Refinance Eligibility

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 BCU's standard underwriting, minimum income, and minimum one year of continuous employment requirements

  • a cosigner may be necessary and may also help you qualify for a lower rate

• Eligible for BCU 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)

• Have received at least one of following degrees: bachelor’s, master’s, advanced, medical, or above (please note, loan limits and income requirements may vary based on degree type selected)

Parents — in addition to PLUS and Parent loans, parents may also be eligible to refinance student loans from:

• Students that did not graduate

• Multiple students into a single loan

Loan types eligible for refinance:

Eligible loan types include Private, Federal, and Institutional loans. If you choose to refinance a federal loan, you will lose federal student loan benefits such as income driven repayment or loan forgiveness options that may be available on your current federal loan(s). In addition, federal student loans offer deferment and forbearance options that may not available to you if you take out a private refinance loan. You may qualify for a Federal Direct Consolidation Loan. For additional information about a consolidation option for federal loans, contact the Department of Education at: studentaid.gov. See disclosures for more details.