NaviRefi Student Loans Review

NaviRefi Student Loans: Quick Look

*Including 0.25% autopay discount

Pros Explained

• Low rates for refinancing student loans: NaviRefi offers loans with rates as low as 4.59% for variable and fixed.
• No origination, prepayment, or late payment fees: NaviRefi charges no origination fees on loans, and doesn’t charge any prepayment or late payment penalties.
• Loan terms from 5 to 20 years in length: Loans can be 5, 10, 15, or 20 years in length, giving you flexibility with your monthly payment. Rates are lower for shorter-term loans.
• Application process takes less than five minutes: NaviRefi advertises that loans can be approved in just three minutes, making the application process much shorter than most lenders. This is due to Navient already having relevant customer information when it sends an invite.

Cons Explained

• Invitation-only to existing Navient customers: NaviRefi is only available to customers that currently have a loan being serviced by Navient.
• Navient has a poor reputation for deceptive lending practices: Navient was recently dropped as a loan servicer for FedLoans, and had to discharge $6 billion in a settlement with over 200,000 borrowers.
• Requires hard credit inquiry to see rates: While NaviRefi offers reasonable rates, you cannot see your rate estimate without a hard inquiry, which may impact your credit score.
• Cannot use a co-signer: NaviRefi does not offer loans with a co-signer, which may make it harder for some individuals to qualify.

Student Loans Offered by NaviRefi

Student Loan Refinancing

NaviRefi only provides student loan refinancing through a private invitation from Navient. Unlike some lenders, NaviRefi offers loans to students who did not complete their degree. 

Interest rates are reasonable, and the minimum amount required to finance is relatively low at just $5,001 ($10,001 in California).

NaviRefi does not allow co-signing on loans.

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 Disbursement

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 disbursements (most lenders don’t charge for applications or disbursements).

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 circumstances, 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 (844) 381-6621.

Customer support hours are Monday through Thursday from 8 a.m. to 9 p.m. Eastern Time, and Friday from 8 a.m. to 8 p.m. ET. 

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.

Alternative Choices

Final Verdict

NaviRefi is a simple option for Navient customers to refinance their private or federal student loans. NaviRefi offers a quick application process and no loan origination, prepayment, or late fees.

Navient (the parent company) has a rocky history with lawsuits and deceptive lending practices, and you can’t see your rates without a hard credit pull. This makes it prudent to research alternate student loan refinancing companies as well.

Overall, NaviRefi is worth checking out if you’re looking to refinance and you get an invite, but we recommend shopping around before making a decision.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. To rate providers, we collected hundreds of data points across more than 40 lenders, including interest rates, fees, loan amounts, and repayment terms, to ensure that our reviews help users make informed decisions for their borrowing needs.