NEA Student Loan Refinance Program

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NEA Student Loan Refinance Program

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

Do you have private student loans?

NEA Member Benefits can help! The NEA Private Student Loan Refinance Program1 is a great way to potentially lower the interest rate or monthly payment you currently pay on your private student loans.

  • NEA members receive a special one-time statement credit equaling 0.5% of the loan, up to $599.992
  • Choose repayment terms of 5 to 15 years, with loans up to $300,0003
  • You’ll also receive a 0.25% interest rate discount when you enroll in AutoPay4
  • There are no origination fees, application fees or pre-payment penalties

how it helps

You could reduce your monthly payment or lower your student loan interest rate.

Do you have federal student loans?

Before you do anything, first check 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.

Refinance your private loans to lower the monthly payment or get a lower interest rate

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

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.

How It Works

Start your journey to paying off your private student loans.

  1. Make sure you’re signed in to your NEA Member Benefits account.
  2. Click “Get Started” button above. You’ll be taken to the College Ave website.
  3. Click the “Apply” button and complete the College Ave online application. It only takes about three minutes.
  4. Receive an instant credit decision.
  5. Upon approval, choose your loan terms.

FAQs

Your questions, answered

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.

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 NEA 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. Before you consider consolidating, check the NEA Student Loan Forgiveness Navigator to see if your federal student loans qualify for any special programs that could help you reduce or eliminate that debt.

You can apply for the NEA 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.
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Terms & Conditions

1. The NEA Private Student Loan Refinance Program is provided by College Avenue Student Loans, LLC. 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.

2. Amount equal to 0.5% of the initial loan balance to be credited on the borrowers 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.

3. $5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees. The minimum repayment period is 5 years, while the maximum repayment period is 15 years. Borrowers should refer to their credit agreement for specific terms and conditions. This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

4. The 0.25% auto-pay interest rate reduction applies as long as the borrower or cosigner, if applicable, enrolls in auto-pay and authorizes our loan servicer to automatically deduct your monthly payments from a valid bank account via Automated Clearing House (“ACH”). The rate reduction applies for as long as the monthly payment amount is successfully deducted from the designated bank account and is suspended during periods of forbearance and certain deferments. Variable rates may increase after consummation.