Student Loan Refinance

At the time, I had my student loans through a large bank. I had reached out to three separate banks to try to refinance and was turned down.

The struggle with student loan refinancing is that there’s no collateral involved, so when I tried to refinance with other organizations, they wouldn’t take me on because they decided it was too risky for them.

I saw something about UW Credit Union student loan refinancing, so I emailed and was connected with Megan in their Student Lending Department. The first thing that surprised me was that an actual person responded to me.

Megan was really good to work with. She was able to tell me an estimate of what my rate and payments would be, and then she also explained to me that if I was to pay off my loan early I wouldn’t be hit with any fees.

The whole process took maybe just shy of two weeks. And the UWCU team was so prompt and helpful the whole time. The majority of this was done via email. Even once when Megan was out of the office, I remember I had to upload a document and I wanted to make sure I was doing it right, I emailed to ask and someone else got back to me within an hour and was able to assist me.

I’m super impressed with UWCU. I was a little nervous after working with big banks and getting turned down. With my previous experience, you get told no or it’s a super difficult process. With UWCU, a real person helped me take care of everything, and the process was so quick.

Now, I’m saving over 2% on my interest rate. And it wasn’t just a little student loan, so that ends up being thousands of dollars that I’ll save.

If I were to give advice to someone else in my situation, I’d say that knowledge is power, and the more you know the better. It’s worth looking at all your options out there and seeing if UWCU can help you. I’m really happy I did.