NEA Member Benefits can help! The NEA Private Student Loan Refinance Program1 is a great way to potentially lower the interest rate or monthly payment you currently pay on your private student loans.
how it helps
Before you do anything, first check to see whether your federal loans can be reduced or forgiven. If you refinance a federal loan into a new private loan, that student debt will no longer be eligible for forgiveness.
When you refinance your private student loans, your new loan typically will have a lower interest rate and/or different repayment terms. This can help you cut your monthly payments now, lower the total cost of your loans long-term, or both.
If you choose a fixed rate loan, the interest rate does not change during the life of the loan, so you know your payment amount and total cost up front.
Variable interest rate loans usually start with rates that are lower than fixed rates, but the cost of your loan can go up based on market fluctuations.
How It Works
Terms & Conditions
1. The NEA Private Student Loan Refinance Program is provided by College Avenue Student Loans, LLC. College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
2. Amount equal to 0.5% of the initial loan balance to be credited on the borrowers statement within 60 days of closing of the loan. For example, if the consolidated loan equaled $20,000, the member benefit equals $100, with a maximum of $599.99.
3. $5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees. The minimum repayment period is 5 years, while the maximum repayment period is 15 years. Borrowers should refer to their credit agreement for specific terms and conditions. This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
4. The 0.25% auto-pay interest rate reduction applies as long as the borrower or cosigner, if applicable, enrolls in auto-pay and authorizes our loan servicer to automatically deduct your monthly payments from a valid bank account via Automated Clearing House (“ACH”). The rate reduction applies for as long as the monthly payment amount is successfully deducted from the designated bank account and is suspended during periods of forbearance and certain deferments. Variable rates may increase after consummation.