Simplify and Save with Student Loan Refinancing.

Simplify and Save with Student Loan Refinancing.

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.

Plus, refinance by 6/30/2024 and receive $500 cash!1

Key Features of our Student Loan Refinancing:

  • 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.

Related Content

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
  •  Documentation for either the borrower or cosigner (if applicable)
  •  Graduation verification documentation (borrower only)
  •  Loan account number, loan balance or payoff amount, current 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.

1$500 Cash Deposit: Upon approval and disbursement of your refinance loan, the primary borrower will receive a cash deposit of $500. To qualify, the completed loan application must be received by 6/30/2024. The cash deposit will be awarded in the form of a deposit to your credit union checking or savings account within 90 business days from the funding date of the loan. The primary borrower must be a credit union member in good standing at the time of deposit. Limit one cash award per borrower. The credit union reserves the right to modify the terms of this offer at any point in the future for new applications.