If you or a family member have serve or still serves in the Armed Forces, National Guard, or Coast Guard you are eligible for membership with the Navy Federal Credit Union (NFCU). Department of Defense is also included in this offer.

But, there is a catch you need to know about before applying to consolidate your student loans with NFCU: Federal loans aren’t eligible.

Loan Rates and Longest Terms

  • Variable interest rates are from 3.76% to 10.25%
  • All loans are on a 15 year term
  • You can consolidate $7,500 – $125,000 in undergraduate student loan debt, or $7,500 – $175,000 in graduate (or combined) student loan debt.


  • You need to be a member.
  • a graduate of an eligible school/program
  • U.S. citizen or permanent resident, and a legal adult in the state you reside in.
  • You also need to have a reliable gross monthly income of $2,000.
  • Cosigner will have to meet the same eligibility requirements


  • You receive a 0.25% interest rate deduction by enrolling in automatic payments.
  • There’s no origination fee or prepayment penalty fee
  • Cosigners can be released after 12 months of consecutive, on-time payments.
  • Forbearance is available if you face a period of economic hardship, but only 1 request and it is available for up to 18 months.


  • Only private student loans are eligible to be consolidated. Many graduates carry federal student loans,
  • Only variable interest rates are available.
  • The standard late payment fee for student loans is $25, though.

Best For

Those that are eligible for membership and who don’t have federal student loans and just need to refinance private student loans are going to benefit the most from consolidating with NFCU.

The Application Process

The standard documents and information are needed to apply to consolidate your student loans with NFCU:

  • Personal information (name, address, phone number)
  • Photo ID (Driver’s License, Passport)
  • Information on your existing student loans
  • Navy Federal Access Number
  • A copy of your degree, diploma, certificate, or transcript
  • Two most recent pay stubs, dated within the last 60 days
  • The previous two years’ tax returns and required schedules, if you’re self-employed
  • The previous two years’ W-2 forms and two recent pay stubs dated within the last 60 days if you’re a commission-based employee
  • A payoff letter from your lender, or a screenshot with your loan’s payoff amount within the next 30-45 days

Cosigners should be ready to provide:

  • Two most recent pay stubs
  • Most recent W-2 form or tax return
  • Pension, Social Security award letter, or 1099R if retired

By applying, your credit will undergo a hard inquiry. This will affect your credit by 5 points. The same goes for your cosigner if you apply with one.

Other Companies to Consider: Common Bond