Before you do anything, first check the SEIU Student Debt Navigator to see whether your federal loans can be reduced or forgiven. If you refinance a federal loan into a new private loan, that student debt will no longer be eligible for forgiveness. Doing so will forfeit any special benefits such as income-based repayment and loan forgiveness programs that are available only on federal student loan debt.
With private student loan refinancing, you take out a new loan to pay off your existing private student loans, simplifying your loans into one loan and monthly payment. This can save you time, energy—and money. When you refinance your private student loans, your new loan typically will have a lower interest rate and/or different repayment terms. This can help you cut your monthly payments now, lower the total cost of your loans long-term, or both.
Choose a fixed or variable rate loan through the SEIU Student Loan Refinance Program. If you choose a fixed rate loan, the interest rate does not change during the life of the loan, so you know your payment amount and total cost up front. Variable interest rate loans usually start with rates that are lower than fixed rates, but the cost of your loan can go up based on market fluctuations.
SEIU members can receive a special benefit equaling 0.50% of the loan amount credited back to the borrower on your statement, up to $599.99.1 And if you enroll in auto pay, you’ll save even more with a 0.25% auto-pay interest rate reduction.2
HOW TO GET THIS
How To Apply
With private student loan refinancing, you take out a new loan to pay off your existing private student loans, simplifying your loans into one loan and a single monthly payment. Over time, refinancing could save you a significant amount of money in interest over the life of your loans. Learn 4 tips on how to repay your student loans by watching this video.
1. Amount equal to 0.50% of the initial loan balance to be credited on the borrower’s statement within 60 days of closing of the loan. For example, if the consolidated loan equaled $20,000, the member benefit equals $100, with a maximum of $599.99.
2. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit.
The SEIU Student Loan Program – Refinance is provided by College Ave Student Loans. College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.