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Navy Federal Credit Union

in Private Student Loans

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Navy Federal Credit Union

Unaffiliated

in Private Student Loans

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Overview

Where does Navy Federal Credit Union do business?

Navy Federal Credit Union is based in Vienna, VA. It was founded in 1933 and offers student loans in 50 states (and Washington, DC).

What rates does Navy Federal Credit Union offer for in-school private student loan?

Navy Federal Credit Union offers variable rate APRs that range from 4.74% to 11.39% APR. Navy Federal Credit Union offers fixed rate APRs that range from 6.28% to 11.99% APR. Many students have little or no credit history when they start college. By having a parent or other creditworthy individual cosign the loan, the student may improve their chance of approval or qualify for lower interest rates.

How much can you borrow from Navy Federal Credit Union?

Available loan amounts may vary by applicant but Navy Federal Credit Union has a minimum loan amount of $2,000 and offers loans up to $160,000.

Does Navy Federal Credit Union charge an origination fee?

No, Navy Federal Credit Union 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 Navy Federal Credit Union charge prepayment fees?

No, Navy Federal Credit Union 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 Navy Federal Credit Union offer?

Navy Federal Credit Union provides repayment terms ranging from 5 to 20 years.

Navy Federal Credit Union offers borrowers unemployment protection. This means that if you lose your job -- or you have just finished school -- your loan payments are placed on a temporary hold.

What type of borrowers will Navy Federal Credit Union consider?

Navy Federal Credit Union considers loans applications from:

  • undergraduate students
  • graduate students

What do you need to qualify for a loan with Navy Federal Credit Union?

Applicants with a credit score of at least 660 can apply for a loan via Navy Federal Credit Union.

Note that borrowers can add a cosigner to the loan to either meet eligibility requirements or qualify for lower interest rates.

Borrower or cosigner must have a minimum income of $15,000 to qualify.

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

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

  • Driver's license
  • Proof of identity
  • Proof of citizenship or residence permit
  • Proof of income
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Availability

Available in 50 States and Washington, DC
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

No Prepayment Fee
No Origination Fee
Late Fee After (number of days)
15
Late Fee Amount
$20
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Minimum Annual Income
$15,000
Cosigner Optional
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Credit Score Range
660 - 850
850 300 660
Verification Documents Required?
  • Proof of Identity
  • Proof of Income
  • Proof of Residence
  • References
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Funding Time Range (in days)
1 - 7
1 28
Unemployment Protection
Good Student Rewards
Payment Options
  • Automatic Payments
Variable APR
4.74% - 11.39%
3% 12%
Loan Amount
$2K - $160K
$500 $500K
Loan Term (Years)
5 - 20
1 30
Fixed APR
6.28% - 11.99%
0% 20%
Up to Cost of Attendance

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