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Student Loan Refinance Program

Take control of your student loans.




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Student Loan Refinance Program Features

  • Take control of your student loans with a Student Choice Refinance Loan from DCU.
  • You'll be able to refinance and consolidate your private and federal student loans into one manageable loan, setting up one convenient payment, and potentially saving thousands of dollars in interest rate charges.
  • Featuring a competitive interest rate, our refinance loan can help you simplify your life while amplifying your funds.

Please refer to Details and Rates tabs for additional information and important disclosures.

Student Loan Refinance Details

What You Need to Know Before You Borrow:

  • Refinance your private or federal student loans, including PLUS loans, up to $100,000
  • Keep in mind that by refinancing federal student loans, you may lose certain borrower benefits from your original loans. These may include interest rate discounts, principal rebates, or some cancellation benefits that can significantly reduce the cost of repaying your loans.
  • Receive a 0.25% rate discount for automatic electronic payment1

Who's eligible?

  • U.S. citizens or permanent residents who have graduated from an approved public or private not-for-profit school2
  • In repayment or grace on one or more outstanding private or federal student loans
  • Able to pass a credit check (A co-borrower may be necessary in order for you to meet credit criteria, and may also help you qualify for a lower rate)

1. If your loan is subject to a floor rate (also known as a minimum interest rate) as specified in your promissory note, your rate will never be less than the floor rate.

2. Approved schools subject to change.

Variable Rate Solution

The Annual Percentage Rate (APR) is variable1 and is based on the Prime index2 plus a margin3. The rate you receive depends on your credit qualifications and the repayment term you select.

The current offered variable rates are4:

Repayment Term Rates*
5-Year between 2.75% and 7.25% APR
10-Year between 3.25% and 7.75% APR
15-Year between 3.75% and 8.25% APR

Fixed Rate Solution

The Annual Percentage Rate (APR) is fixed5 for the life of the loan. The rate you receive depends on your credit qualifications and the repayment term you select.

The current offered fixed rates are:

Repayment Term Rates*
5-Year between 4.00% and 8.50% APR
10-Year between 4.50% and 9.00% APR
15-Year between 5.00% and 9.50% APR

All loans are subject to approval and restrictions may apply. Digital Federal Credit Union reserves the right to change rates for new applications at any time and without notice. Credit union membership and a minimum share deposit is required. Contact us for membership details.

Important: Please remember that federal loans do offer certain benefits and protections that do not transfer to a private loan. By refinancing your federal student loans to a private loan you will lose any federal benefits that may apply to you. Please review this important disclosure for more information.

Rates are effective .

* Rates shown include a 0.25% discount for optional enrollment in automatic electronic payments.

1. Variable interest rate solution: the rate is subject to increase after consummation. Your Interest Rate is variable and may be adjusted quarterly based on the Index. Any increase in the Index may increase the APR and may increase the amount of your monthly payment.

2. As of March 1st, 2017, the Prime index (Index), as published in the Wall Street Journal, used is 3.75%. The interest rate will not exceed 18.00% regardless of the Index.

3. Margin will be disclosed upon approval. This Margin is added to the Index to determine the calculated interest rate.

4. Current offered rates are calculated using the Index, Margin, and Floor values in effect. Your specific Interest Rate, Margin, Floor, and/or credit approval will depend upon the student borrower's and co-borrower's (if applicable) credit qualification. Applicants may apply with a creditworthy U.S. co-borrower which may result in a better chance of approval and/or lower interest rate.

5. Fixed interest rate solution: your interest rate is fixed and is based on your credit qualification and the repayment term you select. Your actual rate within the ranges stated will be disclosed upon approval.

APR = Annual Percentage Rate.

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.

Variable Interest Rate Solution

  • 5 year loan term: with a 7.00% APR, the monthly payment will be $990.06. Finance charges will be $9,403.55
  • 10 year loan term: with a 7.50% APR, the monthly payment will be $593.36. Finance charges will be $21,221.05.
  • 15 year loan term: with a 8.00% APR, the monthly payment will be $477.83. Finance charges will be $36,008.08.

Fixed Interest Rate Solution

  • 5 year loan term: with a 8.25% APR, the monthly payment will be $1,019.81. Finance charges will be $11,188.60.
  • 10 year loan term: with a 8.75% APR, the monthly payment will be $626.63. Finance charges will be $25,195.60.
  • 15 year loan term: with a 9.25% APR, the monthly payment will be $514.60. Finance charges will be $42,628.00.

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Can I refinance student loans I've already consolidated

Asked by: Anonymous
For help with your Student Loan Refinance inquiries, please call 844-207-9917.
Answered by: Anonymous
Date published: 2017-06-22

When my loan is switched over to DCU will it appear in my account information?

When I applied for the student loan refinancing, I saw that there was a separate website to manage the loan account but I was not sure if that is where I would need to go to make any payments or if the balance would show up in my DCU Account details.
Asked by: Anonymous
No, the Student Loan will not appear in Online Banking. To manage that type of account, you will want to use the Student Lending site, http://dcu.studentchoice.org/ , and click the Manage Accounts link at the top of the page.
Answered by: Anonymous
Date published: 2017-03-18

Can I take this loan to pay off my education loan which I took in India for my Master's degree which I did from a university in Boston?

Asked by: Anonymous
Please visit the Student Lending Center site at http://dcu.studentchoice.org/find-a-loan/refinance/ or call 844-207-9917 to learn more or apply.
Answered by: Anonymous
Date published: 2017-06-10

International student loan refinance or personal loan?

I'm not an US citizen, but greencard has been applied by my employer. I have a international student loan of $7000 to pay back. Am I eligible for this refinance? If so, what are the documents you need? If not then what would be the best product with lowest/best interest rate? I had a car loan with DCU before and a DCU member.
Asked by: Anonymous
At this time DCU only offers Student Loan Refinancing for U.S. citizens or permanent residents who have graduated from an approved public or private not-for-profit school located within the United States. You may be eligible for a Personal Loan however the rate for this product begins at 8.50% and is based upon your credit score. To determine if you are eligible we ask that you apply.
Answered by: Anonymous
Date published: 2017-03-14

Can we claim on taxes the inters after the student loan is been refinance?

Asked by: Anonymous
To determine if you may claim interest paid on a Student Loan after it has been refinanced you will want to speak with a Tax Advisor.
Answered by: Anonymous
Date published: 2017-05-13
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Refinance a Student Loan Today

  1. Student Lending Center – Learn more, apply, or try our college planning calculators.

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