Student Loan Refinance | Wright-Patt Credit Union (2025)

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Special Limited Time Offer: Refinance and enjoy no payments and no interest for 3 months and get $350!

IMPORTANT: Interest and payments on federal student loans have resumed. Visit studentaid.gov for details. Carefully consider your options before refinancing federal student loans, as they will no longer qualify for current and future federal benefits once refinanced with a private lender.

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Important Disclaimers

Student Loan Refinance | Wright-Patt Credit Union (1)

Take control of your student loan repayment! Refinance and consolidate your private and federal student loans (including PLUS loans) into one manageable loan, setting up one convenient payment and potentially lowering your rate.*

Student Loan Refi

Borrow up to $100,000

6.25% - 11.75%

Variable Rates (APR)

6.25% - 12.75%

Fixed Rates (APR)

5, 10, 15 year

Loan Term

Parent Loan Refi

Borrow up to $100,000

6.25% - 11.75%

Variable Rates (APR)

6.25% - 12.75%

Fixed Rates (APR)

5, 10, 15 year

Loan Term

For parents who wish to refinance PLUS loan(s) or a child's student loan(s)

Medical Degree Refi

Borrow up to $100,000

6.25% - 8.75%

Variable Rates (APR)

6.25% - 8.75%

Fixed Rates (APR)

10 and 15 year

Loan Term

Borrowers with a FICO score of 740+ may borrow up to $250,000

Important Disclosures and Rate Details |Refinance Disclaimers| Rates shown include a 0.25% discount for optional enrollment in automatic electronic payments.

Our Medical Degree Refi is available to borrowers who are licensed or in residency to become a medical doctor (MD),
Doctor of Podiatric Medicine (DPM), Doctor of Osteopathy (DO), or dentist (DDS, DMD).

See how much you could save! We know that everyone’s student loan situation is unique, and figuring out where to start can be tough. Use our Student Loan Refinance Calculator today.

Calculate Savings

Why refi with Wright-Patt Credit Union?

When you refinance your student loans with us, you'll benefit from great rates, low fees, convenient repayment terms, and most importantly, a life-long relationship with a lender you can trust.

Competitive Rates

With rates likely on the rise - take advantage and refinance now.

Easy Application

Our application is quick and easy, providing an instant credit decision.

Personal Support

Our counselor offers 1:1 support for your refinancing questions.

Student Loan Refinance | Wright-Patt Credit Union (2)

Should I refinance my student loans?

Refinancing your student loans (such as private, federal, and PLUS) could help you lower your rate, adjust your payment, or pay them off sooner. Just remember, when you refinance federal student loans into a private refi loan, you'll lose access to any current or future federal benefits, such as potential debt cancellation or income-driven repayment options.

For more information, check out these helpful resources:

WEBINAR RECORDING: Student Loan Refinancing: Steps for Successful Savings

Learn more about student loan refinance and the process surrounding it, with real-life examples. What types of student loans do you have? Is refinancing right for you? How do you choose a lender?

Listen Now

Common Questions

If you are a college graduate currently in repayment, a recent college graduate, or a parent who took out student loans for a child, you may want to consider refinancing your student loans. For those with high interest rate student loans, refinancing might be a good way to lower the interest rates on your private or federal student loans (including parent and graduate PLUS). Choosing a new repayment term that fits your needs could help you simplify multiple payments or adjust your repayment terms.

Refinancing could potentially reduce the amount of interest you pay long term, but be sure to compare your options to determine what solution is right for you. Remember, Federal loans offer some special benefits, for example, public service forgiveness and economic hardship programs, that may not be accessible to you after you refinance. See disclosures for more details.

Consolidation means you are simply combining existing loans. Your total payment amount and total interest will likely remain the same, but you'll have the convenience of making one payment rather than multiple payments. This type of loan is usually associated with federal government student loans.

When you refinance, you are taking out a single new loan to pay off your old ones. You'll probably have a new interest rate, new terms, and a different monthly payment amount. This is the loan solution offered by your credit union.

To be eligible to refinance your student loans, you must have graduated from an approved school. Please visit our eligibility page to learn more.

View all FAQs.

Helpful Resources

Personal Support

Guide to Refi

Calculate Savings

Application Timeline

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* Subject to credit qualification and additional criteria, including graduating from an approved school.
† APR = Annual Percentage Rate
‡ Approved schools subject to change without notice.

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Student Loan Refinance | Wright-Patt Credit Union (2025)

FAQs

Is it hard to get approved for student loan refinance? ›

Key takeaways. In order to refinance a student loan, lenders tend to require a strong credit score, a stable income, a degree and a decent debt-to-income ratio. Lenders require a minimum refinancing amount, which is the amount you still have to pay on the loan. This is so the lender can make enough interest.

What credit score do you need to refinance a student loan? ›

Most lenders like to see a credit score of at least 650 and a credit history free of late payments. Your debt-to-income ratio: The more debt you have, the riskier you look to lenders. It shows them you're less likely to make payments in case an emergency arises.

Why do I keep getting denied to refinance student loans? ›

There are a variety of factors that lenders consider in their decision to approve or deny a student loan refinance application. Most refinancing companies have credit score and debt-to-income (DTI) ratio requirements. Your salary and whether you've earned your degree can also impact your eligibility.

Are credit unions good for student loans? ›

Banks for Student Loans. Credit unions usually can offer more competitive interest rates than banks. They also keep the loans on their own records, while banks do not. A student may find it difficult to take out a loan from a bank because of the rigid restrictions required to qualify.

Why is it now a horrible time to refinance student loans? ›

Since March of 2022, the Federal Reserve has hiked the federal funds rate 11 times in an attempt to fight 40-year-high inflation rates. That rate influences short-term interest rates on consumer loans and, as a result, student loan refinance rates have nearly doubled since their record lows in 2021.

What is not a good reason to refinance a student loan? ›

Here are some reasons to avoid a student loan refinance: You don't qualify for a lower interest rate. The main benefit of refinancing is lowering your student loan interest rate. If you don't see or qualify for a better rate, it's best to stick with your current lender.

Is it worth it to refinance federal student loans? ›

If you took out your federal student loans when interest rates were high, refinancing to a private student loan could save you thousands of dollars. This is especially true if you have good credit and qualify for the lowest advertised rates. Different repayment timeline.

What will you need in order to qualify to refinance a student loan? ›

Not everyone can qualify to refinance student loans. You typically need a college degree, good credit and an income that lets you comfortably afford your expenses and debt payments. If you meet these requirements, consider refinancing in these circumstances: The savings will make a difference.

What is a good student loan refi rate? ›

Summary: Best Student Loan Refinance Rates
CompanyForbes Advisor RatingFixed APR
SoFi®4.54.99% to 9.99%*
Citizens Bank4.05.89% to 10.99%
Rhode Island Student Loan Authority3.56.34% to 8.99%
Education Loan Finance3.54.84% to 8.69%
3 more rows
Aug 30, 2024

What disqualifies a refinance? ›

Homeowners are commonly disqualified from refinancing because they have too much debt. If your DTI is above your lender's maximum allowed percentage, you may not qualify to refinance your home. A low credit score is also a common hindrance.

When should you not refinance? ›

Generally, it might not be smart to refinance if: You will be splurging on discretionary purchases: Don't fall into the trap of putting your home on the line to spend the refinance savings or cash-out proceeds on one-time expenses like a vacation or car. In general, it's better to save for these costs.

Who gets denied student loans? ›

Being denied student loans is common for would-be borrowers, and several factors could lead to loan denial. Your credit history, credit score, insufficient application information, or other issues could cause you to be rejected for a loan.

Is it better to refinance through a credit union? ›

Because credit unions are “non-profit” credit unions tend to have lower mortgage interest rates and fewer lender fees. So, if you're shopping for a lender and comparing banks and mortgage brokers, don't forget to see what credit unions have to offer. We think you'll be pleasantly surprised.

Can I move my student loans to a credit union? ›

Refinancing your student loans can save you money and provide you with some extra flexibility. Going through a credit union could give you a better experience as a customer, and in some cases, you may be able to score a lower interest rate. But be sure to keep the potential limitations in mind.

Do credit unions give loans easier? ›

Most credit unions, including the Credit Union of Southern California (CU SoCal), have more flexible lending requirements than traditional banks. This is because credit unions are member owned and non-profit, and can offer quick approvals and competitive rates that are lower than bank rates. Call 866.287.

Is it hard to get approved for a refinance? ›

Homeowners are commonly disqualified from refinancing because they have too much debt. If your DTI is above your lender's maximum allowed percentage, you may not qualify to refinance your home. A low credit score is also a common hindrance.

How long does it take to refinance student loans? ›

Typically, it will take 30-45 days for the existing loan provider to receive the payment and apply it to your account. It is essential to check with your current provider to see if the payoff is applied to your account. How long do I need to continue making payments with my existing lender after I refinance?

What is a good student loan refinance rate? ›

Summary: Best Student Loan Refinance Rates
CompanyForbes Advisor RatingFixed APR
SoFi®4.54.99% to 9.99%*
Citizens Bank4.05.89% to 10.99%
Rhode Island Student Loan Authority3.56.34% to 8.99%
Education Loan Finance3.54.84% to 8.69%
3 more rows
Aug 30, 2024

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