Refinance student loans with confidence

Student loan refinancing means replacing one or more of your existing student loans with a new loan — usually with a different interest rate, repayment term or lender. If you qualify for a lower rate, refinancing can help you save money over time or reduce your monthly payments. You’ll make just one payment each month on the new loan, which can also help simplify things.

It could be a smart move to refinance student loans if you have good credit (or a co-signer with good credit), and you can qualify for a lower interest rate than you’re currently paying. It could help you lower your monthly payments, pay off your loans faster or save money on interest. It’s important to weigh the pros and cons — like benefits you might lose by refinancing federal student loans¹ — and make decisions based on your financial goals.

College graduates who are:

• U.S. citizens or permanent residents who have graduated from an approved public or private not-for-profit school (a bachelor's degree is the minimum required)
• Eligible for Desert Financial Credit Union membership (You can apply without being a member, but you’ll need to qualify for and open a Desert Financial membership before the loan can be funded.)
• Currently making payments to one or more outstanding private or federal student loans. The graduate refinancing the loan must no longer be attending school.
• Able to meet Desert Financial Credit Union's standard underwriting criteria (a cosigner may be necessary and may also help you qualify for a lower rate)

Loan types eligible for refinance:

Eligible loan types include Private, Federal, and Institutional loans. If you choose to refinance a federal loan, you will lose federal student loan benefits such as income driven repayment or loan forgiveness options that may be available on your current federal loan(s). In addition, federal student loans offer deferment and forbearance options that may not available to you if you take out a private refinance loan. You may qualify for a Federal Direct Consolidation Loan. For additional information about a consolidation option for federal loans, contact the Department of Education at: studentaid.gov. See disclosures  for more details.