Navy Federal Credit Union (NFCU) is a members-only credit union that offers loans to active-duty military service members, former military members and their family members. It offers loans at competitive rates and has many great features, including special benefits for parent borrowers. Show
While not everyone can qualify for an NFCU student loan, those who are credit union members should carefully consider whether this lender is right for them. Navy Federal Student Loan Reviews: NFCU Student Loan Options at a GlanceNavy Federal Student Loan Pros
Navy Federal Student Loan Cons
Navy Federal Student Loan Review: Interest rates, fees and termsNavy Fed Student Loan Reviews: Loan OptionsNavy Federal student loans cater to many different kinds of borrowers. The lender offers:
As many Navy Federal student loan reviews reveal, loan rates are competitive. As of Sept. 2, 2022, variable-rate loans start as low as 3.23% with autopay, and fixed-rate loans start as low as 3.44% with autopay. There are no origination fees or prepayment penalties charged for Navy Federal student loans. Navy Federal Student Loan RequirementsNavy Federal doesn't disclose the minimum credit score required to qualify. However, there are certain eligibility requirements would-be borrowers must meet, including the following:
Navy Federal Student Loan Repayment TermsNavy Federal offers both fixed- and variable-rate student loans. The lender also offers a choice of loan repayment terms, including the following repayment timelines:
Navy Federal Student Loan Repayment OptionsNavy Federal defaults all borrowers to a standard 10-year repayment timeline, although loans are available for up to 15 years. Borrowers can take up to 4.5 years of in-school time and six months after graduation to begin repayment. Alternatives to a Navy Federal Student LoanNavy Federal student loans may be the right choice for you, but it's important that you do your research and understand all of your options before taking out private student loans or refinancing student loans. There are many different private loan lenders, and rates and loan terms can vary. Borrowers should shop around and get multiple quotes to compare costs and fees and find out which loan servicer is right for them. You also can consider working with Juno, which will help you find the most competitive loan rates available. Juno works with partner lenders offering private student loans for undergraduate students, private student loans for graduate students and student loan refinance loans. We get groups of borrowers together, and partner lenders compete for their business. This collective bargaining opens up the door to special discounts and savings that the typical borrower won't qualify for on their own. To find out more about how Juno can help you to get the best student loan or student loan refinance loan offer, contact us today. What is Navy Federals interest rate?Rates based on creditworthiness, so your rate may differ. Rates range from 13.9% APR to 17.9% APR. Repayment terms of 2% of outstanding balance or $20, whichever is greater.
What is the interest rate on federal student loans?If you got your Direct Subsidized or Unsubsidized Loan on or after July 1, 2022, and before July 1, 2023, it will have a fixed interest rate after the payment pause ends: For undergraduate students, the interest rate for Direct Subsidized Loans and Direct Unsubsidized Loans is 4.99%.
What is the minimum credit score for a Navy Federal loan?NFCU does not have a minimum credit score requirement; however, borrowers with higher credit scores have a better chance of qualifying and receiving favorable terms. We recommend a minimum score of 670.
Will Navy Federal reduce interest rates?It includes benefits such as a 6% interest rate cap and foreclosure protections. However, effective April 1, 2022, Navy Federal is offering a lower maximum interest rate of 4% to eligible member accounts.
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