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

IMPORTANT:

Payments on Federal student loans are set to resume after 1/31/2022. Lock in a low refinance rate today!

Refinance up to $100,000 with rates starting at 6.25% APR

Current Rates

Variable Rate Solution

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

Interest rates and monthly payments rise and fall according to the Prime index. The variable rate option does allow for a longer repayment period than a fixed rate option, which could result in a lower monthly payment. Learn More

5-year Repayment Term: 6.25% - 10.75% APR

10-year Repayment Term: 6.75% - 11.25% APR

15-year Repayment Term: 7.50% - 11.75% APR

Fixed Rate Solution

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

Your interest rate and monthly payment will remain the same for the life of your loan. The fixed rate option offers a shorter repayment period than a variable rate option, which could result in a higher monthly payment.Learn More

5-year Repayment Term:6.25% - 10.75%APR

10-year Repayment Term:6.75%- 11.25%APR

Important Disclosures and Rate Details

Start Your Application

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.

A Direct Consolidation Loan from the federal government allows you to consolidate (combine) multiple federal education loans into one loan. The result is a single monthly payment for your federal student loans at one interest rate instead of multiple payments.

Refinancing your student loans involves working with a private lender like your credit union. This lender will pay off your existing loans (which may include private and federal loans) and combine them through consolidation. You will then make a single loan payment to the new private lender.

Please visit our eligibility page.

Private, Federal, and Institutional

Fixed interest rates offer a predictable monthly payment with a rate that doesn’t change over time – you’re locked in at the current rate for the life of your loan. With a fixed rate, you also know exactly how much interest you’ll pay over the life of your loan. Fixed rates may be slightly higher than variable rates, so you’ll need to weigh the benefits of consistency versus a potentially lower variable rate.

Variable interest rates offer potentially lower starting rates which can result in lower payments, but your interest rate can rise and fall over the life of your loan. That means, your monthly payment and total interest may vary as well. Variable rates may be lower up front with a lower monthly payment, so you’ll need to weigh these benefits versus the consistency of a fixed rate.

Credit unions are not-for-profit, member-owned financial institutions that exist to serve the financial needs of their member owners. Unlike for-profit banks and lenders, when you borrow from a credit union you’re supporting a local business focused on the needs of its members, not bank stakeholders. Because credit unions aren't focused on making a profit, they value educating each of their members on which financial option would be best for their own situation.

Additional Resources

Personal Support

Guide to Refi

DISCLOSURES

*Subject to credit qualification and additional criteria, including graduating from an approved school.

APR = Annual Percentage Rate. Rates shown include a 0.25% discount for optional enrollment in automatic electronic payments. Check our current rates and full disclosures.

Important: Please review carefully if you are considering refinancing your federal student loans.

If you refinance some or all of your federal student loans into a private student loan with a credit union, you will lose access to any current and/or future federal student loan benefits, such as potential debt cancellation or income-driven repayment options. With the August 2022 announcement from the Biden administration, it’s more important than ever to evaluate your options if you have federal student loans so that you can make educated decisions. Make sure to explore all available resources by visiting the Department of Education’s website at www.studentaid.gov or contacting your federal student loan servicer to understand how any federal student loan proposals may impact you, so that you can determine if having access to federal student loan benefits outweigh the benefits of refinancing your loans.

Your existing student loan(s) must total a minimum of $5,000 to be eligible for refinance. The maximum amount you may refinance is $100,000.

To qualify, you must be eligible for Credit Union membership, at least 18 years old, a U.S. citizen or permanent resident, have graduated from an approved public or private not-for-profit school, and continue to meetWright-Patt Credit Union’s underwriting criteria.

To apply for this loan, complete the online application. If you are approved for this loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted by law and the variable interest rate may change based on the market).

Student Loan Refinance and underwriting is provided by Wright-Patt Credit Union. Application processing is provided by Credit Union Student Choice on behalf of Wright-Patt Credit Union. Loan servicing and repayment is provided by University Accounting Service, LLC on behalf of Wright-Patt Credit Union.

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. Check our current rates and full disclosures.

Variable Interest Rate Solution

  • 5 year loan term:6.25% to10.75% APR. At 10.75% APR, the monthly payment will be $1,080.90. Finance charges will be $14,853.86.
  • 10 year loan term: 6.75% to11.25% APR.At11.25% APR, the monthly payment will be $695.84. Finance charges will be $33,501.37.
  • 15 year loan term: 7.50% to11.75% APR.At11.75% APR, the monthly payment will be $592.07. Finance charges will be $56,571.82.

Fixed Interest Rate Solution

  • 5 year loan term: 6.25% to 10.75% APR. At 10.75% APR, the monthly payment will be $1,080.90. Finance charges will be $14,853.86.
  • 10 year loan term: 6.75% to 11.25% APR.At11.25% APR, the monthly payment will be $695.84. Finance charges will be $33,501.37.

Student Loan Refinance | Wright-Patt Credit Union (3)

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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? ›

You generally can't or shouldn't refinance if: You have federal loans and could see a drop in income. If there's a chance your income could decrease, don't refinance federal student loans. You'll miss out on federal student loan relief options, as well as government programs like income-driven repayment.

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? ›

ELFI Student Loan Refinance Eligibility Requirements*

Must have earned a Bachelor's degree or higher. Must have a minimum income of $35,000. Must have a minimum credit score of 680. Must have a minimum credit history of 36 months.

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.

How hard is it to refinance student loans? ›

In general, you'll need to have a credit score in the mid- to high 600s, a debt-to-income ratio of less than 43 percent and a source of steady income to refinance a student loan, but the requirements vary by lender. Getting pre-qualified is an excellent way to see if you're eligible for student loan refinancing.

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.

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.

How long does it take to refinance student loans? ›

Typically, it will take 30-45 days for the existing loan provider to receive the payment and apply it to your account. It is essential to check with your current provider to see if the payoff is applied to your account. How long do I need to continue making payments with my existing lender after I refinance?

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.

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