Lower your interest and monthly payments when you refinance or consolidate your student loans.
Do you have over $10, 000 in student loan debt? You may be able to save money by refinancing your federal and private student loans at HUECU. Whether you are looking to lower your payments, reduce your interest rate, or just consolidate your loans into one monthly bill, refinancing may be a good option. Complete our simple online application to find out what rates and terms you qualify for.
What is student loan refinancing?
Student loan refinancing gives you the ability to refinance one or more federal and private student loans into a single loan with new terms, including a new interest rate, monthly payment amount or repayment length. Even if you have previously consolidated or refinanced your student loans, you may be able to lower your interest rate and/or your monthly payment by refinancing.
How does student loan refinancing work?
There is an application process, including credit approval, similar to what you experienced when you applied for your existing student loans. The primary difference is that you need to submit details on the existing student loans that you’re currently paying, and part of our review process will be to verify the student loan information with your existing loan servicers and determine a payoff amount for those loans. If you are approved for a refinance loan, we will use the proceeds of your new loan to pay off your prior loans.
What loans can I include in my refinancing?
You can include any student loan debt used for financing your education. You cannot include any other debt (for example, credit card or mortgage), even if it was used to pay education expenses. You may also be able to refinance your student loan debts, even if you previously consolidated them into a single loan.
Our application has a list of the most common loan servicers; however, you may submit loans for which the servicer is not on our list. When we review your application, we will review whether loans from that servicer may be refinanced.
How much can I borrow with the Education Refinance Loan?
There is a minimum loan amount of $10, 000 and a maximum $50, 000.
Am I eligible to refinance?
The student loans you refinance must be in repayment and you cannot currently be attending school full-time. You must be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security Number. You must have at least 1 year of post-school employment history and 5 years credit history excluding student loans.
Are my spouses/dependents/life partners eligible to refinance?
Yes! As long as both yourself and your spouse/dependent/life partner meets the loan eligibility requirements, they may apply for student loan refinancing.
How do I decide if refinancing is the right decision for me?
While refinancing or consolidating private and federal student loans is often a smart decision, it is not the right decision for everyone. You should clearly understand the rates and terms of you current lender, establish what you wish to accomplish by refinancing, and have an idea of what your rate and term will be with your refinanced loan before finalizing the loan documents.
Do I need to have graduated to qualify?
No, graduation is not a requirement to apply for the Education Refinance Loan. However, you cannot be currently enrolled in school.
How good must my credit be to be eligible?
You will need to present at least 5 years of reasonably strong credit history, with no educational loan default, as well as meeting other employment and income criteria.
Although a co-signer is not required, if you have little or no credit history we strongly encourage you to apply with a qualified co-signer to increase your chances of being approved.