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For a limited time: Relax with no payments and no interest for 3 months.1

IMPORTANT: Interest and payments on federal student loans have resumed. Visit studentaid.gov for details. Carefully consider your options before refinancing federal student loans, as they will no longer qualify for current and future federal benefits once refinanced with a private lender.

Please note that the measures noted above are strictly tied to federal student loans and have no impact on private student loans.

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Student Loan Refinance

Take Control of Your Repayment

With rates at historic lows, refinancing your student loans could help you pay your loans off sooner or save on your monthly payment.

Refinance and consolidate your private and federal student loans (including PLUS loans) into one manageable loan, and see how much you could save*.

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Rates starting at:

5.490% APR†

 

Find Your Rate

 

View full rates and terms.

 

The power of smart choices

Going to college and investing in your dreams was a smart decision to start or move up in your career. But student loans can make it hard to take the next step toward the future. Maybe now it's time to make another smart decision and refinance your loans. When we work together on your student loan refinance, you'll enjoy:

 

Competitive Rates

Rates are at historic lows - take advantage and refinance now.

 

Easy Application

Our application is quick and hassle-free, providing an instant credit decision.

 

Personal Support

Our counselor can provide 1:1 support for your refinancing questions.

 

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Should I refinance my student loans?

Refinancing your student loans (such as private, federal, and PLUS) could help you lower your rate, adjust your payment, or pay them off sooner. Just remember, when you refinance federal student loans into a private refi loan, you'll lose access to any current or future federal benefits, such as potential debt cancellation or income-driven repayment options.

With recent announcements from the Biden Administration related to federal student loan debt cancellation, it’s more important than ever to evaluate your options so that you can make educated decisions. For more information, check out these helpful resources:

Common Questions

If you are a college graduate currently in repayment, a recent college graduate, or a parent who took out student loans for a child, you may want to consider refinancing your student loans. For those with high interest rate student loans, refinancing might be a good way to lower the interest rates on your private or federal student loans (including parent and graduate PLUS). Choosing a new repayment term that fits your needs could help you simplify multiple payments or adjust your repayment terms.

Refinancing could potentially reduce the amount of interest you pay long term, but be sure to compare your options to determine what solution is right for you. Remember, Federal loans offer some special benefits, for example, public service forgiveness and economic hardship programs, that may not be accessible to you after you refinance. See disclosures for more details.

Please visit our eligibility page.

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: studentaid.gov. See disclosures for more details.

Private Education Loans: 

  • Undergrad
  • Graduate
  • Consolidation

Institutional Education Loans: 

  • Undergrad
  • Graduate
  • Consolidation

 

 

View all FAQs.

 

Helpful Resources

 

➀ Personal Support

 

➁ Guide to Refi

 

➂ Calculate Savings

 

Get Started Today

Special Offer Disclaimers

3 Months No Payments or Interest Offer

1To qualify, the loan application must be for a standard refinance application (parent refinance product excluded), started between 11/19/2021 and 05/19/2025 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.

$400 Cash Offer

2Upon approval and disbursement of your refinance loan, you’ll get $400 deposited into your Lake Trust Membership Savings Accounts within 90 business days from the funding date of the loan and another $100 will go to benefit scholarships for Michigan students. To qualify, the completed loan application must be received between 10/01/2022 and 03/31/2025. 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.

Disclosures

*Subject to credit qualification and additional criteria, including graduating from an approved school.

†APR = Annual Percentage Rate. Rates shown include a 0.25% discount for optional enrollment in automatic electronic payments. Check our current rates and full disclosures.

IMPORTANT NOTICE: Please review carefully if you are considering refinancing your federal student loans. Due to events related to the Coronavirus pandemic, the federal government has announced several measures to assist borrowers during the ongoing crisis, such as temporarily waiving federal student loan interest. Accordingly, we highly recommend that you carefully consider all of your options before refinancing your federal student loans. While all details are not yet known, it’s possible that additional proposals by Congress may impact those with federal student loan debt. Please remember that when you refinance federal student loans into a private student loan, you waive any current and potential future federal student loan benefits. Make sure to explore all available resources, including information on the Department of Education’s website at https://www.studentaid.gov/coronavirus to understand how these proposals may impact you, so that you can determine if losing current and potential federal student loan benefits outweigh the benefits of refinancing your loans.

NOTE: 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 https://www.studentaid.gov/coronavirus to understand your options.

Your existing student loan(s) must total a minimum of $5,000 to be eligible for refinance. The maximum amount you may refinance is $125,000.

To qualify, you must be eligible for Credit Union membership, at least 18 years old, a U.S. citizen or permanent resident, have graduated from an approved public or private not-for-profit school, and continue to meet Lake Trust Credit Union’s underwriting criteria.

To apply for this loan, complete the online application. If you are approved for this loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted by law and the variable interest rate may change based on the market).

Student Loan Refinance and underwriting is provided by Lake Trust Credit Union. Application processing is provided by Credit Union Student Choice on behalf of Lake Trust Credit Union. Loan servicing and repayment is provided by University Accounting Service, LLC on behalf of Lake Trust Credit Union.

 

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. Rates shown include a 0.25% discount for optional enrollment in automatic electronic payments. Check our current rates and full disclosures.

Variable Interest Rate Repayment Examples

  • 5 year loan term: 6.49% to 8.25% APR. At 8.25% APR, the monthly payment will be $1,019.81. Finance charges will be $11,188.75.
  • 10 year loan term: 6.65% to 8.75% APR. At 8.75% APR, the monthly payment will be $626.63. Finance charges will be $25,196.05.
  • 15 year loan term: 6.75% to 9.25% APR. At 9.25% APR, the monthly payment will be $514.60. Finance charges will be $42,627.31.

Fixed Interest Rate Repayment Examples

  • 5 year loan term: 5.49% to 8.75% APR. At 8.75% APR, the monthly payment will be $1,031.86. Finance charges will be $11,911.70.
  • 10 year loan term: 5.65% to 9.50% APR. At 9.50% APR, the monthly payment will be $646.99. Finance charges will be $27,638.53.
  • 15 year loan term: 6.25% to 9.75% APR. At 9.75% APR, the monthly payment will be $529.68. Finance charges will be $45,342.64.

 

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