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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 tab 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 3.25% and 7.75% APR
10-Year between 3.75% and 8.25% APR
15-Year between 4.25% and 8.75% 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: Dovetail
For help with your Student Loan Refinance inquiries, please call 844-207-9917.
Answered by: DCU Staff
Date published: 2017-08-26

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.
Asked by: Sandy
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/
Answered by: DCU Staff
Date published: 2017-10-30

Can I take a student loan if I have already paid with a credit card

I have already paid my tuition and other expenses using my personal credit card. Will I be able to balance transfer the amount to the student loan?
Asked by: giga
Student Loans are offered and serviced through Credit Union Student Choice. The funds for the loans are usually required to be paid directly to the school and you may not be able to use the funds to pay off your Personal Credit Card. For more details and to confirm we recommend that you contact a Student Loan Specialist directly. For information about an Undergraduate or Graduate line of credit ONLY, please call: 800-324-1589.For information about a Student Loan Refinance, please call: 844-207-9917. If you are unable to use a Student Loan for this purpose I recommend that you view our Credit Card and Personal Loan rates to determine if you would receive a lower rate through these products.
Answered by: DCU Staff
Date published: 2017-09-30

What is the minimum credit score to get a refi on a parent plus student loan

Asked by: Cindy G
The approval is not based on credit score alone. To receive more detailed information on the approval criteria we recommend that you contact a Student Loan Representative directly. You may reach a representative by phone at 844-207-9917.
Answered by: DCU Staff
Date published: 2017-10-28

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: Kelly
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: DCU Staff
Date published: 2017-07-18
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Refinance a Student Loan Today

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