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.*
One Loan, Multiple Benefits
Are you juggling multiple costly student loan payments every month? Chaffey FCU can help you take control of your debt with our student loan refinance solution! Refinance and consolidate both private and federal student loans*, setting up one convenient payment and potentially lowering your rate.
- Competitive Interest Rates
- Flexible Repayment Terms to fit Your Needs
- Loans up to $150,000
- Potentially reduce your rate by 0.25% by enrolling in automatic electronic payments during repayment
- Borrow from a not-for-profit credit union you can trust
You Should Consider Refinancing If:
You’re paying a high interest rate on your loans
You are juggling multiple student loans (private and/or federal)
You have a good credit history or a strong co-signer
Guide to Refinance
Refinancing your federal and/or private student loans, including PLUS, can be a great way to consolidate multiple loans into a single payment, and potentially save money in the long run – but every student loan situation is unique.
| Pros of Refinancing | Cons of Refinancing |
|---|---|
| One loan with one simple payment means less paperwork and hassle | Potential loss of certain borrower benefits associated with federal student loans** |
| Potentially save money on interest with a shorter repayment term | Payments could be extended over a longer repayment term in exchange for a lower monthly payment |
| Potentially lower your payment to help with monthly cash flow | Shortening the repayment term (which may reduce interest paid) could raise your monthly payment |
Student Refinance FAQs
Does it matter which college or university I attended?
Yes. To be eligible for funding, the borrower must have graduated from an approved school. To verify that your school is approved, view a list of approved public or private not-for-profit schools. You can also view this list in our application before applying. Please note that the eligible schools list is subject to change without notice.
Should I continue making payments while my refinance application is in process?
Yes, you should continue to make your payments while your application is in process. You will be notified when the funds have been sent to the applicable servicers.
Do I have to be a Chaffey FCU Member for funds to disburse?
The borrower and co-applicant (if applicable) must be a member of the credit union. To expedite funding, schedule an appointment or visit our online membership application to open your membership account while we are processing your loan.
Can I refinance loans I’ve previously refinanced?
Yes! If you have previously refinanced some of all of your student loans, you may wish to refinance again to take advantage of a lower rate.
Do I have to refinance all my student loans?
You can refinance all or some of your student loans – whichever option is best for you. Some borrowers choose not to refinance their federal student loans so they can hold onto existing benefits such as income based repayment plans or loan forgiveness.
What is the difference between consolidation and refinancing?
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 loans. You’ll probably have a new interest rate, new terms, and a different monthly payment amount. This is the loan solution offered by Chaffey FCU.
Can my co-applicant be released at a later date?
A co-applicant release option is available to credit worthy borrowers who make 48 consecutive on-time payments during the principal and interest repayment period, and meet additional requirements (such as salary and debt-to-income ratio). You must apply and be approved for this option after the 48 month period. Other terms and conditions may apply, and option may be revoked or modified without notice.
*Federal student loans may qualify for payment and interest rate benefits that private student loans do not. 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. For more information, visit studentaid.gov or contact your federal student loan servicer.
**By refinancing federal student loans, you may lose certain borrower benefits from your original loans. These may include interest rate discounts, principal rebates, income-based repayment, or some cancellation benefits that can significantly reduce the cost of repaying your loans. Read More.
Loans contingent on Chaffey FCU Membership status. If loan application is approved, a Membership will need to be opened before loan is funded. Field of Membership requirements apply; all Membership details at chaffey.com/membership.