Merrimack Valley Credit Union Student Loan Refinancing Review

Merrimack Valley Credit Union Student Loan Refinancing is a student loan refinance offering by Merrimack Valley Credit Union, a credit union. Founded in 1955, Merrimack Valley Credit Union offers student loan refinancing in 50 states (and Washington, DC).

What APRs does Merrimack Valley Credit Union Student Loan Refinancing offer on its student refinancing loans?

The range of APRs you qualify for when refinancing a student loan vary widely by lender and will depend on your creditworthiness and the type of loan you choose. Loans with fixed rates will typically have higher APRs than loans with a variable rate. 

Merrimack Valley Credit Union Student Loan Refinancing offers variable rate APRs that range from 4.00% to 9.50%.
Borrowers who choose a fixed-rate refinancing loan can expect APRs that range from 3.75% to 8.75% APR.

Rate is quoted with autopay discount*.

Does Merrimack Valley Credit Union Student Loan Refinancing charge an origination fee?

No, Merrimack Valley Credit Union Student Loan Refinancing does not charge a loan origination fee.

A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

Does Merrimack Valley Credit Union Student Loan Refinancing charge prepayment fees?

No, Merrimack Valley Credit Union Student Loan Refinancing does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.

What terms does Merrimack Valley Credit Union Student Loan Refinancing offer?

Merrimack Valley Credit Union Student Loan Refinancing provides refinancing loans of 5 to 15 years.

What type of borrowers will Merrimack Valley Credit Union Student Loan Refinancing consider?

Merrimack Valley Credit Union Student Loan Refinancing considers loans applications from:

• undergraduate students
• graduate students
• undergraduate degree holders
• graduate degree holders

What do you need to qualify for Merrimack Valley Credit Union Student Loan Refinancing?

Applicants with a credit score of at least 720 and up to 850 are eligible for Merrimack Valley Credit Union Student Loan Refinancing.

Merrimack Valley Credit Union Student Loan Refinancing does not have or does not disclose a minimum annual income eligibility requirement. Merrimack Valley Credit Union Student Loan Refinancing will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations. Note that borrowers can add a cosigner to either meet eligibility requirements or qualify for lower interest rates.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Merrimack Valley Credit Union Student Loan Refinancing. Their rates fall within the limits of The Military Lending Act.

Only U.S. citizens and permanent residents can apply for a loan.

To qualify, applicants may need to provide the following documentation:

• Loan payoff statements
• Recent pay stubs
• Proof of income
• Driver's license
• Government issued photo ID
• Proof of identity

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