Student Loan Refinance | Wright-Patt Credit Union (2024)

IMPORTANT:

Payments on Federal student loans are set to resume after 1/31/2022. Lock in a low refinance rate today!

Refinance up to $100,000 with rates starting at 6.25% APR^†

Current Rates

Variable Rate Solution

Interest rates and monthly payments rise and fall according to the Prime index. The variable rate option does allow for a longer repayment period than a fixed rate option, which could result in a lower monthly payment. Learn More

5-year Repayment Term: 6.25% - 10.75% APR^†

10-year Repayment Term: 6.75% - 11.25% APR

15-year Repayment Term: 7.50% - 11.75% APR

Fixed Rate Solution

Your interest rate and monthly payment will remain the same for the life of your loan. The fixed rate option offers a shorter repayment period than a variable rate option, which could result in a higher monthly payment.Learn More

5-year Repayment Term:6.25% - 10.75%APR^†

10-year Repayment Term:6.75%- 11.25%APR

Common Questions

If you are a college graduate currently in repayment, a recent college graduate, or a parent who took out student loans for a child, you may want to consider refinancing your student loans. For those with high interest rate student loans, refinancing might be a good way to lower the interest rates on your private or federal student loans (including parent and graduate PLUS). Choosing a new repayment term that fits your needs could help you simplify multiple payments or adjust your repayment terms.

Refinancing could potentially reduce the amount of interest you pay long term, but be sure to compare your options to determine what solution is right for you. Remember, Federal loans offer some special benefits, for example, public service forgiveness and economic hardship programs, that may not be accessible to you after you refinance. See disclosures for more details.

A Direct Consolidation Loan from the federal government allows you to consolidate (combine) multiple federal education loans into one loan. The result is a single monthly payment for your federal student loans at one interest rate instead of multiple payments.

Refinancing your student loans involves working with a private lender like your credit union. This lender will pay off your existing loans (which may include private and federal loans) and combine them through consolidation. You will then make a single loan payment to the new private lender.

Please visit our eligibility page.

Private, Federal, and Institutional

Fixed interest rates offer a predictable monthly payment with a rate that doesn’t change over time – you’re locked in at the current rate for the life of your loan. With a fixed rate, you also know exactly how much interest you’ll pay over the life of your loan. Fixed rates may be slightly higher than variable rates, so you’ll need to weigh the benefits of consistency versus a potentially lower variable rate.

Variable interest rates offer potentially lower starting rates which can result in lower payments, but your interest rate can rise and fall over the life of your loan. That means, your monthly payment and total interest may vary as well. Variable rates may be lower up front with a lower monthly payment, so you’ll need to weigh these benefits versus the consistency of a fixed rate.

Credit unions are not-for-profit, member-owned financial institutions that exist to serve the financial needs of their member owners. Unlike for-profit banks and lenders, when you borrow from a credit union you’re supporting a local business focused on the needs of its members, not bank stakeholders. Because credit unions aren't focused on making a profit, they value educating each of their members on which financial option would be best for their own situation.

Additional Resources

➀ Personal Support

➁ Guide to Refi

➂ Find My Rate

DISCLOSURES

*Subject to credit qualification and additional criteria, including graduating from an approved school.

†APR = Annual Percentage Rate. Rates shown include a 0.25% discount for optional enrollment in automatic electronic payments. Check our current rates and full disclosures.

Important: Please review carefully if you are considering refinancing your federal student loans.

If you refinance some or all of your federal student loans into a private student loan with a credit union, you will lose access to any current and/or future federal student loan benefits, such as potential debt cancellation or income-driven repayment options. With the August 2022 announcement from the Biden administration, it’s more important than ever to evaluate your options if you have federal student loans so that you can make educated decisions. Make sure to explore all available resources by visiting the Department of Education’s website at www.studentaid.gov or contacting your federal student loan servicer to understand how any federal student loan proposals may impact you, so that you can determine if having access to federal student loan benefits outweigh the benefits of refinancing your loans.

Your existing student loan(s) must total a minimum of $5,000 to be eligible for refinance. The maximum amount you may refinance is $100,000.

To qualify, you must be eligible for Credit Union membership, at least 18 years old, a U.S. citizen or permanent resident, have graduated from an approved public or private not-for-profit school, and continue to meetWright-Patt Credit Union’s underwriting criteria.

To apply for this loan, complete the online application. If you are approved for this loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted by law and the variable interest rate may change based on the market).

Student Loan Refinance and underwriting is provided by Wright-Patt Credit Union. Application processing is provided by Credit Union Student Choice on behalf of Wright-Patt Credit Union. Loan servicing and repayment is provided by University Accounting Service, LLC on behalf of Wright-Patt Credit Union.

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. Check our current rates and full disclosures.

Variable Interest Rate Solution

5 year loan term:6.25% to10.75% APR. At 10.75% APR, the monthly payment will be $1,080.90. Finance charges will be $14,853.86.
10 year loan term: 6.75% to11.25% APR.At11.25% APR, the monthly payment will be $695.84. Finance charges will be $33,501.37.
15 year loan term: 7.50% to11.75% APR.At11.75% APR, the monthly payment will be $592.07. Finance charges will be $56,571.82.

Fixed Interest Rate Solution

5 year loan term: 6.25% to 10.75% APR. At 10.75% APR, the monthly payment will be $1,080.90. Finance charges will be $14,853.86.
10 year loan term: 6.75% to 11.25% APR.At11.25% APR, the monthly payment will be $695.84. Finance charges will be $33,501.37.