STUDENT
LOAN REFI
$300 refinance Bonus
The minimum refinance loan amount is $5,000. The maximum loan amount will be $150,000. Make sure to review your existing loans carefully so that you borrow the exact amount you need.
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.
* Subject to credit qualification and additional criteria, including graduating from an approved school.
† APR = Annual Percentage Rate
‡ Approved schools subject to change without notice.
In order to fund the loan, the borrower must be a member of the credit union. To expedite funding, contact us to open your membership account while we are processing your loan.
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)
- At least the age of majority in your state of residence. Please note, in most states, you must be at least 18 years old. If you are not the age of majority in your state you may qualify with a cosigner who is or other unique circumstance that would allow you to qualify.
- In repayment or grace on one or more outstanding private or federal student loans
- Able to meet Frankenmuth Credit Union’s standard underwriting criteria (a cosigner may be necessary 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)
* Subject to credit qualification and additional criteria, including graduating from an approved school.
† APR = Annual Percentage Rate
‡ Approved schools subject to change without notice.
*3 Months No Payments or Interest Offer
1To qualify, the loan application must be started between 11/19/2021 and 5/19/2024 and the selected repayment term must be 10 years or less. Upon disbursement of your refinance loan, no payments will be required and no interest will accrue during a three-month promotional period. After this three-month promotional period ends, this loan requires full payments of principal and interest. The credit union reserves the right to modify the terms of this offer at any point in the future for new applications.
*$300 Cash Bonus/Offer
2To qualify, the loan application must be started between 04/01/2024 and 06/30/2024. Upon approval and disbursement of your refinance loan, the primary borrower will receive a cash deposit of $250. The cash deposit will be awarded in the form of a deposit to your credit union checking or savings account within 90 business days from the funding date of the loan. The primary borrower must be a credit union member in good standing at the time of deposit. Limit one cash award per borrower. The credit union reserves the right to modify the terms of this offer at any point in the future for new applications. Recipient is responsible for any applicable federal, state, or local taxes associated with receiving the cash deposit; consult your tax advisor to determine applicable tax consequences.
The CARES Act was passed in response to events related to the Coronavirus pandemic and includes broad relief measures for federal student loan borrowers. If you are considering refinancing your federal student loans, please make sure to review these measures at studentaid.gov/coronavirus
01. COMPILE LIST
Compile a list of your current student loans, their balances, and interest rates. Make note of the current balances, the rates, and whether you have a fixed or variable rate.
02. GATHER-APPLY
Provide: 1. Photo ID 2. Social Security Number 3. Paystubs 4. Statements/account info of current loans. You will need same info if applying with a co-borrower.
03. FINALIZE LOAN
Continue making your loan payments until the refinance loan is finalized. We will notify you when the refinance process is complete, which may take several weeks.
