Credit Union Student Loan Refinance

Among the several available options to refinance loans, credit unions stand out for several reasons. 

Unlike traditional banks or student loan refinance lenders, credit unions are member-owned, not-for-profit organizations. This structure often allows them to offer competitive rates and personalized services. 

This review will explore these three credit union student loan refinance providers: 

• First Tech Federal Credit Union
• Navy Federal Credit Union
• Visions Federal Credit Union

First Tech Federal Overview 

First Tech Federal Credit Union, originally founded as Tektronix Federal Credit Union on January 14, 1952, began by serving employees of Tektronix in Oregon. Following a merger with Addison Avenue Federal Credit Union, it eventually rebranded to its current name in 2011. 

The credit union is federally chartered and regulated by the National Credit Union Association (NCUA). It operates nationwide, offering services in multiple states, including student refinance loans. 

Refinance Rates, Terms, and Fees 

First Tech provides competitive fixed and variable APRs, though the exact rates depend on your credit profile, loan amount, and term length. 

Regarding credit profiles, First Tech does not list an official required credit score on its website at the time of writing. However, based on general market surveys, students tend to get better rates with a score above mid 600. 

Fixed APR: Competitive rates available based on credit profile and loan term.”

“Refinance terms here range from 5 to 15 years. Minimum loan balances apply, depending on the chosen term length. Contact First Tech for specific requirements.

Application Requirements 

1. Eligibility Requirements: 

• You must be a US citizen or permanent resident. 
• The loans being refinanced must originate from a US financial institution or loan servicer and belong to a Title IV-eligible educational institution.
• Proof of ownership or a statement of the loans being refinanced is required. First Tech also accepts Parent refinance loans (PLUS loans) with documentation confirming the student beneficiary. 

2. Membership Requirement: 

• While pre-approval for refinancing may be granted, applicants must become members of the credit union. Membership is subject to approval but involves no setup or recurring costs. 

3. Financial Requirement

• A maximum debt-to-income ratio of 45% applies. Exceeding this ratio might lead to a declined application.

Repayment Options 

Besides the Fixed-rate terms offered, the credit union provides a 90-day payment deferral after the refinance loan is issued. 

Navy Federal Overview 

Navy Federal Credit Union (NFCU) began operations in 1933, during the Great Depression. Seven Navy Department employees established it with the vision of helping their coworkers and themselves achieve financial stability through affordable loans. 

Over the years, NFCU has evolved into serving active-duty military personnel, veterans, Department of Defense employees, and their families.  

NFCU does not directly offer student loan refinancing. However, through its partnership with LendKey, you can refinance your federal and private student loans on the platform.  

>> Read our full review on Navy Federal Credit Union Student Loan Refinance 

Refinance Rates, Terms, and Fees 

NFCU offers competitive rates for fixed and variable APRs, with discounts available for autopay. Contact NFCU or its partner, LendKey, for detailed rate information.

Like First Tech, you can select between 5, 10, or 15-year loan terms. These fixed durations aim to provide flexibility and reduce the burden of repayment. 

There are no application, origination, or prepayment fees when refinancing with NFCU.

Application Requirements 

1. Eligibility Requirements: 

• You must be a US citizen or permanent resident to refinance student loans. 
• Borrowers must have graduated from an eligible Title IV-certified institution. However, parents refinancing Parent PLUS loans may apply even if the student has not graduated. 
• NCFU refinances both private and federal student loans. Parents can consolidate loans for multiple children into one account. 
• A good credit history is necessary. Cosigners are allowed, and they can be released from the loan after 12 consecutive on-time monthly payments. 
• Applicants must be of legal adult age in their state, which is typically 18.

2. Membership Requirement: 

• Only members of NFCU are eligible. Membership is open to active-duty military, veterans, and DOD employees and their family members.

3. Financial Requirement

• Applicants must have a minimum monthly income of $2,000 or demonstrate a stable credit history. Borrowers with lower incomes may need a creditworthy cosigner earning at least $2,000 monthly. 

Repayment Options

NFCU offers forbearance as part of its refinancing program. Borrowers facing financial hardship can pause loan payments for up to 18 months. However, during this period, interest will continue to accrue on the loan balance. 

Visions Federal Overview 

Visions Federal Credit Union serves more than 250,000 members across New York, New Jersey, and Pennsylvania through its 50+ branches. 

The credit union is dedicated to reinvesting its profits back into its members through lower rates, fees, and community-focused programs. 

While their services are available to members in their primary operating states, digital tools extend their reach nationwide for existing members. For student loan refinance, however, eligibility and requirements would need to be confirmed directly on their site. 

Refinance Rates, Terms, and Fees 

Visions Any Purpose Signature loan offers an alternative option for refinancing student loans. This loan can meet several financial needs, including paying off educational debt. 

Borrowers can access up to $40,000 with flexible terms extending to 10 years, depending on their creditworthiness and income. Borrowers can access competitive fixed rates with flexible terms extending to 10 years, based on creditworthiness and income.

Application Requirements 

1. Eligibility Requirements: 

• You must be a US citizen or permanent resident. 
• Applicants need to provide personal details such as their Social Security number, employment history, and income verification. 
• Applicants must provide information on their existing student loans, including balances, interest rates, and payment schedules. 

2. Membership Requirement: 

• Applicants must be members of Visions Federal Credit Union. Membership is primarily open to residents of New York, New Jersey, and Pennsylvania.

3. Financial Requirement

• Applicants must demonstrate a steady income. The credit union doesn’t specify an exact minimum income, but it’s expected that applicants have the financial capacity to repay the loan. 

Pros and Cons of Refinancing with a Credit Union

Make Informed Choices with Student Loan Professor

Managing a large student loan debt can be challenging, and finding the best solution to ease this burden might be even more difficult. With numerous options available, it’s important to choose carefully to avoid making an unsuitable choice.

We are committed to providing resources, such as this review guide you’ve just read, to help students like you manage and reduce debt quickly. 

There are other resources and guides on this site; you can easily access updated information on student loans. Or sign up for our Free Refinancing Suitability Analysis and Assistance.

Brandon Barfield

Brandon Barfield is the President and Co-Founder of Student Loan Professor, and is nationally known as student loan expert for graduate health professions. Since 2011, Brandon has given hundreds of loan repayment presentations for schools, hospitals, and medical conferences across the country. With his diverse background in financial aid, financial planning and student loan advisory, Brandon has a broad understanding of the intricacies surrounding student loans, loan repayment strategies, and how they should be considered when graduates make other financial decisions.