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

IMPORTANT:

Payments on Federal student loans are set to resume after 1/31/2022. Lock in a low refinance rate today!

Refinance up to $100,000 with rates starting at 6.25% APR

Current Rates

Variable Rate Solution

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

Interest rates and monthly payments rise and fall according to the Prime index. The variable rate option does allow for a longer repayment period than a fixed rate option, which could result in a lower monthly payment. Learn More

5-year Repayment Term: 6.25% - 10.75% APR

10-year Repayment Term: 6.75% - 11.25% APR

15-year Repayment Term: 7.50% - 11.75% APR

Fixed Rate Solution

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

Your interest rate and monthly payment will remain the same for the life of your loan. The fixed rate option offers a shorter repayment period than a variable rate option, which could result in a higher monthly payment.Learn More

5-year Repayment Term:6.25% - 10.75%APR

10-year Repayment Term:6.75%- 11.25%APR

Important Disclosures and Rate Details

Start Your Application

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.

A Direct Consolidation Loan from the federal government allows you to consolidate (combine) multiple federal education loans into one loan. The result is a single monthly payment for your federal student loans at one interest rate instead of multiple payments.

Refinancing your student loans involves working with a private lender like your credit union. This lender will pay off your existing loans (which may include private and federal loans) and combine them through consolidation. You will then make a single loan payment to the new private lender.

Please visit our eligibility page.

Private, Federal, and Institutional

Fixed interest rates offer a predictable monthly payment with a rate that doesn’t change over time – you’re locked in at the current rate for the life of your loan. With a fixed rate, you also know exactly how much interest you’ll pay over the life of your loan. Fixed rates may be slightly higher than variable rates, so you’ll need to weigh the benefits of consistency versus a potentially lower variable rate.

Variable interest rates offer potentially lower starting rates which can result in lower payments, but your interest rate can rise and fall over the life of your loan. That means, your monthly payment and total interest may vary as well. Variable rates may be lower up front with a lower monthly payment, so you’ll need to weigh these benefits versus the consistency of a fixed rate.

Credit unions are not-for-profit, member-owned financial institutions that exist to serve the financial needs of their member owners. Unlike for-profit banks and lenders, when you borrow from a credit union you’re supporting a local business focused on the needs of its members, not bank stakeholders. Because credit unions aren't focused on making a profit, they value educating each of their members on which financial option would be best for their own situation.

Additional Resources

Personal Support

Guide to Refi

DISCLOSURES

*Subject to credit qualification and additional criteria, including graduating from an approved school.

APR = Annual Percentage Rate. Rates shown include a 0.25% discount for optional enrollment in automatic electronic payments. Check our current rates and full disclosures.

Important: Please review carefully if you are considering refinancing your federal student loans.

If you refinance some or all of your federal student loans into a private student loan with a credit union, you will lose access to any current and/or future federal student loan benefits, such as potential debt cancellation or income-driven repayment options. With the August 2022 announcement from the Biden administration, it’s more important than ever to evaluate your options if you have federal student loans so that you can make educated decisions. Make sure to explore all available resources by visiting the Department of Education’s website at www.studentaid.gov or contacting your federal student loan servicer to understand how any federal student loan proposals may impact you, so that you can determine if having access to federal student loan benefits outweigh the benefits of refinancing your loans.

Your existing student loan(s) must total a minimum of $5,000 to be eligible for refinance. The maximum amount you may refinance is $100,000.

To qualify, you must be eligible for Credit Union membership, at least 18 years old, a U.S. citizen or permanent resident, have graduated from an approved public or private not-for-profit school, and continue to meetWright-Patt Credit Union’s underwriting criteria.

To apply for this loan, complete the online application. If you are approved for this loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted by law and the variable interest rate may change based on the market).

Student Loan Refinance and underwriting is provided by Wright-Patt Credit Union. Application processing is provided by Credit Union Student Choice on behalf of Wright-Patt Credit Union. Loan servicing and repayment is provided by University Accounting Service, LLC on behalf of Wright-Patt Credit Union.

Repayment Examples

Examples provided use highest current offered rate in effect for each repayment term and assume a constant interest rate on a $50,000 loan amount. Rates shown include a 0.25% discount for optional enrollment in automatic electronic payments. Check our current rates and full disclosures.

Variable Interest Rate Solution

  • 5 year loan term:6.25% to10.75% APR. At 10.75% APR, the monthly payment will be $1,080.90. Finance charges will be $14,853.86.
  • 10 year loan term: 6.75% to11.25% APR.At11.25% APR, the monthly payment will be $695.84. Finance charges will be $33,501.37.
  • 15 year loan term: 7.50% to11.75% APR.At11.75% APR, the monthly payment will be $592.07. Finance charges will be $56,571.82.

Fixed Interest Rate Solution

  • 5 year loan term: 6.25% to 10.75% APR. At 10.75% APR, the monthly payment will be $1,080.90. Finance charges will be $14,853.86.
  • 10 year loan term: 6.75% to 11.25% APR.At11.25% APR, the monthly payment will be $695.84. Finance charges will be $33,501.37.

Student Loan Refinance | Wright-Patt Credit Union (3)

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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.

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? ›

When you shouldn't refinance student loans. You generally can't or shouldn't refinance if: You have federal loans and could see a drop in income. If there's a chance your income could decrease, don't refinance federal student loans.

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

Expert-Verified Answer. In order to qualify to refinance a student loan, you will need a good credit score and a good income-to-debt ratio i.e. Option 1 is correct.

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 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

Can I refinance my student loans without a job? ›

If you're still in school or dropped out and are just starting your career, you may not have enough income to meet student loan refinancing lenders' requirements. However, you may be able to qualify for a loan—and get a lower interest rate than you'd get on your own—if you have a co-signer apply with you.

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? ›

Don't refinance if you have a long break-even period—the number of months to reach the point when you start saving. Refinancing to lower your monthly payment is great unless you're spending more money in the long-run.

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.

What percentage of people regret student loans? ›

College students are regretting taking out student loans before they even leave school, a new report from WalletHub revealed on Tuesday. Roughly 61 percent of college students said they regretted how much they borrowed with student loans, according to the report.

How hard is it to refinance student loans? ›

In general, you'll need to have a credit score in the mid- to high 600s, a debt-to-income ratio of less than 43 percent and a source of steady income to refinance a student loan, but the requirements vary by lender. Getting pre-qualified is an excellent way to see if you're eligible for student loan refinancing.

Should I refinance my student loans or wait for forgiveness? ›

Refinancing with a private loan may be a good option if you are highly motivated to repay your student debt; have a secure job, emergency savings, and strong credit; are unlikely to benefit from forgiveness options; have a low fixed rate option available; or if you will have access to sufficient funds soon.

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®4.55.99% to 9.99%*
Citizens Bank4.05.89% to 10.98%
Rhode Island Student Loan Authority3.56.34% to 8.99%
Education Loan Finance3.54.84% to 8.44%
3 more rows
Aug 30, 2024

Are student loans hard to get approved for? ›

Check your eligibility.

To qualify for a private student loan on your own, you generally need to have good credit, which is generally a FICO score 670 or above. If you don't meet the requirements, you'll need a co-signer who can.

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