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SEIU Student Loan Refinance Program

Find options for lowering your student loan interest rate or monthly payment

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SEIU Student Loan Refinance Program

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OVERVIEW

Take control of your private student loan debt with the SEIU Student Loan Refinance Program

  • checkPotentially reduce your interest rate or monthly payment on private student loans
  • checkFixed and variable rates could help save you money
  • checkGet a credit up to $599.99: Receive a special member benefit of 0.50% of the loan amount credited back on your statement1
  • checkPay zero fees: no origination fees, application fees or pre-payment penalties
  • checkEnroll in auto pay for a 0.25% auto-pay interest rate reduction2
  • checkApply quickly in just three minutes

BENEFIT DETAILS

The SEIU Student Loan Refinance Program helps you take the next step towards freedom from debt

 

Do you have federal student loans?

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.

Consolidation can help take the pressure off

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.

You’ve got options

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.

Take advantage of special SEIU member perks

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

Start using the SEIU Student Loan Refinance Program to pay down your private student loans

How To Apply

  1. Make sure you’re signed in to your SEIU Member Benefits account.
  2. Click on the “Get Started” button to visit the College Ave website.
  3. On the College Ave site, select “Apply Now.”
  4. Complete the required fields in the online application and receive your instant credit decision.
  5. Choose your loan terms upon approval.

Student Loan Repayment Tips

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.

FAQs

Your questions, answered

If you’re approved for a refinancing loan, the money from your new loan will be used to directly pay off your existing loan(s). Then you’ll pay back your new refinanced student loan on the terms to which you’ve agreed.

Consolidation is a type of refinancing. Consolidation occurs when two or more loans are combined into a single loan. In doing so, the rate and/or terms of the loan typically change. You don’t have to consolidate in order to refinance; you can refinance a single loan to lower the interest rate or change the term of that one loan. Through the SEIU Student Loan Refinance Program, you can refinance a single loan, or you can consolidate and refinance multiple loans.

Although you can refinance a federal student loan with a private student loan, 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.

You can apply for the SEIU Student Loan Refinance Program, in partnership with College Ave Student Loans, by logging in to this site and clicking on the “Get Started” button above. You’ll be directed to the College Ave Refi website, where you’ll be asked to enter information about yourself and your existing student loans, including the loan servicer’s name, the account number, and the amount you want to refinance. (College Ave does not take applications by phone because required disclosures are presented during the online application process.)

To qualify, a borrower must be at least 18 years old, be a U.S. citizen or permanent resident, have graduated from a selection of Title IV eligible undergraduate or graduate programs, and meet College Ave Refi’s underwriting requirements.

A cosigner is not required as long as you qualify for the loan on your own.

Most people will get an instant decision upon submitting a completed application.

Refinancing is the process of getting a new loan to replace your existing loan(s), usually to get a lower interest rate and/or different loan terms. Refinancing is intended to save you money—monthly or over time—and to give you budget flexibility.

Additional Information

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.