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Navy Federal Credit Union (NFCU) Student Loans Review

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If you’re a student taking on debt for college, then you need to be smart about managing your debt load, keeping your interest down, and keeping your options open.

As a graduate, you need to find ways to escape student loan debt as fast as possible.

In either case, you may be a good candidate for a student loan or a student loan consolidation through Navy Federal Credit Union.

But before you apply for new student loan debt, you should know a little more about the Student Loan options from Navy Federal Credit Union.

See how they compare to the best places to refinance student loans.

NFCU Student Loans Review
Quick Navigation
Private Student Loan Refinancing
NFCU Cosigner Program
Should You Borrow From NFCU?

Private Student Loan Refinancing

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    Bea member of Navy Federal Credit Union (open to all US service members and their families
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    Be a student or graduate of an eligible school (not all accredited schools qualift)
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    Be a US Citizen (or permanent resident)
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    Be a legal adult
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    Have 36 months of credit (or a cosigner)
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    List ElementA job that pays at least $15,000 annually (or a cosigner)

NFCU Cosigner Program


If you want to lock in a low interest rate, but you still haven’t established great credit, or your income is on the lower side, you may need a cosigner on a loan from NFCU. Cosigning a loan is a huge commitment. Cosigners agree to take on your debt if you’re unwilling or unable to pay it.


When it comes to student loans, cosigning also can cause issues for the borrower. For example, many student loans are “called due” when a cosigner dies. This means you’ll have a short time to completely pay off your balance, or your loan goes into delinquency- destroying your credit in the process.


Whenever possible we recommend not cosigning and not asking for a cosigner. However, student loan debt tends to be a little bit different. If your parent wants to cosign a loan, NFCU may be the right institution for it. They have a standard path for cosigner release.

For initial student loans, cosigners can request release after 24 consecutive on-time payments of principal and interest. For consolidation loans, cosigners can request release after just 12 consecutive payments.

As long as the borrower meets income and credit criteria, NFCU releases your cosigner at the requested time.

Should You Borrow From NFCU?


If you’re in the market for loan consolidation, NFCU is a worthy contender for student loan consolidation. However, you should be careful about consolidating Federal student loans. Federal student loans offer protections that private loans don’t. You need to feel confident about your ability to repay before you choose to consolidate.

As a student, you should try to avoid taking on private student loan debt if possible. Private debt generally indicates that your chosen school is too expensive for you. However, if you need to take it on to finish your degree, NFCU offers great rates and excellent terms for students.

Would you consider taking out a loan through the Navy Federal Credit Union? Why or why not?

NFCU Private Student Loans
  • Competivie Interest Rates - 90
  • Loan Term - 75
  • Consolidation Options & Rates - 75
  • Cosigner Program - 90
Overall
83

Summary

The Navy Federal Credit Union is a solid private student loan option for borrowers with good credit who will be able to take advantage of all the benefits.

Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.
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