Am I eligible to refinance?
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A U.S. citizen or permanent resident (Foreign students are NOT eligible) who has graduated from an approved public or private not-for-profit school.
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In repayment on one or more outstanding student loans
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Meet credit qualifications. A co-signer may be necessary in order to meet credit criteria, and may help to qualify for a lower rate.
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A member of the credit union.
What types of loans can I refinance?
You can refinance Federal, Private and institutional education loans borrowed for undergraduate and graduate studies.
What documents are required to complete my application?
Once you complete the application you will be required to provide the following documents for verification:
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Loan payoff statements for each loan you request to refinance
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Proof of graduation
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A recent paystub withing the last 30 days
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Two years of proof of income
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Photo ID
How much can I borrow?
The minimum refinance loan amount is $5,000. The maximum loan amount is $150,000. Make sure to review your existing loans carefully to borrow the exact amount you need.
If I go back to school, can I defer my loan payments?
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.
How do I become a member?
You’re eligible for membership at Metro Credit Union if you live, work, go to school, or have a place of business in one of the counties listed below. Plus, if a family member is already a Metro member you can become a member too!
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Massachusetts: Barnstable, Bristol, Essex, Middlesex, Norfolk, Plymouth, Suffolk, Hampden, Hampshire, Franklin, and Worcester County
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New Hampshire: Rockingham, Hillsborough, and Cheshire County
It’s easy to join online - join now!
Since you were selected for the special offer, Metro CU will fund your member savings account. Simply complete the application and leave the rest to us!
What will my rate be?
You will be quoted a rate after your application has been submitted and reviewed. Visit our product rate details to view our rate ranges or find your rate.
Is a cosigner required?
A cosigner is not required for this loan. However, having a cosigner may increase the ability to be approved and/or attain a lower interest rate.
If I refinance my Federal student loans will I continue to have access to federal repayment and forgiveness benefits?
If you choose to refinance federal loans you will lose the ability to benefit from repayment and forgiveness options like Income-Based Repayment and Pay As You Earn.
What is the recurring payment discount?
Authorize our loan servicer to automatically deduct monthly payments from any bank account you choose and receive a 0.25% APR discount.
Is there an application fee or pre-payment fee?
No. There is no application fee or pre-payment fee. You can pay off the loan at any time.