The credit union offers variable rates as low as 2.99 percent (assuming the borrower chooses auto payments). The repayment period begins immediately after the loan is disbursed. With Navy Federal, borrowers can consolidate a minimum of $7,500 and a maximum of $125,000 in undergraduate debt, and a maximum of $175,000 in graduate debt or combined student debt.
Not only do Navy Federal borrowers have the option to add a cosigner, but the credit union allows cosigners apply for release after only 12 months of consecutive, on-time payments. This is shorter than the average release period in the student debt industry.
On its website, Navy Federal provides a helpful calculator tool that allows borrowers to input loan balances, rates, and monthly payments to get an estimated new monthly payment. The calculator also provides a helpful feature that allows borrowers to input multiple loans.
Navy Federal has 260 branches. The company aims to provide services for active on-duty, reserve, and retired military personnel. It also focuses on serving the Department of Defense civilian personnel and military dependents.
Navy Federal's corporate website lacks transparency in many areas. For example, the website does not provide any information on fees, school eligibility, interest rate maximums, or term length minimums.
In order to use Navy Federal's student loan consolidation program, one must be a Navy Federal Credit Union member. To become a member, individuals must be affilated with the Armed Forces, DoD, Coast Guard, or National Guard or be a relative of a Navy Federal member. Additionally, in order to apply without a cosigner, applicants must consistently make at least $2,000 per month.
Navy Federal only offers variable interest rates. In addition, the company does not consolidate federal student loans.