Learning-Center

Why Refi With a Credit Union?

You’ve decided to refinance one or more of your student loans – now how do you find the right lender? With so many options available, finding the right option can seem overwhelming. While there are many factors to consider, here are several reasons to select a credit union for your student loan refinance needs.

Support Your Local Community

While credit union membership was once available only to small, select groups, nearly everyone is now eligible to join a credit union! Some credit unions offer a nationwide field of membership, but most stay focused on a local geographic region. Chances are if you borrow from a credit union, you’ll see its logo on community event sponsorships and its employees volunteering in your area.

Cooperative Spirit

Credit unions were started by people who wanted to pool their money and loan it to others in need – the original crowdfunding, which is why they are known as “financial cooperatives.” The dollars invested in big banks land in the pockets of big investors; credit unions are dedicated to serving their members, who are actually stakeholders in their business. When you become a member of a credit union, you’re helping your fellow members as well. Because of their cooperative nature, credit unions offer their members more favorable rates and fewer fees than big banks.

Lifelong Financial Partner

Credit unions offer more than just student loan products. You can establish a checking account, savings account, and possibly other loans in the future, all under one roof. Many credit unions also offer auto loans and mortgages, making them your partner for all of the major milestones in life.

Personalized Service and Education

One of the perks of doing business locally is that you’ll often see the same faces working in your financial establishment as you’ll see shopping in your grocery store. They may even know you by name! In addition, our credit union partners provide another level of personal support, with one-on-one help from a College Counselor and Concierge team. You’ll have a real person to speak with any time you have questions about your student loan refinance, the application, or process.

Need to find a credit union? Input some basic information and we’ll show you which credit unions could be the right refinance match for you!

*APR = Annual Percentage Rate

In order to apply for a loan, you must first pick an individual credit union from which you wish to borrow. You can apply for the loan without being a member of the credit union you select, but you will need to become a member of that credit union in order to receive a funded loan. Therefore, it's important that you select a credit union that you will be eligible to join. Credit union membership requirements can include where you live, work, or attend school. Results are based on membership criteria provided by individual credit unions and do not imply a guarantee regarding accuracy or eligibility to join the listed credit union(s).

Calculations are based on the lowest possible rate and available repayment terms per lender. Rate estimates are based on credit information entered by the user and will not impact your credit. During the application process, a hard credit inquiry will be performed to provide exact rate information. Repayment calculations assume immediate full repayment. View the full range of rates and terms by visiting your credit union's website using links listed for each credit union above.

Using the free student loan refinance calculator does not constitute an offer to receive a loan and will not solicit a loan offer. Any payments and savings will depend on the actual amounts for which you are approved, should you choose to apply. This calculator is provided for educational purposes only and should not be relied upon as financial advice. Always consult your credit union or financial advisor when making your decision.

IMPORTANT NOTICE for refinance borrowers: By refinancing federal student loans, you may lose certain borrower benefits from your original loans. These may include interest rate discounts, principal rebates, or some cancellation benefits that can significantly reduce the cost of repaying your loans. Please review this important disclosure for more information.

Your actual rate within the range stated will be disclosed upon approval. Student borrowers may apply with a creditworthy cosigner which may result in a better chance of approval and/or interest rate.