Student Loan Refinancing

Want to know your refinancing options?

Is Refinancing Right for You?

True or False.

If these statements are true, you may be a good candidate for refinancing your student loans.

  • I earn a steady income.
  • I’m up to date on my current student loan repayment.
  • I don’t work for the government or a nonprofit that would qualify me for loan forgiveness.
  • I have graduated from an eligible undergraduate or graduate school.

One Payment. One Rate.

Thrivent’s Education Refi Loan consolidates both your federal and private student loan debt into one loan with the convenience of one monthly payment. You may be able to lower your interest rate, lowering your payments too.

Other Perks include:

No fees. No application or origination fees.1

 

Interest Rate Reduction. 0.25% rate reduction for auto payments of principal and interest.2

1There are no minimum, fixed, transactional or similar charges and no membership or participation fees.
2Automated payment discount(s) only apply when full payments of principal and interest are automatically drafted from a bank account. Discount(s) will continue unless (1) the automatic deduction of payments is stopped (including times during deferment or forbearance) or (2) there are two automatic deductions denied by your bank.
Meet George
Student Loan Refinancing - Apply for a fixed rate loan
  • He refinanced a $55,000 student loan with an APR of 5.75%
  • He was paying $1,285 per month over 48 months
  • He chose to refinance his loan at 3.99%3 over 60 months
  • This freed-up $272 per month to focus on planning for his dream trip and raising his new baby

SAVED AS MUCH AS:

$ 0 /mo
George is a fictional example of what refinancing your rate and term can change on your monthly payment.
3The APRs in effect for fixed-rate loans as of 4/1/2016 range from 3.99% to 9.49% depending upon your and/or your cosigner’s credit histories and the repayment option you select.

Here’s what to do

1. Register as a new user.

When you select “start my application” you will be taken to Thrivent Federal Credit Union’s education loan application site where you will be asked to register as a new user. This lets you save your spot in the process and return at any time. [About 5 minutes]

2. Submit your application.

The information you provide in the first part of the loan application will help you determine whether you are eligible and what rate you may qualify for. [About 10-15 minutes to complete.]

3. Make the choice that’s right for you.

Once you get a personalized estimate of your loan interest rate, you can decide whether or not to continue the application. If the rate isn’t what you hoped it would be, no sweat. You’re under no obligation to continue.

brightpeak financial is a division of Thrivent Financial, a membership organization of Christians. We exist solely to help young Christians grow stronger financially so that they may live with confidence and generosity.

At Thrivent Federal Credit Union, we guide members seeking meaningful change based on faith-based principles of money management.

brightpeak financial is a division of Thrivent Financial, a membership organization of Christians. We exist solely to help young Christians grow stronger financially so that they may live with confidence and generosity.

At Thrivent Federal Credit Union, we guide members seeking meaningful change based on faith-based principles of money management.

Prior to refinancing, consider the terms and special repayment benefits of your existing loans to make sure that you are making the best decision for your situation. Federal student loans permit borrowers in financial trouble to use certain options, such as income-based repayment, which may help some borrowers. Depending on the type of loan that you have, the government may discharge your loan if you die or become permanently disabled. Depending on what type of federal student loan that you have, you may be eligible for loan forgiveness in exchange for performing certain types of public service. If you are an active duty service member and you obtained your federal student loan before you were called to active duty, you are entitled to interest rate and repayment benefits for your loan. If you are a borrower with a secure job, emergency savings, strong credit and are unlikely to need any of the options available to distressed borrowers of federal student loans, a refinance of your federal student loans into a private student loan may be attractive to you. You should consider the costs and benefits of refinancing carefully before you refinance.
Thrivent Federal Credit Union membership is required for the borrower. If you’re not already a member, you will be asked to apply for membership when you apply for your loan. Deposit and lending services are offered by Thrivent Federal Credit Union, a member-owned, not-for-profit financial cooperative that is federally insured by the National Credit Union Administration and doing business in accordance with the Federal Fair Lending Laws. Insurance, securities, investment advisory and trust and investment management accounts and services offered by Thrivent Financial for Lutherans or its affiliates are not deposits or obligations of Thrivent Federal Credit Union, are not guaranteed by Thrivent Federal Credit Union or any bank, are not insured by the NCUA, FDIC or any other federal government agency, and involve investment risk, including possible loss of the principal amount invested.

Learn how you may be able to save more wth refinancing.