Simplify and Save by Refinancing Your Student Loan.

Simplify and Save by Refinancing Your Student Loan.

Checking Out Our Student Loan Rates Is A Really Smart Idea.

Refinancing your student loans with COPFCU may help you lower your interest rate, decrease your monthly payment and pay off your loan sooner.

  • Refinance from $5,000 – $125,000*
  • Eligible loan types include Federal Loans, Private Loans, Institutional Loans and Parent PLUS Loans
  • Elect a 5-year, 10-year or 15-year repayment term
  • Choose a fixed or variable rate
  • No origination, processing or disbursement fees
  • No pre-payment penalties
  • Interest paid is usually tax-deductible**

Refinancing and consolidating your student loans may be the right choice if:

  • You’re paying high interest rates on your student loans.
  • You have multiple federal or private student loan payments to make each month.
  • You have a good credit history or a strong co-signer.

Student Loan Refinance

Fixed Rates

Variable Rates

TermAPR* fromAPR* to
5-year4.50% 8.75%
10-year 5.75% 10.00%
TermAPR* fromAPR* to

Should You Refinance Your Student Loans?

Refinancing your student loans could help you lower your rate, adjust your payment, or pay them off sooner. Just remember, when you refinance federal student loans into a private refi loan, you’ll lose access to any current or future federal benefits, such as potential debt cancellation or income-driven repayment options. It’s important to evaluate your options so that you can make educated decisions.

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College student studying in grass.


What is the difference between a fixed and variable rate?

Fixed Interest Rate: A fixed rate loan is exactly as it sounds – the interest rate is fixed, or stays the same, for the entire life of your loan.

  • Pros:You’ll know what your interest rate is and won’t have to worry about fluctuations down the road.
  • Cons:The tradeoff for knowing what your rate will be for the long haul is that it is often a higher rate to start than a variable rate option.

Variable Interest rate: When you select a variable rate loan, your interest rate will fluctuate over time based on the current index rate. Your lender adds a percentage to that base according to your credit score and history, and there is usually a limit or “ceiling rate” on how high your rate can go if the index increases.

  • Pros: Variable rate options are typically lower than fixed rate at the start of your loan. Additionally, if the index decreases in the future, so will your interest rate.
  • Cons: There is risk involved; while your rate could go down, it could also increase, meaning you will pay more in interest over time.

Will I need a co-borrower?

A co-borrower is not required to apply with a co-borrower. However, applying with a credit worthy co-borrower may improve a borrower’s chance of meeting the credit union’s approval criteria and potentially qualify for the line of credit at a lower interest rate.

What items will I need to apply?

Refinancing your student loans can often require a long processing time, due in large part to submitting and reviewing the necessary documentation and verifying the correct loan amount. To successfully complete the application, you’ll need:

  • Personal info (such as name, date of birth, drivers license, and social security number)
  • Personal info for your reference (reference cannot be cosigner)
  • Employment information and income documentation for either the borrower or cosigner (if applicable)
  • Graduation verification documentation (borrower only)
  • Loan account number, loan balance or payoff amount, curent interest rate, remaining term, and servicer information for each loan being refinanced
  • If applying with a co-borrower, you’ll want to have them present. The co-borrower will also need to provide the same type of personal information as the student borrower. If they cannot be present, you should have their primary email address on hand – we’ll send them a notification to input their information.

Do I have to be a credit union member to apply?

You do not need to be a member to start the application, but you will need to be a member of the credit union before you can receive funding.

Important Legal Disclaimer

APR – Annual Percentage Rate. The APR will not fall below the floor rate regardless of the index or any additional rate discount

*Subject to annual review and credit qualification. Must meet school’s Satisfactory Academic Progress (SAP) requirements.

**Interest on Undergraduate Student Loans is usually tax-deductible. Consult a tax advisor for complete details.

Approved schools subject to change without notice.

Speak with a loan officer for full details.