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Student Loan Refinance FAQs

Home Loans Student Loans Student Loan Refinance FAQs

Answers to Your Refinancing Questions

Not sure if refinancing your student loans is the right choice? Sentry Credit Union can help you find the right answers. Please browse the most common questions we receive about student loan refinancing. If you don’t see your question listed, please contact us and our staff can answer your question directly.

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How much can I borrow?

The minimum refinance loan amount is $10,000. The maximum loan amount will be $75,000. Make sure to review your existing loans carefully so that you borrow the exact amount you need.

What is payoff verification?

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.

What is the difference between consolidation and refinancing?

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.

What will my rate be?

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.

What types of loans can I refinance?

All loans being refinanced must be post separation from school. Federal Education Loans: Federal Family Education Loan Program (FFELP) Subsidized or Unsubsidized (aka Stafford Loan) Grad or Parent PLUS William D. Ford Direct Loan Program Subsidized or Unsubsidized (aka Direct Stafford Loan) William D. Ford Direct Loan Program Undergraduate, Grad or Parent PLUS Perkins Nursing or Health Education Assistance (HEAL) Consolidation 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: See disclosures for more details. Private Education Loans: Undergrad Graduate Consolidation Institutional Education Loans: Undergrad Graduate Consolidation

Who is eligible to refinance?

U.S. citizens or permanent residents who have graduate from an approved public or private not-for-profit school (a bachelor's degree is the minimum required) In repayment or grace on one or more outstanding private or federal student loans Able to pass a credit and income check (a cosigner may be necessary in order for you to meet credit criteria, and may also help you qualify for a lower rate) Eligible for credit union membership (you may apply without being a member of the credit union, but you will need to become a member in order for the loan to be funded)

Can my spouse and I refinance or consolidate our individual student loans together?