Navy Federal Student Loan Refinance Review

Navy Federal offers fixed and variable-rate 5, 10 and 15-year repayment terms. A unique feature of this lender that could be beneficial for many borrowers is that it allows for the debt across multiple children in a family to be combined. Parents can qualify to refinance their student loan debt even before their child has graduated, but students will need to earn their degree to qualify.

You do not need to have a cosigner to qualify for a Navy Federal refinance loan, but it will help you qualify if you don’t make enough money or have a good enough credit history yourself. You may apply for cosigner release after making 12 consecutive on-time loan payments if you meet credit and income requirements and your loan is not in forbearance. The minimum loan amount for students and parents is $7,500 and maximum loan amount for undergraduate loans is $125,000 and for graduate loans is $175,000.

To qualify for Navy Federal student loan refinancing, you need to already be a Navy Federal member, and membership is restricted to members and family members affiliated with the U.S. military. Membership includes active-duty servicemembers, retirees and veterans of all branches of the military; immediate family members of those that serve or have served in the military, including minors; and U.S. Department of Defense civilians. This restricts many people from access, making their loans a less attractive option overall. But once you’re a member and borrower, you’ll receive job and career assistance.