Credit Unions That Refinance Student Loans

9 min read

Bank of America (BAC)

Bank of America was founded in 1865 and is based out of Charlotte, North Carolina. In 2012, its total assets were $2.9 trillion and it had over 16 million customers. You could say that they have been around a while! But their loan refinancing program is still one of the best. BofA gives students who have federal student loans the opportunity to refinance their loan at an interest rate lower than 8%.

Capital One (COF)

Capital One was founded in 1988 and is headquartered in McLean, Virginia. Their goal is to help people achieve financial success and give them access to credit cards, personal loans, home equity loans, auto financing, mortgages, and investment products. If they don’t succeed where others have failed, their motto is “We try harder.” They offer a 9% APR if you are a current customer and a 10.99% APR if you are not.

Citi (CITI)

Citibank was founded in 1812 and is based in New York City. They provide a variety of banking services including savings accounts, checking accounts, credit cards, mortgage loans, online deposits, international banking services, securities brokerage, and trust services to consumers and businesses. Citigroup provides a 12.99% APR if a borrower has already had his/her account open for six months and 14.24% in total interest if the borrower has never opened an account before.

HSBC (HSBC)

HSBC was founded in 1798 and is based in London, England. HSBC offers private banking, retail banking, corporate banking, institutional banking, asset management, insurance, and investments. HSBC charges 13.99% APR if someone has an existing account and 15.74% APR if someone doesn’t.

Synchrony (SYNC)

Synchrony Financial was established in 1980 and is based in Philadelphia, Pennsylvania. SYNCHONRY offers several options to those looking to consolidate debt. Loan consolidators allow individuals to combine multiple bills into one monthly payment and save money on interest rates. SYNCHRONY offers a 4.99% APR if the borrower has an existing account and 5.49% APR if no prior account exists.

U.S. Bank (USB)

U.S. Bank was formed in 1986 and is located in Seattle, Washington. U.S. bank specializes in commercial lending, small business lending, consumer lending, real estate finance, commercial real estate finance, and residential lending. U.S. banks charge 12.99% APR for anyone with an existing account and 14.29% APR for new clients.

USAA (USAA)

USAA was founded in 1923 and is based in San Antonio, Texas. Its mission statement says that USAA provides “financial security for military families and their service members and is committed to being a leader in providing financial protection, risk management and retirement plan services to our members.” USAA offers many options for consolidation, including home equity line of credit, second mortgage, automobile  loans, cash advance, and credit card consolidation. If the borrower has a USAA auto loan, they only charge a 13.99% APR.

Credit Unions That Refinance Student Loans

Many people have turned to credit unions to help them refinance their student loans. There are some things you need to know before getting started.

First of all, you’re going to want to make sure you’re doing this right. You don’t want to find yourself in default if you continue paying off your loan. So once you decide to refinance, you need to first ask yourself how much money do I owe? Next, you’ll want to contact your lender. We have included a list of websites below. These sites may offer different terms and conditions, so it’s best to get this information out of the way beforehand. When contacting your lender, remember that they’ve probably just received hundreds of applications. Your goal is to stand out above the rest. Explain what you are looking for and let them know how long you would like to stay in your current interest rate. Be honest, tell them where you are located, and ask about any additional fees. Finally, review the loan documents they give you. Find out where you can sign online and whether you need to print anything out. If you choose to go this route, make sure you aren’t missing any paperwork.

You should spend at least 30 minutes researching each lending institution to determine which one offers the best deal. And if you’re not careful, you might end up spending hours searching for the perfect loan. This is especially true if you have multiple loans. Make sure to check out each website and compare rates, policies, and everything else that could affect you.

After determining which site you want to use, create a profile and submit your application. Most lenders now require you to provide proof of income. Don’t worry though, we’ve done the work for you! In our article “10 Ways to Get More Money”, we went over ten ways you can increase your income and show the lenders that you are capable of making regular payments.

Once accepted, you’ll receive confirmation via email. Now it’s time to sit back and relax until your loan is approved. Once you hear from your lender, you should expect to see the funds deposited directly into your account after two weeks.

If you opt to go this route, be sure to keep track of all your costs and expenses. See where you can save money and plan ahead accordingly. Also, try to stick with reputable companies who follow proper procedures. Remember, this is your money, so treat it responsibly.

Credit Unions That Refinance Student Loans

CitiMortgage

Citi Mortgage was founded in 1823 and is the oldest company still operating today. Not only does Citibank offer special financing programs for students and homeowners, they help families save money while paying off their loans. Students may qualify for low rates and flexible payments.

Synchrony Bank

Synchrony Bank is a subsidiary of Capital One and offers similar services as CitiMortgage. Their website boasts some attractive features including the option to consolidate multiple student loan debts under 1 monthly payment, and no prepayment penalty. Parents who are refinancing may enjoy a competitive rate, and lower interest payments over time.

SunTrust Banks

Suntrust banks were founded in 1886 and have become the third largest bank in the US. They have been able to stay ahead of the competition by offering creative financial products and services. In addition to providing great financing options, they have added many useful tools to make managing student loans easier. A parent’s personal checking account may be converted to a business account at a discounted rate. They also provide online bill pay and automatic debits so parents don’t have to worry about forgetting to pay bills.

BB&T

BB&T was founded in 1864 and is now the second largest bank in the United States. They are well known for offering affordable banking solutions and making them accessible to everyone. At BB&T, parents’ savings accounts and checking accounts can be converted into student loan-friendly accounts. Parents can even get a 0% APR introductory period. If parents would prefer, they may transfer funds from their existing accounts directly into their student loans and avoid penalties.

Nelnet

Nelnet was established in 1992 and is the fifth largest bank in the US, but they are looking to take advantage of their size to provide exceptional service to customers. Nelnet’s website offers a number of helpful options that aren’t necessarily offered by competitors. Parents can set up automatic payments for bills and automatically refinance into the lowest possible rates. Parents can also check out a variety of repayment plans, and find the best plan based on their specific situation.

Wells Fargo

Wells Fargo was founded in 1852 and is currently ranked eighth nationally. They are known for having responsible lending practices and offering excellent customer service. As well as being a solid choice for parents, Wells Fargo provides competitive rates for both individuals and businesses. When students graduate and need to start repaying their student loans, parents are given a grace period of 12 months before they begin making regular payments.

U.S. Bancorp

U.S. Bancorpr is known as a strong competitor in the mortgage industry and has provided some outstanding products and services since its founding in 1907. U.S. Bank offers a wide range of financial services including mortgages, credit cards, auto loans, and home equity loans. Parents have access to a full suite of financial services when they choose to refinance their student loans. U.S.Bancorp’s website makes it simple to compare different lenders and learn how to refinance loans.

Credit Unions That Refinance Student Loans

Wells Fargo Bank – www.wellsfargo.com/studentloans

This bank offers many different products for people who need student loan refinancing including their Private Student Loan product, where they offer competitive rates with minimal closing costs. Their website provides links to compare interest rate quotes from over 100 lenders.

The U.S. Department of Education requires that credit unions make loans available to students at reasonable terms. The NACUDA (National Association of Credit Union Debt Advocates) also advocates for affordable lending options to help borrowers get back on track after financial troubles.

Citibank offers special financing programs for both undergraduate and graduate students. Citibank’s low APR and no hidden fees makes them a top choice for college students.

SunTrust Banks – www.suntrustbank.com/college/

SunTrust Bank offers special financing programs for undergraduates and graduates as well as parents looking for educational funding.

USAA – www.usaa.com/personal/college-education/loan-options/

USAA offers low cost monthly payments and flexible payment plans.

Discover Financial Services – www.discovercard.com/studentloan

Discover Card offers great deals to those who qualify for their card. They provide a variety of financing options to meet the needs of everyone, whether you’re an undergraduate, graduate, or parent.

Chase gives out two types of cards. One is their Student Cash Rewards Visa® Card for undergraduate students. This card is helpful if you have little to no spending power due to lack of funds. You receive 1% cash back on everything you buy. Another type of card is the FlexPerks Gold Visa® Card for Graduate Students. The 2.15% cash back on all purchases should help pay off any remaining balance on your student loan.

Credit Unions That Refinance Student Loans

Bank of America

Bank of America offers student loan refinancing products to credit union members. If you have an existing personal line of credit at a bank of america that is not being paid off, you may qualify for its refinance program. In order to apply for their program, you need to submit a letter stating how much you owe on your personal line of credit, what rate you want to get, and if you would like to pay off your entire balance over time. You then need to provide them with your account information. After they approve your application, they should send out a check for the amount of money you saved.

Capital One 360

Capital one 360 is a service offered by capital one financial services company, a national consumer finance company based in McLean Virginia. Capital one 360’s credit union refinance loans are secured by real estate (property) and offer competitive rates. To get started, simply visit their website to complete an online application. Once approved, they will contact you via email to set up a meeting time where you can sign documents and receive your funds.

CitiMortgage

CitiMortgage is owned by Citigroup Inc., a multinational banking corporation headquartered in New York City, New York. Their online refinance program provides qualified customers with a variety of mortgage options. Qualified applicants that meet certain requirements can use their programs to lower their interest rates and save money. If you have a low-interest rate home equity line of credit secured by real estate, you may be eligible to apply for a no-cost refinance. On top of lowering your interest rate, you may also be able to combine multiple loans into one new loan without having to repay any additional amounts. You do need to put down at least 20 percent of the total value of the property for them to consider offering you a loan.

National Credit Union Administration

National Credit Union Administration is an independent federal agency created by Congress to ensure state chartered credit unions deliver quality performance in meeting the credit needs of their membership. NACUA’s purpose is to provide leadership for the nation’s 1,000+ federally insured credit unions, helping them fulfill their public purpose by serving consumers, communities, businesses and government.

Wells Fargo

Wells Fargo is an American multinational banking corporation headquartered in San Francisco, California. Wells Fargo is currently ranked among the largest banks in the world and operates in various sectors including retail banking, commercial banking, investment management, residential mortgage lending, small business lending, and specialty finance. Wells Fargo has been providing mortgage financing since 1852 and today is a major provider of student loans. Their student loan refinance program allows customers who hold private education loans issued by participating lenders and guaranteed by the U.S. Department of Education to consolidate those loans into one single loan with a fixed interest rate.

United States Department of Agriculture

United states department of agriculture is a cabinet level department responsible for regulating agricultural production and marketing throughout the united states. They oversee farm subsidies, food safety regulations, nutrition assistance, and food security research. As a credit union member, you can request USDA Direct Financing to purchase crops and livestock.

US Department of Veterans Affairs

The Department of Veterans Affairs is a cabinet level department in the federal government responsible for delivering healthcare to veterans. They operate several medical facilities across the country and also offer student loan refinancing to active duty military personnel. The VA offers three different types of loans for veterans: Basic Allowance for Housing (BAH), Dependents Educational Assistance (DEA), and Vocational Rehabilitation/Appropriate Technology Transfer (VR/AT).

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