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Starting at 4.89%
APR
$120,000
Max. Loan Amount
Varies
Min. Credit Score
| Product Name | Navy Federal Credit Union Private Student Loans |
|---|---|
| Minimum Loan Amount | $2,000 |
| Max. Loan Amount | $120,000 |
| APR | Starting at 4.89% |
| Interest Rate Type | Variable |
| Minimum Loan Term | 5 years |
| Maximum Loan Term | 15 years |
| Requirements | Attend an eligible school, make at least $15,000 a year, have at least 36 months of credit history,be enrolled at least half-time, maintain a 2.0 GPA, be the age of majority in your state, be a member of the Navy Federal Credit Union, US citizen or permanent resident |
To be eligible for a Navy Federal Credit private student loan you must:
To find out if your school is eligible, start the application and try typing in your school’s name. If it shows up, it’s eligible. You can bring on a cosigner if you don’t meet Navy Federal Credit Union’s credit or income requirements.
Navy Federal Credit Union is a direct private student loan provider that offers up to $120,000 a year for undergraduate students and $160,000 for graduate students. You can apply online through the Navy Federal Credit Union website — and join if you aren’t already a member. While Navy Federal Credit Union funds student loans, all applications, customer service and repayments go through its servicer, LendKey.
Navy Federal Credit Union allows borrowers to bring on a cosigner to help you get a more competitive rate. However, both of you will need to meet eligibility criteria aside from credit and income requirements.
Navy Federal Credit Union doesn’t charge any application or origination fees on its student loans, so the main cost you need to worry about is the interest. It offers two different types of interest rates: Fixed and variable.
The only fees you need to worry about come during repayment. Navy Federal Credit Union charges a $20 fee for late payments. If you’re enrolled in autopay and don’t have enough funds in your account, you’ll have to pay a $10 returned funds fee.
Navy Federal Credit Union offers two options for repaying your student debt while you’re in school and six months after you drop below half-time.
If you can swing it, consider the interest-only repayment option. Any interest that adds up during this period gets added to your loan’s principal before you start making repayments. A higher principal means you’ll end up paying more in interest in the end and will result in a potentially more expensive student loan.
You only have one repayment option after your grace period is up: Full repayments. These stay the same if you have a fixed interest rate. If you have a variable interest rate, your repayments change every three months as your interest rate changes.
LendKey is the servicer for NFCU’s student loans, which means you’ll make repayments to LendKey — not NFCU. The servicer has received complaints of poor customer service and mismanaged repayments, so you’ll want to keep an eye on your loan balance if you decide to go with NFCU.
Once your membership is active, here’s how to start the application:
Typically it takes about 10 minutes to complete the application. The whole funding process can be as long as 20 to 30 days, though it’s possible to complete everything in less time if you submit all of your documentation right away. You can apply each semester or each year.
Students with high academic costs that federal loans just won’t cover could potentially get the most out of this lender. Rates are slightly higher than the competition, however, and you or a relative needs to be a member of the US armed forces or Department of Defense to get any Navy Federal Credit Union loans.
Check out our guide to private student loans to compare lenders and learn more about how student loans work.
