NaviRefi Student Loans Review (2024)

Loan Eligibility and Approval

To qualify for a student loan refinance with NaviRefi, you must meet the following eligibility requirements:

• Provide an invitation code
• Live in the District of Columbia or a state that NaviRefi lends in (all but Nevada)
• Be the age of majority as defined by state of residence
• Be a United States citizen or non-citizen permanent resident of the United States
• Have attended a school that is eligible for Title IV federal student aid

There are also personal financial requirements considered as part of the application process:

• Have a minimum credit score of 680, or 700 if you’re a non-graduate from a not-for-profit institution and your date of last attendance is longer than 6 years ago
• Be employed or have sufficient income from other sources
• Be current on your rent or mortgage payments
• Not have a bankruptcy on your credit reports or accounts recently in collection

NaviRefi is invitation-only, meaning that it pre-screens applicants. That makes the application process much quicker. But you will be required to provide your personal information, income, and debt information, and NaviRefi will perform a hard credit pull.

Are Co-Signers Available?

Co-signers are not available for NaviRefi loans. Applicants must qualify on their own based on credit history, income, and other requirements.

Is Loan Pre-Qualification Available?

NaviRefi doesn’t offer pre-qualification, but applicants are existing Navient customers that are pre-screened and sent an invitation code. This does not mean all loan applications are automatically approved, but it does make the loan application process much quicker.

To check your estimated loan rates, you are required to submit a full application and NaviRefi will perform a hard credit pull, which may impact your credit score.

Length of Time for Loan Approval and Disbursem*nt

After the application is submitted online, NaviRefi will show if you are approved instantly. If approved, you will then select your loan details, and NaviRefi will reach out to your school to verify your enrollment.

For private student loans (not refinancing), school certification varies by school, and can take a few weeks before funds are disbursed. Some schools don’t certify until within a few weeks of classes starting, but others complete the processes within a fixed time frame. It is always best to apply as early as possible to ensure funds are available when needed.

Loan Fees and Repayment Options

Loan Fees

NaviRefi doesn’t charge origination, prepayment, or extra payment fees. There are also no penalties for late payments. But NaviRefi does not disclose whether there are fees for returned payments, collections, or even loan applications or disbursem*nts (most lenders don’t charge for applications or disbursem*nts).

Loan Discounts

NaviRefi applies a 0.25% discount if you set up autopay on your account. This is the only discount available, and the 0.25% discount is included in the advertised rates on the website.

Repayment Options

NaviRefi has multiple repayment options, with multiple term lengths available.

• Standard full payment: Refinanced loans typically follow a standard principal and interest repayment schedule, based on the loan term selected.
• Deferred payment: NaviRefi offers deferment for certain circ*mstances, including going back to school at least half-time, military service, internship, residency, or fellowship programs. Deferment must be applied for and is approved on an individual basis.
• Rate reduction program: NaviRefi offers lower payments for borrowers experiencing financial hardship. This allows for up to six months of lowered payments. This will increase the total time it takes to pay off the loan, and more interest will accrue. The 0.25% autopay discount is not available during the rate reduction program. You may need to have three on-time payments to be eligible for rate reduction.

NaviRefi also offers to match up to a nine-month grace period for recent graduates, though interest will still accrue, and you will need to apply for this program.

Rewards

There are no rewards or sign-up bonuses for using NaviRefi.

Loan Forbearance and Discharge Options

NaviRefi offers several loan relief programs for borrowers in financial hardship:

• Skip-a-payment: NaviRefi’s partner loan origination company, Earnest, offers a skip-a-payment program, and NaviRefi offers a similar program. Borrowers can skip one payment every 12 months, though it increases payments slightly for the following 12 months. Accounts must have at least six months of on-time payments to qualify.
• Forbearance: Borrowers can apply for forbearance but all applications are approved on an individual basis. Forbearance may temporarily stop or reduce payments, though interest will still accrue. Borrowers may apply if there is a sudden loss in income or other life event preventing the full payment of the loan each month.
• Loan forgiveness and discharge: NaviRefi may offer student loan discharge due to a loss of life or permanent disability. Discharge or forgiveness must be applied for on an individual basis.

Customer Service

NaviRefi offers simple help documentation on its website, though the information is sparse. Borrowers and applicants can also access support via email or over the phone at (866) 210-2576.

Customer support hours are Monday through Friday from 8 a.m. to 8 p.m. Eastern Time.

Navient, the parent company of NaviRefi, received 1,162 complaints in 2022 (out of 6,700,000 customers) according to the Consumer Financial Protection Bureau (CFPB).

Applying for a NaviRefi Student Loan

Applying for a NaviRefi student loan refinance can be done online or over the phone. You will need to submit your Navient referral code as well as personal and financial information. NaviRefi claims the process only takes about three minutes, though it may take you time to track down all of the information required.

Some of the information you will need to provide includes:

• Personal details (name, address, email, etc.)
• Social Security number
• Educational background information
• Current debt payments
• Employment and non-employment income sources

NaviRefi will run a credit check before showing your interest rate, which requires a hard pull on your credit profile (which can affect your score). It’s recommended to have a credit score of at least 680–700 to be approved.

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