Borrower tip: Refinancing federal student loans into a private student loan can make you ineligible for certain types of protections, such as income-driven repayment plans, federal debt forgiveness programs and forbearance/deferment options through the Department of Education.
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You can refinance any qualified student loans used to finance your education or the education of a spouse or dependent. Such loans must have been used to pay for qualified higher expenses as defined in the Internal Revenue Code.
Federal or private student loans used for undergraduate or graduate programs can be refinanced. Borrowers cannot include credit cards, mortgages or other loans in the refinance, even if they were used to pay for your schooling.
When you’re ready to begin the application process, choose Get My Rate. You will need your Social Security number, employer’s name and total annual income for your application.
Once you’ve started an application, you can pick up where you left off by selecting Resume Application and entering your return code and identifying information. The return code should have been provided in your online application or in a recent email or phone conversation with a NaviRefi team member, and the code is valid for up to 61 days.
Follow the prompts to complete your application and read the disclosures. If you need help during this process, contact 844-381-6621 from 8 a.m. to 9 p.m. Eastern time Monday through Thursday or from 8 a.m. to 8 p.m. Eastern time Friday.
If you are approved for a loan, then NaviRefi sends the funds to the servicer managing your previous loan. The loan is disbursed two to three weeks after the right-to-cancel period, and your first payment is due 25 to 60 days later.
You will receive a welcome letter not long after disbursement, and upon receipt, you can register for a new online NaviRefi account, sign in, and provide or update your banking information. NaviRefi will let you know when your payment is due, and you can change it to a date that works best for you. Choose from the third through the 22nd of the month, as long as your loan is current.
NaviRefi offers fixed- and variable-rate loans, although variable rates are not available in every state. The interest rate you pay will be determined by your credit history, as well as the repayment term and the rate type you choose when you apply.
With the autopay discount, NaviRefi at press time charged annual percentage rates between 5.21% and 9.24% for fixed-rate loans and APRs between 5.57% and 9.19% for variable-rate loans.
Repayment terms of five to 20 years are available in yearly increments. Residents of Kentucky who refinance $15,000 or less have a maximum repayment term of 10 years.
Borrowers pay neither an origination fee nor a prepayment penalty.
You will receive a 0.25 percentage point discount when you use autopay for your NaviRefi loan. This reduction will remain in place as long as you are enrolled in autopay.
You will need to receive an invitation to apply, but you will also have to meet other qualifications, including:
- Be at least the age of majority in your state and able to enter into a binding contract.
- Be a U.S. citizen or noncitizen permanent resident.
- Be employed or have sufficient income from other sources.
- Have attended a school that is eligible for Title IV federal student aid.
- Have at least $5,001 in qualified education loans to refinance or at least $10,001 in loans to refinance in California.
- Reside in a state where NaviRefi loans are offered. (See also: Where Does NaviRefi Operate?)
Factors such as income, as well as credit and employment history, play a large role in whether you will be offered a loan. If you did not graduate, you may still be able to refinance your loans. Eligibility depends on how much time has passed since you went to school and whether you attended a nonprofit or for-profit institution.
The minimum credit score to qualify for a NaviRefi loan is 680, which falls in the good range.
NaviRefi loans are available in Washington, D.C., and every state except for Nevada.
Borrowers can only access fixed-rate loans from NaviRefi in these states:
- New Hampshire.
- South Carolina.
Navient is rated B+ by the Better Business Bureau, but the BBB notes pending allegations about abuses involving student lending, student loan servicing and student loan debt collection that have not been proved. Trustpilot gives Navient three out of five stars, or an average rating, but this score is based on only five reviews.
The Consumer Financial Protection Bureau received 1,455 student loan complaints about Navient. The most common complaints were related to dealing with your lender or servicer, struggling to repay your loan, and incorrect information on your credit report. Navient provided a timely response to all complaints; 1,402 complaints were closed with explanation, 38 were closed with nonmonetary relief and 15 were closed with monetary relief.
If you need help, the NaviRefi call center is available at 844-381-6621 in the United States or 317-598-4024 if you’re living abroad. Call 8 a.m. to 9 p.m. Eastern time Monday through Thursday or 8 a.m. to 8 p.m. Eastern time Friday.
Alternatively, you can log into your online account, navigate to the Help & Questions page, and send a secure email.
Correspondence can also be sent by mail to: NaviRefi, P.O. Box 8000, Fishers, IN 46038-8000. Provide your account number and sufficient detail for the lender to address your inquiry.
If you are unable to resolve a problem through your servicer, NaviRefi encourages you to “refer to your state’s relevant authority.”
Borrowers won’t find an option for preapproval online but can complete NaviRefi’s loan application entirely online. Your loan can be funded online. A phone call won’t be needed at any point during the application process.
Although NaviRefi has a website, the lender does not have an app. However, you can set up online alerts and pay at the NaviRefi website.
You can make monthly payments online or enroll in autopay, which earns an interest rate discount.
Deferment and forbearance options may be available at the lender’s discretion.
The lender warns that refinancing federal and private school loans can cause you to lose benefits associated with the original loans. This includes deferment or forbearance programs on your loans.
Forbearance options may be available at the lender’s discretion. If the borrower is deceased or permanently disabled, then the loan will be discharged, NaviRefi says.
- Borrowers who want to streamline payments and access a lower interest rate.
- Consumers who are willing to sign up for autopay, which earns an interest rate discount.
- Individuals with credit scores of at least 680.