The North Jersey Federal Credit Union (NJFCU) outsources their student loan refinancing to a great company called LendKey. This is actually good progress in resolving student loan debt. LendKey is a middleman between NJFCU and over 300 credit unions. LendKey aggressively seeks out the best resources for each borrower’s specific needs. It is a great marriage of NJFCU low rates of the credit union, combined with all the available resources of a huge, reputable servicer.

Loan Rates and Longest Terms

  • Variable and fixed rates
  • Up to 20 year term


  • Be a member of the NJFCU.
  • The loans must have originated from an eligible school.
  • A person must provide proof of graduation.
  • A person must provide two most recent paystubs.
  • Depending on creditworthiness, a person may need a cosigner.
  • You are eligible for membership if you live, work, worship, attend school or regularly conduct business in Passaic, Morris, Hudson, and Bergen Counties or the underserved areas of Essex or Union Counties or the City of Newark.


  • No loan origination fee
  • You can refinance both federal and private loans
  • Simplify your loans with one easy monthly payment
  • Cosigner release available after 12 consecutive on-time payments. NJFCU strongly encourages cosigners because there is a better chance for acceptance and for lower interest rates.
  • Even lower payment possible with extended repayment plan
  • Competitive rate (what credit unions are known for) of 3.15% APR to 8.77% APR
  • Automatic payments may drop your interest rate by 0.25%.
  • Variable and fixed rates available


  • You must have graduated to be eligible.
  • All refinanced loans are subject to a 2.99% floor rate.
  • Credit will be pulled for both the borrower and the cosigner. This is pretty common but will hit your credit score for about 5 points.
  • Not every school which issues loans is accepted. The initial paperwork will show eligible schools
  • The minimum monthly payment is $50 – not out of the ordinary but something you should be aware of.
  • Your grades are what LendKey to assign creditworthiness. LendKey looks at the student’s academic characteristics such as GPA, course of study, and class standing.
  • There are dollar amount parameters you must follow. The maximum you can borrow is $125,000 for undergraduate debt and $175,000 for graduate debt.
  • The minimum you can refinance is $7,500.

Best for

NJFCU is looking for a great fit for their student loan refinancing program. They have an ideal candidate profile, as is:

  • Applicants must have reliable gross monthly income of $2,000 to apply alone. To apply with a cosigner, applicants must have reliable gross monthly income (not specified) and cosigners must have reliable gross monthly income of $2,000.
  • The candidate must be a US Citizen or Permanent Resident.

Other Companies to Consider: Charter One