Why refinance student debt with the California Credit Union?
Eligible candidates can enjoy certain benefits when refinancing with this provider:
- Pay off loans more quickly - Ideal if you have the means to pay off your debts faster, and therefore reducing overall interest payments
- Reduce monthly payments - This would significantly increase overall interest payments, but reducing the monthly fee could ease any current financial pressures you face
- Simplify your debts - Consolidate your existing loan into one monthly payment. It’s clear, it’s structured, it’s easy
- Refinance up to $125,000 (undergraduates debt) or $175,000 (graduate debt) with a range of fixed and variable rates available
What Exactly Does California Credit Union offer?
It offers the opportunity to refinance your student debt in order to consolidate and refinance student loans into a single payment. Your interest rates and monthly payments are likely to decrease. Not only that, but there’s no limit to how many loans can be refinanced in this manner.
It’s possible to refinance both federal and private student debts but be aware that for federal loans, certain existing options you might have like loan forgiveness or extended terms might be permanently lost by refinancing. It’s important to research and consider this decision very carefully before signing up to an agreement.
Loan amounts for undergraduates
$5,000 to $125,000
Loan amounts for graduates
$5,000 to $175,000
APRs (variable & non-variable)
Auto-pay interest reduction
5, 10, 15 years
Who can apply?
This is the critical area where this provider falls down in comparison with many other lenders, as the eligibility criteria are rather strict.
- Applicant (and cosigner in some cases) are US citizens or permanent residents
- Graduated or studying at one of a limited list of eligible schools (contact lender for more details)
- LSAT, MCAT, GMAT, and GRE classes aren’t permitted for refinancing
- A member of or eligible to join the California Credit Union (call for further details)
How to apply
Applications are made online and should generally take less than 15 minutes. Please note that upon your application, a credit report will be obtained on the applicant (and cosigner in some cases), which could negatively affect your credit score.
You may be asked to provide some of the following:
- Proof of identity, e.g driver’s license
- Graduation certificate
- Proof of income
- Statements and information regarding the loans you seek to refinance
Following your application and credit check, a decision will be made on your eligibility, APR, and the amount and terms.