Student Loan Refinance

Congratulations, you made it through higher education! Now, you likely realize that your student loans are outrageous, overwhelming, and completely stressing you out. It’s ok. We’re here to help. It’s time to look into student loan consolidation, and student loan refinance options.

Student Loan Refinance

What is the difference between student loan consolidation and student loan refinancing?

To define it simply, student loan consolidation is combining all loans into one primary loan for ease of managing the accounts. In comparison, student loan refinancing takes out a new loan to replace multiple loans. Often refinancing is used to receive a lower interest rate.

student loan refinance - basics

The basics of student loan consolidation and student loan refinance.

With federal student loan consolidation, you’re combining federal loans into one loan with a single monthly payment. The disadvantage of federal student loan consolidation is that you may not combine private loans with federal loans. Consolidating personal, state, and federal loans is refinancing. To clarify, if you’re simply combining loans of the same type, you’re consolidating. If you are combining loans into a new loan, you’re refinancing.

Often people use student loan consolidation when they want to make handling the accounts easier. Private student loan consolidation, or refinancing, will achieve this goal. With federal consolidation, you may still end up managing more than one loan. An advantage to federal student loan consolidation may be to extend your repayment term up to 25 years. There isn’t necessarily a price advantage to federal student loan consolidation.

In comparison, student loan refinancing combines all existing student loans into one private student loan. The objective of student loan refinancing is to obtain a lower interest rate. As a bonus, you’ll also get a single monthly payment and one private lender to deal with directly regarding your loan. Money FCU has fixed-rates starting as low as 3.24% APR* with a .25% discount for using the automatic payment option. Money FCU offers a student loan repayment term of 5, 10, or 15 years.

*Rates include a 0.25% discount for optional enrollment in automatic electronic payments.

student loan refinance - When should I consider

When should I consider student loan refinancing?

Consider refinancing when the new lender’s interest rate is lower than your current loans. You may also contemplate student loan refinancing when the new lender repayment options fit your lifestyle better than your current lender’s loan terms. Let Money FCU show you how refinancing with us saves you money.

If you’re still in school, or within 6 months after graduation, don’t refinance yet. Every lender gives you 6 months of no payments. This is called a deferral. Take advantage of this time to get a steady job or save up some money.

student loan refinance - repayment

Your best repayment plan.

How to pay off student loans? The easiest way to pay off student loans is to choose a refinance loan option with a lower interest rate than your original student loan. How long does it take to pay off student loans? According to US News, the general time frame for student loans is a 10-year repayment plan. This deadline is often unrealistic, and research shows that a bachelor’s degree takes closer to 21 years to repay the debt. For this reason, it’s most important to pick a lender that provides the best loan payment options to eliminate your student loan debt.

BEST APR TIPS:
Your credit score determines your annual percentage rate. If you have poor or no credit, consider getting a creditworthy cosigner to lower your APR (Annual Percentage Rate). A cosigner release option is available to credit worthy borrowers who make 48 consecutive on-time payments during the principal and interest repayment period.

Another point to remember is that the shorter the loan term, the lower the interest rate. Always choose the shortest loan term you’re comfortable with. This will get you the best possible interest rate.

Student Loan Refinance – Clear Rates. No Games.

How to refinance student loans? Take control of your student loan debt with fixed-rate refinancing. Refinancing student loans shouldn’t be a guessing game. We won’t show you a teaser rate that skyrockets after you apply. The Annual Percentage Rate (APR) you qualify for is fixed for the loan’s lifetime.

Rates shown include a 0.25% discount for optional enrollment in automatic electronic payments. All loans are subject to approval and restrictions may apply. Program, rates, terms, and conditions may change at any time without notice. Your interest rate is fixed and your rate and/or credit approval depends upon the credit qualifications of the student borrower or cosigner (if applicable). Rate is based on official FICO credit score obtained through the credit bureau.

Why consolidate or refinance student loans?

Main reasons to refinance student loans.

  • Lower interest rate and save money
  • You’ve since established a better credit score and stable income
  • Option to pay off your student loans faster, without prepayment penalties
  • Switch to a fixed interest rate for the life of the loan
  • Combine all loans into one easy, monthly payment
  • Convenience of one trusted local lender for all your loan questions
  • Borrower incentives (such as 0.25% automatic payment options) save you money throughout the loan term
  • Opportunity to choose loan terms and length with a payment you’re comfortable affording

What do I need to be eligible for student loan refinancing?

  • Graduation from an eligible school
  • Steady employment for the past 24 months (student or co-borrower)
  • Gross income of at least $36,000/year or $3,000/month (student or co-borrower)
  • No prior defaults on any education loans
  • Meet a credit score of 660 or higher or have a creditworthy cosigner

The Credit Union is where I got my start and has always taken good care of me despite moving 10 different times.

Bruce – Tallahassee, FL
credit union testimonial Kelli

You guys are always so friendly when I call, I love calling all of you because you’re always so upbeat and nice!

Kelli – DeWitt, NY

I started banking with you in 2000, almost 19 years ago. Best bank ever, I moved to CA and you made banking easy when doing electronic banking wasn’t really popular yet.

Jesse – Syracuse, NY

Everything, anything you guys do with me is done 200%. I KNOW that you’ve got my back.  Thank you for this, and for everything you help me with. I truly appreciate it.

Marian – Mahopac, NY

I commend your staff; they are always very pleasant and willing to assist my needs.  Customer Service is very important to me and the credit union definitely shines in this area.

Kathy – Clay, NY

This is by far the best credit union, you guys are so good, you’re always on top of everything and you make me feel like my account is safe.

Regina – Phoenix, NY

I do not say it often enough, but you have great staff!  Nothing is ever a problem, they are terrific!  Amy just helped me out big time and Debbie is always my #1 at the credit union.

Jeff – Wake Forest, NC

I just wanted you to know that it is so nice to get a real person when I call in instead of an automated machine.  I really appreciate it.

Anne – Pittsboro, NC

I just LOVE all of you there. People ask me why I use a credit union in Syracuse and I tell them you can’t beat the customer service!

Denise – Monroe, NY

Thank you for watching for fraudulent activity so diligently.  Not only do you notify me when there is suspicious activity, but you are quick to help recover the money.

Sandy – Liverpool, NY

I’ve been in Charlotte for 7 seven years and I will not change banks because of this type of customer service.

Elliot – Charlotte, NC
credit union testimonial Catherine

Thank you MFCU for all the work you do and for really treating your customers like family.

Catherine – Baltimore, MD
credit union testimonial Michelle

I have to say it again – our credit union is absolutely the best! Hands down, no one else even comes close to the exceptional customer service and knowledge that you receive at Money FCU.

Michelle – Syracuse, NY
credit union testimonial Cindy

I told the car dealer I am sure that I want use Money for financing. The difference is only $7.00 per month. You have the very best customer service of any financial institution that I have worked with. Your customer service is worth every penny of the $7 per month and then some!

Cindy – Tully, NY
credit union testimonial Diane

Each representative takes a special interest in any request made, with coordinating efforts by everyone. At a time when I was in transition, MFCU gave attention to what I needed to continue with them, now over 40 years.

Diane – Wilton, CT
credit union testimonial Michael

I have been a member since 1987 and would NEVER, NEVER, EVER leave Money FCU under ANY circumstances!!

Michael – Clifton Park, NY
credit union testimonial Lisa

I wanted to let you know how much I love having Money instead of Chase! You guys have all been amazing since I have opened my account and I am so happy that I switched!!

Lisa – Syracuse, NY
credit union testimonial Henry

I just love Debbie. She’s my hero!

Henry – Gastonia, NC
credit union testomonial Tony

As we are wrapping details around our third vehicle loan inside of a year or so, I just want to say thank you again. Your customer service is off the charts, and you are a pleasure to deal with.

Anthony – Phoenix, NY
credit union testimonial Pat

Thank you to all of you! You girls are so wonderful! I love my credit union.

Pat – Syracuse, NY
credit union testimonial Lisa too

I thought I would take this opportunity to share with you what phenomenal employees you have. We couldn’t be happier to be blessed enough to have found MONEY FCU, and all that this bank encompasses.

Lisa – Baldwinsville, NY
credit union testimonial Angela

I moved everything out of M & T Bank to you because of the service I receive. I just love you guys!

Angela – Manlius, NY
credit union testimonial Robin

MONEY Federal Credit Union is people – a great group of people – who leave no doubt that while they are helping me, I am the most important thing going on that day.

Robin – Chappaqua, NY
credit union testimonial Jason

I am not sure who is working their magic, but without it my wife and I wouldn’t be able to purchase this house we fell in love with in a neighborhood we fell in love with. I truly appreciate everything Money Federal Credit Union does for my family!

Jason – Baldwinsville, NY

YOU ROCK!!

Kerry – Ossining, NY
credit union testimonial Erik

I have been a member since around 1992 or so and, even though I no longer work at Mutual of New York I have had nothing but excellent service from EVERYONE and I will never stray.

Erik – East Syracuse, NY

When you walk in the door you are always welcomed with a smile and happy greetings. Nothing is ever hard to do. When I need a loan it’s done and ready for me and I don’t even have to do anything! Just come in and sign!

Deb – Liverpool, NY
credit union testimonial Vera

You guys are the greatest. So professional and up to date with technology!

Vera – Warners, NY
credit union testimonial Danielle

I have been banking with MFCU since I was 17 years old. I left NY and banked with other companies but I came back to MFCU. I am so happy that I did!! Your staff has always been so helpful. I just figured you would want to know that your staff is great and they deserve an extra day off :)

Danielle – East Syracuse, NY
credit union testimonial Eileen

You guys haven’t changed a bit since I opened my account in 1987! You are all still so nice to deal with and I’m glad the changing times hasn’t hardened you into being unappreciative of your members. I now live in NJ and you are the best Credit Union I have ever had the pleasure of doing business with!

Eileen – North Arlington, NJ

I remember when I joined the CU in 1980 and you were located in a closet upstairs, and you would write the number of members and the percentage rate on a chalk board on the wall.

Joanne – Syracuse, NY

I just wanted to let you know that your staff has been so helpful since the move out of the building. The staff is always quick and kind. You said that a Credit Union is much like a Bank…I would say that the Credit Union is much better than a bank. I appreciate you guys!!

Michele – Baldwinsville, NY
credit union testimonial Lisa 3

I just wanted to let you know how awesome you are! I tell anyone who’ll listen about the GREAT customer service I get from the MONEY FCU. With commercial banks becoming less and less friendly and helpful and more and more costly, you guys are the best thing around!

Lisa – East Syracuse, NY
credit union testimonials John

I just went through one of the most painless processes getting a home improvement loan. I couldn’t believe how quick and smoothly everything went. I was quite impressed at the level of service. A special thank you also goes out to Debbie for her efficiency and for being so easy to work with!

John – Camillus, NY

I love you guys, one call and it’s done. Love, love, love you all.

Kathy – Fair Lawn, NJ

I just went through the process of taking out a car loan. If it weren’t for Melissa, I wouldn’t have been able to get things done. I wasn’t sure about what to do for so many things, but Melissa did! She was always there for me, quick, soooooo much help. Lucky for me I was smart enough to join your credit union years ago.

Katie – Syracuse, NY
credit union testimonials Meg

I am so grateful to have such kind and helpful people to work with on my banking needs.

Meg – Webster, NY
credit union testimonial Tom

When our office moved I decided to keep my account with you because I don’t mind the 10 minute drive downtown to deal with you guys because you’re always so helpful and friendly.

Tom – Syracuse, NY

I’m ready to speak to someone about student loan refinance.

Great, let’s get you started! Apply student loan refinancing. Want to learn more about any of our services before applying? Call (315) 671-4000 or chat with our friendly agents. We are ready to answer any of your questions.

Let’s Get Started