Education Refinance Loan - Harvard University Employees Credit Union
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Save money when you refinance or consolidate your education loans.

Whether you are looking to lower your payments, reduce your interest rate, or just consolidate your loans into one monthly bill, refinancing may be a good option.

To find out what your rates and terms would be, complete our quick online application.

Apply Now Returning User Link


* A submitted application does not commit you to borrowing the loan.

  • Fixed rates1
    • as low as 3.25%
    • as low as 3.25% APR1
    • various term options available
  • Loans starting at $5,000
  • 0.25% interest rate reduction with automatic payments2
  • 0.25% interest rate reduction with a qualifying relationship3

Please review the program Application Truth in Lending Disclosure for further information on loan rates and cost.

  • No application, origination or disbursement fees
  • No prepayment penalty
  • Potential for a better interest rate
  • May be able to lower your monthly payments
  • One convenient monthly payment for all your education loans
  • 0.25% interest rate reduction for automatic recurring payments2, applied after your first payment clears
  • 0.25% interest rate reduction for qualifying relationships3, applied after the loan is disbursed. Contact us to receive the benefit
  • You may be eligible to refinance if:
    • You are a U.S. citizen or permanent resident with a Social Security Number
    • You are no longer a full-time student
    • You have one or more existing education loans
    • You meet HUECU credit requirements
  • Private and federal undergraduate. graduate and parent education loans are eligible for refinancing


What is education loan refinancing?

Refinancing gives you the ability to consolidate one or more federal and/or private education loans into a single loan with new terms, including a new interest rate, monthly payment amount or repayment length. Even if you have previously consolidated or refinanced your education loans, you may be able to lower your interest rate and/or your monthly payment.

How does education loan refinancing work?

  1. Complete the application by using the apply now button above
  2. Submit the required documentation:
    • Current education loan statement(s), which includes payoff amount
    • Proof of identification, driver’s license or government issued ID
  3. We pay off your current education loans
  4. You will make payments to UAS, HUECU’s Refinance Education Loan servicer, for your new loan.

Should I refinance my Federal Education Loans?

Whether to refinance your education loans is a personal decision, here’s what to consider:

  • Refinancing allows you to organize your finances with one convenient payment
  • You could be eligible for a lower interest rate, reducing your total cost over the long-term
  • You can extend your repayment term to reduce your monthly payment

If you have federal education loans:

  • Federal loans offer income-based repayment programs which could be beneficial if your income might fluctuate
  • Federal loans have the potential to be forgiven or have a portion forgiven if the borrower is working in a certain field for a certain amount of time, such as teachers in low-income schools and designated public servants
  • Federal loans may offer more flexibility with deferment and forbearance options
  • Federal loans are forgiven if the borrower passes away or becomes disabled

Before finalizing the loan documents, we encourage you to clearly understand the rates and terms of your current loans, your goals for refinancing, and your new loan terms.

What loans are eligible for refinancing?

You can include any loans used for financing your education. You cannot include any other debt (for example, credit card or mortgage), even if it was used to pay educational expenses. If you previously consolidated your education loans into a single loan, you may still be able to refinance.

Our application has a list of the most common loan servicers; however, you may submit loans for servicers not listed. When we review your application, we will determine whether loans from that servicer may be refinanced.

Terms and Conditions Apply. In order to qualify, a borrower must be a U.S. Citizen or permanent resident, and meet HUECU’s underwriting requirements. Applicants must have a responsible financial history, and meet other conditions.

1. Interest Rate & APR. The rate you receive is based upon the length of your repayment term, your credit score and history, length of employment, and you must meet income requirements. Not all borrowers receive the lowest rate. The APR assumes your loan will enter immediate repayment after disbursement. Interest is charged daily throughout the life of the loan, beginning the first date of disbursement, through any deferment period, and ending when the loan is paid in full. Rates and terms are subject to change without notice. Such changes will only apply to applications taken after the effective date of the change.

NOTICE: Recent legislation has temporarily suspended interest accrual and required payments for federally held loans. Please carefully consider these changes before refinancing with HUECU, as you will no longer qualify for federal loan benefits, including other repayment options the federal loan program offers, such as Income Based Repayment, Income Contingent Repayment or PAYE.

Loan Example: Borrowing $10,000 at 3.25% and 5 year term, results in 3.25% APR, monthly payment of $180.80, finance charge of $848.00 and total repayment of $10,848.00.

2. AUTO-PAY. In order to be eligible for the 0.25% interest rate reduction for automatic payments, you must be signed up for automatic payments through University Account Service (UAS). Payment must be set-up from a U.S. bank account. If at any-time automatic payments are stopped, the rate discount will not be applied. The discount will not reduce the monthly payment amount but will help you pay down the loan faster. Auto-pay is not required to obtain a loan. HUECU reserves the right to change rate discounts at any time.

3. RELATIONSHIP DISCOUNT. A qualifying relationship discount is considered an active checking account for a minimum of 12 months, or any non-education HUECU loan product. Discount to be applied after the loan is disbursed, if applicable. Member must contact the credit union to receive the discount. The discount will not reduce the monthly payment amount but will help you pay down the loan faster. HUECU reserves the right to modify or discontinue relationship benefits at its discretion without notice.

4. PRIME RATE. All current HUECU products offer a fixed interest rate. However, if you previously borrowed a hybrid or variable rate loan with the credit union, the current education loan prime rate is 3.25%

5. MEMBERSHIP. Membership in the Credit Union requires a $5 minimum deposit in a Share Savings Account.

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