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 $125,000
- 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
- U.S. citizens or permanent residents who have graduated from an approved public or private not-for-profit school2 (a bachelor’s degree is a minimum requirement)
- 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:
|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|
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:
|5-Year||between 3.75% and 8.25% APR|
|10-Year||between 4.25% and 8.75% APR|
|15-Year||between 4.75% and 9.25% 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.
Student Loan Refinancing Program is rated out of 5 by 3.
Rated 4 out of 5 by Brendan from Low Rates, but Slow Setup You have to provide a ton of information up front before seeing your rate. You also have to have a hard credit check done before they lock in your rate. But once that was done I setup auto pay and let it do its thing. I'll jump through some hoops to save a few percent over my last loan. And would much rather work with DCU, a local institution, instead of the giant bank my last loan was through!
Date published: 2019-02-05
Rated 3 out of 5 by Jackie27 from Not for Associates Degrees, pt. 2 > a bachelor's degree is the minimum required http://dcu.studentchoice.org/Find-a-Loan/Refinance/eligibility/
Date published: 2018-06-28
Rated 1 out of 5 by swils from Not for Associates Degrees Doesn't say anywhere on the website or in the details that loans for Associates degrees are NOT eligible to be refinanced with this loan. Heads up, Associates degrees are not eligible.
Date published: 2018-06-06
Do I need to be resident of MA or Georgia to be a member? and ultimately to qualify to apply for student loan refinancing?
See this page for membership requirements: https://www.dcu.org/infodesk/membership/eligibility.html I'm not sure if you need to be a member though to get a loan through DCU.
Date published: 2019-02-05
can i pay the loan off early with additional principle?
When I went through the process there was no mention of a pre-payment penalty.
Date published: 2019-02-05
Can I refinance student loans I've already consolidated
For help with your Student Loan Refinance inquiries, please call 844-207-9917.
Date published: 2017-08-26
I am just shy of a 700 credit score. Is it worth applying or do you have to have excellent credit?
There are different rates available based on your personal Credit Score. To find out more information you may visit dcu.studentchoice.org, or call 800.324.1589.
Date published: 2018-09-29
Student loan for my brother
Hi, I am a permanent resident and I like to apply for a student loan on behalf of my younger brother who is an international student. Am I eligible for it and what options do I have.
DCU offers Student Loans through Credit Union Student Choice. They would require that the primary borrower be continually enrolled in a degree-granting program. You may be listed as the co-borrower however if your brother is not a U.S. citizens or permanent resident he would be unable to apply for the loan. For more detailed information you may contact a Student Loan Specialist by phone at 800-324-1589 or visit: http://dcu.studentchoice.org/Find-a-Loan/
Date published: 2017-12-30
Refinance a Student Loan Today
- Student Lending Center – Learn more, apply, or try our college planning calculators.
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- StreetWise IRA Guide – Provides general information explaining how Individual Retirement Accounts and Coverdell Education Savings Accounts work and what your options are.
- DCU Scholarship Program – Each year, graduating high school seniors can apply for scholarships awarded by DCU.
- Financial Wellness and Recovery – Learn what DCU can do for you if you are now or think you may soon experience a financial setback. The earlier you contact us, the more we can do to help.
- How to Make Your Loan Payment – We make it easy to make your loan payment. Find out more about our convenient payment options.