Refinance FAQs

How much can I borrow?

The minimum refinance loan amount is $%%UCONMin%%. The maximum loan amount will be $100,000. Make sure to review your existing loans carefully so that you borrow the exact amount you need.

What is payoff verification?

Payoff verification may be a 30-day payoff statement from the creditor with a payoff valid through a specified date, or a screenshot from the creditor's website showing this information. The payoff verification must include the creditor name and address, current loan balance or calculated payoff amount, and the borrower account number.

What is the difference between consolidation and refinancing?

Consolidation means you are simply combining existing loans. Your total payment amount and total interest will likely remain the same, but you'll have the convenience of making one payment rather than multiple payments. This type of loan is usually associated with federal government student loans.

When you refinance, you are taking out a single new loan to pay off your old ones. You'll probably have a new interest rate, new terms, and a different monthly payment amount. This is the loan solution offered by your credit union.

What will my rate be?

You will be quoted a rate after your application has been submitted and reviewed. View our current rates. Note: There is no obligation to take the loan once you apply. We encourage you to apply and evaluate your options before making a final decision.

What types of loans can I refinance?

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Who is eligible to refinance?

College graduates who are:  

U.S. citizens or permanent residents who have graduated from an approved public or private not-for-profit school (a bachelor's degree is the minimum required)

In repayment or grace on one or more outstanding private or federal student loans

Able to meet XYZ Federal Credit Union's standard underwriting criteria (a cosigner may be necessary and may also help you qualify for a lower rate)

Eligible for credit union membership (you may apply without being a member of the credit union, but you will need to become a member in order for the loan to be funded)

Can my spouse and I refinance or consolidate our individual student loans together?

No, individuals may not consolidate loans together.

Do I and my cosigner (if applicable) need to be members of the credit union in order to be eligible?

In order to fund the loan, %%MembershipStatusCOS%%. To expedite funding, visit your credit union branch or website to open your membership account while we are processing your loan.

Do I need a cosigner?

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Can I include my spouse's income without having them as a cosigner?

No, your spouse would have to be the cosigner.

Can I take over Parent Plus Loans from my parents without them being the cosigner?

Yes. You and your parents will be required to sign an affidavit.

Can my cosigner be removed from the loan at a later date?

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Should I continue making loan payments while my refinance application is in process?

Yes, you should continue to make your payments while your application is in process. You will be notified when the funds have been sent to the applicable servicers.

Is there a pre-payment fee?

No. There is no pre-payment fee and you can pay off the loan at any time.*

*See rates page for additional information, repayment examples, and important disclosures.

If I go back to school, can I put my loans into deferment?

We do not offer an in-school deferment option. Our refinance loan is intended for borrowers who have completed their education and do not plan on returning to school.