Student Loan Refinance | Wright-Patt Credit Union (2024)

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Special Limited Time Offer: Refinance and enjoy no payments and no interest for 3 months and get $350!

IMPORTANT: Interest and payments on federal student loans have resumed. Visit studentaid.gov for details. Carefully consider your options before refinancing federal student loans, as they will no longer qualify for current and future federal benefits once refinanced with a private lender.

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Important Disclaimers

Student Loan Refinance | Wright-Patt Credit Union (1)

Take control of your student loan repayment! Refinance and consolidate your private and federal student loans (including PLUS loans) into one manageable loan, setting up one convenient payment and potentially lowering your rate.*

Student Loan Refi

Borrow up to $100,000

6.25% - 11.75%

Variable Rates (APR)

6.25% - 12.75%

Fixed Rates (APR)

5, 10, 15 year

Loan Term

Parent Loan Refi

Borrow up to $100,000

6.25% - 11.75%

Variable Rates (APR)

6.25% - 12.75%

Fixed Rates (APR)

5, 10, 15 year

Loan Term

For parents who wish to refinance PLUS loan(s) or a child's student loan(s)

Medical Degree Refi

Borrow up to $100,000

6.25% - 8.75%

Variable Rates (APR)

6.25% - 8.75%

Fixed Rates (APR)

10 and 15 year

Loan Term

Borrowers with a FICO score of 740+ may borrow up to $250,000

Important Disclosures and Rate Details |Refinance Disclaimers| Rates shown include a 0.25% discount for optional enrollment in automatic electronic payments.

Our Medical Degree Refi is available to borrowers who are licensed or in residency to become a medical doctor (MD),
Doctor of Podiatric Medicine (DPM), Doctor of Osteopathy (DO), or dentist (DDS, DMD).

See how much you could save! We know that everyone’s student loan situation is unique, and figuring out where to start can be tough. Use our Student Loan Refinance Calculator today.

Calculate Savings

Why refi with Wright-Patt Credit Union?

When you refinance your student loans with us, you'll benefit from great rates, low fees, convenient repayment terms, and most importantly, a life-long relationship with a lender you can trust.

Competitive Rates

With rates likely on the rise - take advantage and refinance now.

Easy Application

Our application is quick and easy, providing an instant credit decision.

Personal Support

Our counselor offers 1:1 support for your refinancing questions.

Student Loan Refinance | Wright-Patt Credit Union (2)

Should I refinance my student loans?

Refinancing your student loans (such as private, federal, and PLUS) could help you lower your rate, adjust your payment, or pay them off sooner. Just remember, when you refinance federal student loans into a private refi loan, you'll lose access to any current or future federal benefits, such as potential debt cancellation or income-driven repayment options.

For more information, check out these helpful resources:

WEBINAR RECORDING: Student Loan Refinancing: Steps for Successful Savings

Learn more about student loan refinance and the process surrounding it, with real-life examples. What types of student loans do you have? Is refinancing right for you? How do you choose a lender?

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Common Questions

If you are a college graduate currently in repayment, a recent college graduate, or a parent who took out student loans for a child, you may want to consider refinancing your student loans. For those with high interest rate student loans, refinancing might be a good way to lower the interest rates on your private or federal student loans (including parent and graduate PLUS). Choosing a new repayment term that fits your needs could help you simplify multiple payments or adjust your repayment terms.

Refinancing could potentially reduce the amount of interest you pay long term, but be sure to compare your options to determine what solution is right for you. Remember, Federal loans offer some special benefits, for example, public service forgiveness and economic hardship programs, that may not be accessible to you after you refinance. See disclosures for more details.

Consolidation means you are simply combining existing loans. Your total payment amount and total interest will likely remain the same, but you'll have the convenience of making one payment rather than multiple payments. This type of loan is usually associated with federal government student loans.

When you refinance, you are taking out a single new loan to pay off your old ones. You'll probably have a new interest rate, new terms, and a different monthly payment amount. This is the loan solution offered by your credit union.

To be eligible to refinance your student loans, you must have graduated from an approved school. Please visit our eligibility page to learn more.

View all FAQs.

Helpful Resources

Personal Support

Guide to Refi

Calculate Savings

Application Timeline

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* Subject to credit qualification and additional criteria, including graduating from an approved school.
† APR = Annual Percentage Rate
‡ Approved schools subject to change without notice.

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Student Loan Refinance | Wright-Patt Credit Union (2024)

FAQs

Is it hard to get approved for student loan refinance? ›

In order to refinance a student loan, lenders tend to require a strong credit score, a stable income, a degree and a decent debt-to-income ratio. Lenders require a minimum refinancing amount, which is the amount you still have to pay on the loan. This is so the lender can make enough interest.

What credit score do I need to refinance a student loan? ›

According to Experian, one of the three main credit bureaus, 670 is generally the base credit score that lenders require to be eligible for student loan refinancing. On the FICO Score ranges, scores between 670 and 739 are considered 'good.

Does credit union refinance student loans? ›

Service Credit Union student loan refinancing options are available for private and federal student loans. Parents can also refinance their federal Direct PLUS loans. Variable or fixed-rate refinancing options are available across multiple repayment terms.

What is not a good reason to refinance a student loan? ›

Here are some reasons to avoid a student loan refinance: You don't qualify for a lower interest rate. The main benefit of refinancing is lowering your student loan interest rate. If you don't see or qualify for a better rate, it's best to stick with your current lender.

What are the risks of refinancing student loans? ›

Before refinancing your student loans, carefully analyze your financial situation and compare lenders to make an informed decision. While refinancing can potentially lower your interest rate and monthly payments, it may also result in the loss of federal benefits and require a good credit score to qualify.

What will you need in order to qualify to refinance a student loan? ›

Not everyone can qualify to refinance student loans. You typically need a college degree, good credit and an income that lets you comfortably afford your expenses and debt payments. If you meet these requirements, consider refinancing in these circ*mstances: The savings will make a difference.

Is it better to refinance through a credit union? ›

Because credit unions are “non-profit” credit unions tend to have lower mortgage interest rates and fewer lender fees. So, if you're shopping for a lender and comparing banks and mortgage brokers, don't forget to see what credit unions have to offer. We think you'll be pleasantly surprised.

What is a good student loan refi rate? ›

Summary: Best Student Loan Refinance Rates
CompanyForbes Advisor RatingFixed APR
SoFi®4.55.24% to 9.99%*
Citizens Bank4.06.49% to 10.98%
Rhode Island Student Loan Authority3.56.34% to 8.99%
Education Loan Finance3.55.48% to 8.69%
3 more rows

Can you consolidate student loans if you have bad credit? ›

Consolidating Student Loans with Bad Credit

If your score is under 650, It is unlikely you will qualify for consolidation from private lenders by yourself. You'll need to find a co-signer with good credit and continue to pay bills on time until your credit score improves. Things get more difficult without a co-signer.

Can you pay off refinance student loans early? ›

There's no penalty for paying off student loans early or paying more than the minimum.

Can I transfer my student loan to a credit union? ›

With student loan refinancing, you work with a private lender to consolidate your loans. Your loans are transferred to the bank or credit union issuing the loan, so your loans are no longer federal. Private student loan refinancing can help you qualify for a lower rate and save money.

How many times can you refinance a student loan? ›

Refinancing is essentially just borrowing money via a new loan to pay off an existing lender, so there's no limit to the number of times you can do this. You're only limited by the amount of time you have to research what's best for you. You can refinance all of your student loans at once or just part of what you owe.

Can I get denied refinance? ›

Not all homeowners are approved for refinancing, though. With home prices and interest rates still high, lenders are careful about who they approve. The rejection rate on mortgage refinance applications increased to 15.5% in 2023 from 9.9% in 2022, according to the Federal Reserve Bank of New York.

What are 3 drawbacks to getting a student loan? ›

Some of these penalties include added interest, higher fees, or even wage garnishment. As mentioned above, this also affects your credit score, having a rippling effect on big purchases you plan to make. Staying on top of your loan payments is crucial for your financial success.

How can I lower my student loan payments without refinancing? ›

  1. Apply for an income-driven repayment plan. ...
  2. Sign up for a graduated repayment plan. ...
  3. Consider an extended repayment plan. ...
  4. Consolidate your loans. ...
  5. Move to another state. ...
  6. Enroll in automatic payments. ...
  7. Get help from your employer. ...
  8. Refinance your student loans.

Is it hard to get approved for a refinance? ›

Your credit score gauges how likely you are to repay a loan and is usually measured on a scale from 300 to 850. To be approved for a conventional mortgage, you typically need a minimum 620 credit score. If your score is below the mid-600s, however, you may have a harder time qualifying for a refinance.

What percentage of people refinance student loans? ›

Fortunately, about a third (35.1%) of borrowers refinanced with the goal of lowering their interest rate. More than a quarter of borrowers (26.5%) refinanced in order to consolidate multiple loans into one.

Are student loans hard to get approved for? ›

For private student loans, interest can be fixed or variable and vary by lender. The lowest rates are usually reserved for those with the highest credit scores. Having a low credit score or none at all means you may struggle to be approved.

How fast can you refinance student loans? ›

Typically, student loan borrowers cannot refinance their debt until they graduate or withdraw from school. At that point, federal student loans and the majority of private student loans have a grace period, so it can make sense to refinance right before the grace period ends.

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