The minimum refinance loan amount is $5,000. The maximum loan amount will be $100,000. Make sure to review your existing loans carefully so that you borrow the exact amount you need. Rates are determined on an individual basis. For more information please visit the Student Choice website.
All loans being refinanced must be post separation from school.
Federal Education Loans:
- Federal Family Education Loan Program (FFELP)
- Subsidized or Unsubsidized (aka Stafford Loan)
- Grad or Parent PLUS William D. Ford Direct Loan Program Subsidized or Unsubsidized (aka Direct Stafford Loan)
- William D. Ford Direct Loan Program Undergraduate, Grad or Parent PLUS
- Perkins, Nursing or Health Education Assistance (HEAL)
If you choose to refinance a federal loan, you will lose federal student loan benefits such as income driven repayment or loan forgiveness options that may be available on your current federal loan(s). In addition, federal student loans offer deferment and forbearance options that may not be available to you if you take out a private refinance loan. You may qualify for a Federal Direct Consolidation Loan. For additional information about a consolidation option for federal loans, contact the Department of Education at: studentaid.gov. See disclosures for more details.
Private Education Loans:
Institutional Education Loans:
Yes. In order to fund the loan, the borrower must be a member of Bethpage Federal Credit Union by opening a $5.00 savings account. If there is a cosigner, they do not need to be a member.
No, individuals may not refinance loans together.
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 ones. You'll probably have a new interest rate, new terms, and a different monthly payment amount. This is the loan solution offered by your credit union.
For more information please visit the Student Choice website.