Newsletter 2020 V2 Article - Student Loan Refinance

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Thinking About Refinancing or Consolidating Your Student Loans?

If you have private student loans, now is a great time to refinance, while rates are low. Those with federal loans should first review the CARES Act and understand the benefits that have been passed to help you.

Learn More about the CARES Act
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We know that many members are carrying student debt, which prompted us to launch our new Student Loan Refinancing product through our student loan provider, Credit Union Student Choice (CUSC).

This partnership gives members the ability to refinance and consolidate their student loans into one easy-to-manage payment at a great low rate. Understanding if it is the right time to refinance your student debt depends on what types of student loans you have.

Federal Student Loans

The Federal government has announced several measures to assist borrowers during the ongoing COVID-19 pandemic, such as temporarily waiving federal student loan interest and payments. Accordingly, we highly recommend that you carefully consider all of your options before refinancing your federal student loans.

What should you do before considering refinancing your federal student loans?

  1. Check and see if/how the CARES Act affects you at studentaid.gov/coronavirus
  2. Talk to our college access and repayment counselor to get your questions answered so you can make an informed decision at umassfive.coop/counselor
  3. If you’re ready and it makes sense, apply today! Visit our Student Loan Refinance page to get started!

Private Student Loans

As the CARES Act does not apply to private student loans, the current low rate environment makes it a great time to refinance your private student loan debt.

Take control of your student loan repayments with these great benefits:

  • Refinancing available up to $150,000
  • Competitive variable and fixed interest rate options
  • Flexible repayment terms to fit your needs
  • Easy online application and instant credit decision

Whether you want to lower your interest rate*, pay your loans off sooner, or reduce your monthly payment, we’ve got options to fit your needs. Learn more here, or call us at 844.334.8157.

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*Subject to credit qualification and additional criteria, including graduating from an approved school.

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