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You must have a connection to the military to join.
Low interest rates, no fees, and quick cosigner release help Navy Federal student loans stand out.
Interest Rates, Fees and Terms
Navy Federals interest rates are competitive.
Requirements
Student loans are for members only.
You both need to be U.S. citizens or residents.
Students need to have a GPA of at least 2.0.
Most lenders allow students to defer loans while in school, but Navy Federal doesnt provide that option.
Once you graduate or drop below half-time enrollment, you have a 6-month grace period.
After that, full payments begin.
it’s possible for you to also email navyfederal@lendkey.com to chat with a loan specialist.
How to Apply
The app process is quick and only takes five minutes to complete.
you could apply online, either by yourself or with a cosigner.
Navy Federal requires proof ofincome and enrollment.
Most borrowers provide transcripts and recent pay stubs as proof.
Refinancing can help you lower your interest rate and secure better terms.
The rates are competitive, and you’ve got the option to apply with a cosigner.
Navy Federals refinance interest rates are solid.
You wont pay any software, origination, or prepayment fees.
Compared to Navy Federals student loans, the repayment terms for refinancing are more extensive.
you could choose from a 5-, 10-, or 15-year repayment term.
You must be a Navy Federal Credit Union member to qualify for refinancing.
You must also be a U.S. citizen or resident and a legal adult in your state.
In most states, the age of legality is 18 years old.
Borrowers must earn agross monthly incomeof at least $2,000.
The minimum loan amount is $2,000.
The maximum loan amount is up to $120,000 for undergraduates and $160,000 for graduate students.
you’re free to choose from three repayment terms5, 10, or 15-years.
you’re able to also combine loans for multiple students to streamline your monthly payment.
Why Choose Them
Navy Federal Credit Union offers straightforward loans with transparent terms.
Navy Federal also has competitive rates, an easy system, and manageable eligibility requirements.
One of the biggest perks is that the cosigner release period is short.
you’re free to apply to release your cosigner after 12 consecutive payments.
Parents can also refinance multipleParent PLUS loansfor different children into one loan, streamlining the repayment process.
Eligibility
Borrowers must qualify for membership through a connection to the military or Department of Defense.
FAQ
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