Student loan rates, tuition costs are now at an all-time high. CommonWealth One Federal Credit Union helps students to refinance those high-interest loans into payments more manageable. Members can get rate as low as 3.00% and offer a wide range of options for loan consolidation.

Loan Rates and Longest Terms

  • Terms up to 10 year
  • Variable APR
  • Rates ranging from 3.04% APR to 9.29% APR


  • Cosigner required
  • Must be a member of CommonWealth One


  • Competitive Rates
  • Loan amounts from $2,000 to $75,000
  • No origination fee
  • No prepayment penalties
  • 1% Reduction after 10% paid off
  • 30-Day No Fee Return Policy
  • Proactive Payments
  • Cosigner can be released after borrower makes 24 consecutive, on-time payments
  • They operate through LendKey, which offer a wide range of loan refinance options from more than 300 banks and credit unions.
  • Borrowers who enroll in automatic payments receive a 0.25% reduction APR


  • Cancellation of automatic payments or even a failed automatic payment will result in a 0.25% increase in the APR.
  • Cosigner needed

Best For

  • Students who live in eligible areas, and are members of CommonWealth One

In order to apply for its student loans at CommonWealth One you will have to become a member. You can open and maintain an account with CommonWealth One for as little as $5, which will qualify you to apply for student loans. Also to become a member the following must apply. You have to live, work, worship, go to school, or volunteer in one of the following areas:

  • Washington, DC;
  • City of Harrisonburg, VA;
  • Warren County, VA;
  • Clarke County, VA;
  • City of Alexandria, VA. (Specific areas)
  • Or, Be an employee of one of more than 200 sponsor groups
  • Or, Have a family member who adheres to the above criteria

Other Companies to Consider: Common Bond