Reward Education & Choose Home Ownership (REACH)

✔ FAQ

Need Assistance?

For assistance with opening a new private education line of credit, or to request additional funds from an existing line of credit, please call:
844-814-9912

Key Features of Our Program

Rates as low as 5.39% APR^*
For students who are U.S. citizens or U.S. permanent residents
Refinance and consolidate your private and federal student loans (including PLUS loans) into one manageable loan, setting up one convenient payment, and potentially lowering your rate^†
Flexible repayment terms to fit your needs
A loan from a not-for-profit credit union - a lender relationship you can trust

IMPORTANT NOTICE: By refinancing federal student loans, you may lose certain borrower benefits from your original loans. These may include interest rate discounts, principal rebates, or some cancellation benefits that can significantly reduce the cost of repaying your loans. Please review this important disclosure for more information.

Borrowing Limits

Students can borrow from $5,000 up to $100,000.

Apply

Return to an existing application or request additional funds

Interest Rates

Fixed Rate Solution

The Annual Percentage Rate (APR) for our student loan refinance program is fixed¹ for the life of the loan. The rate you receive depends upon the credit qualifications of the borrower or cosigner (if applicable) and the repayment term selected.

The current offered rates² are:

5-Year Repayment Term: between 5.39% and 7.59% APR
10-Year Repayment Term: between 5.79% and 7.79% APR
15-Year Repayment Term: between 6.19% and 7.99% APR

All loans are subject to approval and restrictions may apply. We reserve the right to change rates for new applications at any time and without notice. Credit union membership and a minimum share deposit is required.

Important: Please remember that federal loans do offer certain benefits and protections that do not transfer to a private loan. By refinancing your federal student loans to a private loan you will lose any federal benefits that may apply to you. Please review this important disclosure for more information.

Your interest rate is fixed and your rate and/or credit approval depends upon the credit qualifications of the borrower or cosigner (if applicable).
Your actual rate will be disclosed upon approval. Borrowers may apply with a creditworthy cosigner which may result in a better chance of approval and/or lower interest rate.

Repayment examples:
Examples provided use highest current offered rate in effect for each repayment term and assume a constant interest rate on a $50,000 loan amount.

Fixed Interest Rate Solution

5 year loan term: with a 7.59% APR, the monthly payment will be $1,004.04. Finance charges will be $10,242.23.
10 year loan term: with a 7.79% APR, the monthly payment will be $601.10. Finance charges will be $22,132.48.
15 year loan term: with a 7.99% APR, the monthly payment will be $477.54. Finance charges will be $35,956.74.

Frequently Asked Questions

The minimum refinance loan amount is $5,000. The maximum loan amount will be $100,000. Make sure to review your existing loans carefully so that you borrow the exact amount you need.

Payoff verification may be a 30-day payoff statement from the creditor with a payoff valid through a specified date, or a screenshot from the creditor's website showing this information. The payoff verification must include the creditor name and address, current loan balance or calculated payoff amount, and the borrower account number.

Consolidation means you are simply combining existing loans. Your total payment amount and total interest will likely remain the same, but you'll have the convenience of making one payment rather than multiple payments. This type of loan is usually associated with federal government student loans.

When you refinance, you are taking out a single new loan to pay off your old ones. You'll probably have a new interest rate, new terms, and a different monthly payment amount. This is the loan solution offered by your credit union.

You will be quoted a rate after your application has been submitted and reviewed. View our current rates. Note: There is no obligation to take the loan once you apply. We encourage you to apply and evaluate your options before making a final decision.

Private, Federal, and Institutional

Please view our eligibility page.

No, individuals may not consolidate loans together.

In order to fund the loan, the borrower and cosigner (if applicable) must be a member of the credit union. To expedite funding, visit your credit union branch or website to open your membership account while we are processing your loan.

A borrower is not required to apply with a cosigner. However, applying with a credit worthy cosigner may improve a borrower's chance of meeting the credit union's approval criteria and potentially qualify for the loan at a lower interest rate.

No, your spouse would have to be the cosigner.

Yes. You and your parents will be required to sign an affidavit.

A co-signer release option is available to credit worthy borrowers who make 48 consecutive on-time payments during the principal and interest repayment period, elect to make automated payments, and meet additional requirements (such as salary and debt-to-income ratio). You must apply and be approved for this option after the 48 month period. Other terms and conditions may apply, and option may be revoked or modified without notice.

Yes, you should continue to make your payments while your application is in process. You will be notified when the funds have been sent to the applicable servicers.

No. There is no pre-payment fee and you can pay off the loan at any time.*

*See rates page for additional information, repayment examples, and important disclosures.

We do not offer an in-school deferment option. Our refinance loan is intended for borrowers who have completed their education and do not plan on returning to school.

* APR = Annual Percentage Rate
† Subject to credit qualification and additional criteria, including graduating from an approved school.

Custom Loan Program for