Founded in 2018, NaviRefi offers student loan refinancing to borrowers looking for better interest rates or easier payments. The loans are made by the online lender Earnest, which is part of student loan service provider Navient in Wilmington, Delaware. Borrowers must meet the lender’s eligibility criteria and receive an invitation to apply.
Note: Navient is facing a lawsuit alleging that payments were misallocated to extend the life of potentially millions of student loans. The company has contested these and other claims.
- Large selection of repayment periods from five to 20 years in annual steps.
- 0.25 percentage points discount for the use of Autopay.
- No commitment fee.
- The servicer faces multiple legal proceedings alleging that the company harmed borrowers.
- You can lose benefits associated with federal student loans, such as: B. Income-oriented repayment plans and deferral and deferral options.
- Credit card payments are not accepted and debit cards cannot be used for online payments.
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You can refinance any qualifying student loans that are used to fund your education or the education of a spouse or dependent. These loans must have been used to pay qualified higher expenses as defined by the Internal Revenue Code.
Federal or private student loans that are used for undergraduate or graduate programs can be refinanced. Borrowers cannot include credit cards, mortgages, or other loans in refinancing, even if they were used to pay for their schooling.
When you are ready to begin the application process, select “Get My Price”. For your application you need your social security number, the name of the employer and the total annual income.
After you’ve started an application, you can pick up where you left off by selecting Resume Application and entering your return code and identification information. The return code should have been included in your online application or in a recent email or phone call with a NaviRefi team member and is valid for up to 61 days.
Follow the instructions to complete your application and read the information. If you need assistance during this process, call 844-381-6621 Monday through Thursday, 8:00 am to 9:00 pm Eastern Time, or Friday, 8:00 am to 8:00 pm Eastern Time.
When you are approved for a loan, NaviRefi sends the funds to the service provider who is managing your previous loan. The loan is paid out two to three weeks after the cooling-off period has expired; your first payment is due 25 to 60 days later.
You will receive a welcome letter shortly after the payout. Upon receipt, you can register for a new online NaviRefi account, log in and enter or update your bank details. NaviRefi will let you know when your payment is due and you can change it to a date that works best for you. Choose between the third and the 22nd of the month as long as your loan is current.
NaviRefi offers fixed and floating rate loans, although floating rate isn’t available in every state. The interest rate you have to pay is determined by your credit history as well as the repayment period and the type of interest you selected when you submitted your application.
With the Autopay discount, NaviRefi calculated annual percentages between 2.44% and 5.79% for fixed-rate loans and annual percentage rates between 1.88% and 5.64% for variable-rate loans at the time of going to press.
Terms of five to 20 years are available in annual increments. Kentucky residents who refinance $ 15,000 or less have a maximum repayment period of 10 years.
Borrowers do not pay a commitment fee or any prepayment penalty.
You get a discount of 0.25 percentage points when you use Autopay on your NaviRefi loan. This discount remains as long as you are registered with Autopay.
You must receive an invitation to apply, but you must also meet other qualifications, including:
- You must be of legal age in your state and be able to enter into a binding contract.
- Be a U.S. citizen or a permanent resident non-citizen.
- be employed or have sufficient income from other sources.
- You have attended a school that is entitled to state student aid under Title IV.
- Have at least $ 5,001 in qualifying education loans to refinance or at least $ 10,000 in loans to refinance in California.
- Resident in a state that offers NaviRefi loans. (See also: Where does NaviRefi work?)
Factors such as income and credit and employment history play a large role in whether you are offered a loan. If you haven’t graduated from college, you may still be able to refinance your loans. Eligibility depends on how much time has passed since you attended school and whether you attended a nonprofit or for-profit organization.
The minimum credit score to qualify for a NaviRefi loan is 650 which is in the fair range.
NaviRefi loans are available in Washington, DC and all states except Nevada.
Borrowers can only access fixed-rate loans from NaviRefi in these states:
- New Hampshire.
- South Carolina.
Navient is not rated by the Better Business Bureau, but the BBB notes that allegations of abuse related to student lending, student loan servicing, and student loan collection have not been proven. Trustpilot gives Navient three out of five stars, or an average rating, but that score is based on only five reviews.
The Consumer Financial Protection Bureau received 1,455 complaints about student loans through Navient. The most common complaints related to how you handled your lender or service provider, difficulty paying back your loan, and incorrect information in your credit report. Navient responded promptly to all complaints; 1,402 complaints were closed with justification, 38 with material aid and 15 with financial aid.
If you need assistance, the NaviRefi Call Center is available at 844-381-6621 in the US or 317-598-4024 if you live abroad. Call 8:00 AM to 9:00 PM Eastern time Monday through Thursday or 8:00 AM to 8:00 PM Eastern time Friday.
Alternatively, you can log into your online account, navigate to the Help & Questions page, and send a secure email.
Correspondence can also be sent by post to the following address: NaviRefi, PO Box 8000, Fishers, IN 46038-8000. Provide your account number and sufficient details for the lender to process your request.
If you cannot solve a problem through your servicer, NaviRefi recommends that you contact the competent authority in your country.
Borrowers will not find an option for pre-approval online but can complete the NaviRefi loan application in full online. Your loan can be funded online. A phone call is not required at any time during the application process.
Although NaviRefi has a website, the lender does not have an app. However, you can set up online notifications and pay on the NaviRefi website.
You can make monthly payments online or sign up for Autopay, which brings in an interest discount.
Postponement and forbearance options may be available at the discretion of the lender.
The lender cautions that refinancing government and private debt loans can cause you to lose the benefits associated with the original loan. This includes deferral or deferral programs for your loans.
Forbearance options may be available at the discretion of the lender. If the borrower has died or is permanently disabled, the loan will be paid off, says NaviRefi.
- Borrowers who want to streamline payments and access a lower interest rate.
- Consumers who are ready to sign up for Autopay receive an interest discount.
- Individuals with a credit score of at least 650.