training program or called to active duty.
  • No origination fees or prepayment penalties. It’ll cost you nothing to refinance with NaviRefi. And you be off the hook for extra charges should you choose to pay off your loan early.

Why you might want to look elsewhere

Consider these potential drawbacks before refinancing your student loans with NaviRefi:

  • Must have an invitation code. NaviRefi’s loans are only available to current Navient customers. This means you’ll have to wait for a letter or email with an invitation code before you can apply.
  • Navient is facing a multistate lawsuit. Navient is in the throes of a class-action lawsuit for allegedly pushing borrowers into expensive repayment plans, ignoring complaints and incorrectly processing payments.
  • Not available in all states. If you live in California, Delaware or Nevada, you’ll need to consider another student loan refinancing provider. And it only offers fixed rates in 15 states.

What do borrowers say about NaviRefi?

Not much, as of March 2019. NaviRefi doesn’t have its own Better Business Bureau (BBB) page and instead shares a listing with its parent company, Navient. The student loan servicing giant is accredited with the BBB and earns an A+ rating based on factors like transparency and time in business. However, it only has a 1-star rating based on 135 customer reviews, and over 1,500 people have filed complaints against the company.

Most customers cite issues signing up for autopay, having payments applied incorrectly and applying for deferment and forbearance programs. This isn’t all that surprising given that the servicer is wrapped up in a class-action lawsuit with the Consumer Financial Protection Bureau (CFPB) and five states due to alleged deceptive practices that violated both state and federal law.

What to expect when signing up

Confirm you qualify by checking the eligibility requirements listed above. Good to go? You can apply online by following these steps:

  1. Go to the NaviRefi website and click Get My Rate.
  2. Enter your full name, invitation code and email address. Click Apply now.
  3. Follow the application steps, providing personal details like your Social Security number and date of birth.
  4. Click Submit and wait to hear back from NaviRefi.

If approved, your funds will be disbursed and repayments will begin 25 to 60 days later. You can find your official repayment due date by registering for a NaviRefi online account. If you need to change your due date, you can contact NaviRefi and request any day between the 3rd and the 22nd of the month.

What documents do I need to apply?

Make sure you have the following information on hand to speed up the application process:

  • Invitation code
  • Employer’s name
  • Total annual income — including salary, bonuses, investments, alimony and other forms of income
  • Social Security number

Who is my new loan servicer?

Because NaviRefi loans are currently only offered to Navient customers, your loan servicer will continue to be Navient. Unfortunately, this means any problems you had with the servicer may persist. And with Navient in the throes of lawsuits in several states, you might not want to continue working with a servicer that’s been accused of mishandling repayments.

Learn more about common problems with Navient student loan servicing — and how to avoid them — with our guide.

More about NaviRefi

NaviRefi is part of the Navient group of companies, which includes Earnest — the lender that finances its loans. As of March 2019, it offers no other products beyond student loan refinancing. However, you can explore our page on Earnest loans to learn about other products you might qualify for.

Bottom line

NaviRefi offers student loan refinancing through Earnest and Navient with competitive rates and flexible repayment options. But you’ll be unable to apply unless you receive an invitation code in the mail. And even if you do, you’re not guaranteed approval.

See how it stacks up to other lenders with our guide to student loan refinancing.

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