Lets Talk Student Loans | Navy Federal Credit Union
Hi I’m Annie and I’m Carrie and we’re here
to talk to you about student loans. So federal student loans and private student loans are two different types of loan options to help you pay for school. The
first thing that we recommend is looking for any scholarships or grants you might
qualify for so you don’t have to pay them back.
If you do need to take out loans we recommend starting with federal student
loans first, since they offer flexibility in repayment and other benefits that
might be useful to you. If that doesn’t cover the full cost of your attendance
then turn to a private student loan to cover the gap. At Navy Federal the
student is the primary borrower for an education loan. However, if you choose to
add a cosigner that may increase your likelihood to either get approved for a
loan or get a reduction on an interest rate. At Navy Federal you’ll need 36
months of credit history in order to qualify for a student loan. If you don’t
yet have 36 months of credit history you could consider applying with a cosigner.
Applying with the cosigner may increase the likelihood that you’ll be approved
for the loan. In terms of GPA we’re looking for satisfactory academic
progress, so stay on track towards graduation. At Navy Federal we’re very
excited to announce that we now accept both federal and private student loans
for consolidation. Exactly so if you have both types of student loans you can
bring them together into one loan. If you just have federal or just have private
that’s fine too. We’re happy to consolidate and refinance
whatever type of student loan you might have. Bring them on in! At Navy Federal we offer
both fixed and variable rate loans. For a variable rate your rate may vary up or
down each quarter. With a fixed rate your rate is set for the life of the loan. And
you can always check out our current rates at NavyFederal.org. Absolutely there are never any prepayment penalties for student loans at Navy Federal. When you’re making your payments you’ll be making a $25 or interest-only payment while you’re in school. After you leave school you’ll
have a 10 year repayment period. So whether you want to prepay while you’re in school or
prepay when you’re in your repayment period either it’s fine with us we’re
happy to support you. We love getting questions for our members and hopefully we answered some of yours today. If you have any more please feel free to send us a message at NavyFederal.org or comment below. Don’t do that. Do I show my teeth or don’t show my teeth? I feel like it looks strange when I don’t but this feels like they’re drying out. Do you have teeth wipes? They will use the worse of the clips. Awesome!
Whatever the worst outtakes are. Can you not all smirk with such smiles when she says that? You’re like hahaha. The impish grins are like muahaha.