Do you want to collect a loan from the Navy Federal Credit Union Students Loans, to further your academics? If yes, then you can apply for it with the NFCU. the Navy Federal Credit Union offer loans for students at any level of education, but one thing you have to understand as a borrower is that you have to be a member of Department of Defense civilians, their family members, or a past and present military to be qualified for the loan.
However, if you know that you are a member, it is pertinent for you to know that there are other requirements and criteria you have to meet before you will be granted the loan. So in this article, we are going to take time to discuss all that you need to know about the loan: how to apply, the requirements criteria, repayment rates and methods, and terms and conditions that apply to each of the loans be it undergraduate, or graduate.
About the Navy Federal Credit Union
Navy Federal Credit Union is rated as one of the best when it comes to customer service. Members of the Navy Federal Credit Union are given the grace of about an 18-month grace period for their repayment, but no deferment options are included. They offer 24/7 call center hours, in NFCU, you can borrow up to the full cost of attendance every year, and, in the aggregate, you can borrow up to $120,000 for an undergraduate degree.
The NFCU is a student loan refinancing offered to its members, such members may include the following:
- Past and present military,
- Department of Defense civilians,
- And their family members.
Important Note:
- The credit union offers competitive rates
- No full deferment option,
- You are rather while in school, you are required to make small payments.
NFCU Eligibility Criteria
The following credit and underwriting criteria must be met by all applicants:
- You must be a Navy Federal Credit Union member
- Or do you have to become one in the application process
- You must be a current student or graduate of an eligible school (parent refinance loans are not included)
- You must be a U.S. citizen
- Or permanent resident
- You have to be a legal adult to be qualified in any of the states in which they reside and must be at least of 18years of age.
- Good credit history and score are required
- Refinancing private and/or federal student loans
Requirements for NFCU
To apply for the Navy Federal Credit Union Students Loans, you are required to have certain proof, before you will be granted the loan. The requirements are as follows:
- Navy Federal Access Number
- Social Security number
- Government-issued ID
- Permanent address, phone number, and email address
- Basic information about your academic standing
- Details of other student loans you wish to consolidate,
Consignor’s Requirements for NFCU
If it will be needed, your consignor will have to provide these:
- Name, address, phone number, and email address
- Social Security number
- Government-issued photo ID number
- Personal reference
- Employer’s name and contact information
- Two most recent pay stubs
- A W-2 form or tax return
Advantages of the Loan
The Navy Federal Credit Union Students Loans, have an advantage and disadvantages, but in this section, I will be discussing the advantages you will derive from applying for the loan. The advantages of the loan are as follows:
- If you wish, you are permitted to borrow an amount up to the full cost of attendance
- You access them both in the evening and on weekends during the call center hours
- It is after 24 months of consecutive on-time monthly payments, that the Cosigner releases option.
- You may decide to choose a fixed or variable loan
- Application fees, origination fees, or prepayment penalties are all out of the game
Disadvantages of the Loan
The Navy Federal Credit Union Students Loans, have an advantage and disadvantages, but in this section, I will be discussing the disadvantages you will derive from applying for the loan. The disadvantages of the loan are as follows:
- For you to qualify to a borrower, you must join the Navy Federal Credit Union
- You have to check your rate with them and Perform a hard credit inquiry also
- Deferment and forbearance policies are not always made available publicly.
- No option to pre-qualify online
Quick Look at Navy Federal Credit Union Student Loans
Loan Type | Variable APR | Fixed APR |
Undergraduate loan | 7.07%–16.40% | 5.50%–13.30% |
Graduate loan | 7.07%–16.40% | 5.50%–13.30% |
Refinance loan | As low as 6.13% | As low as 4.60% |
Undergraduate Student Loans
You are qualified for the NFCU loan and can borrow up to $120,000 from Navy Federal Credit Union, whether you are a community college or a four-year school. If they so like, they can also borrow at a fixed or variable interest rate. Only small or interest-only payments will be made while still in school and for six months after graduation.
Terms for Undergraduate Student Loans | |
Variable APR | 7.07%–16.40% |
Fixed APR | 5.50%–13.30% |
Loan amounts | $2,000–$120,000 |
Loan terms | 5 or 10 years |
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Graduate Student Loans
If you want to borrow from NFCU, as a Graduate student, you too can borrow money that will cover the costs of your master’s or other advanced degree programs. An aggregate of $160,000 is allowed to be borrowed as a graduate student from Navy Federal Credit Union. At this level too, you have the liberty of choosing either a fixed or variable rate.
Terms for Graduate Student Loans | |
Variable APR | 7.07%–16.40% |
Fixed APR | 5.50%–13.30% |
Loan amounts | $2,000–$160,000 |
Loan terms | 5 or 10 years |
Repayment Options
Terms of five or 10 years of repayment are available at Navy Federal in-school student loans. While for a refinanced loan, you have a term of five, 10, or 15 years repayment plan.
If you are enrolled at least half-time and for six months, you will be given a period of grace to pay your loan even til after graduation. But you can start making small payments on your student loans, before the full payment starts.
The full payment options are two: they are:
- Fixed payment
- And interest-only payment
Fixed payments: While you are still in school and during your grace period, endeavor to pay $25 per month on your student loans.
Interest-only payments: While you are still in school and during your grace period endeavor to pay the interest that accrues on your loans.
Conclusion
Thank you for reading this article, I hope you were able to understand how to apply, the requirements criteria, repayment rates and methods, and terms and conditions that apply to each of the loans be it undergraduate, or graduate loan.