First Tech Federal Credit Union Student Loan Refinancing Review
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- 35+ student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and student loans.
- Objective, comprehensive star-rating system assessing 43 categories and 40+ data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Our Take
3.0
First Tech Federal Credit Union primarily serves the technology industry. Its refinancing loan is an option for borrowers who work in that industry or those who want to make lower monthly payments starting out.
Pros
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Three repayment options: Fixed, interest-only or balloon.
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Greater-than-minimum payments allowed via autopay.
Cons
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No option to temporarily pause payments through forbearance.
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No death or disability discharge.
Lender | Fixed APR | Min. credit score | Variable APR | |
---|---|---|---|---|
3.95-
9.74% | 650 | 5.89-
9.74% | Check rateon Earnest's website on Earnest's website | |
4.49-
9.99% | 650 | 5.99-
9.99% | Check rateon SoFi's website on SoFi's website | |
4.89-
9.04% | 680 | 5.54-
9.12% | Check rateon LendKey's website on LendKey's website | |
4.88-
8.44% | 680 | 4.86-
8.49% | Check rateon ELFI's website on ELFI's website | |
Splash Financial Student Loan Refinance Check rateon Splash Financial's website on Splash Financial's website | 5.94-
8.95% | 650 | 7.60-
7.85% | Check rateon Splash Financial's website on Splash Financial's website |
Full Review
First Tech Federal Credit Union primarily serves the technology industry — people who work at places like Amazon, Intel and Microsoft.
But, with repayment options that allow lower starting monthly payments, its student loan refinancing product could be a fit for other professionals whose incomes are expected to grow over time.
You must be — or become — a member of First Tech to be eligible for its student loan refinance product. You qualify for membership if you work for one of the hundreds of technology and telecom companies First Tech partners with. There are also other relatively easy ways to qualify for membership, such as joining the Financial Fitness Association.
First Tech at a glance
Three repayment options: Fixed, interest-only or balloon.
Student loan specialists to walk you through the process.
No option to temporarily pause payments through forbearance.
How First Tech could improve
First Tech could improve by:
Offering forbearance to let borrowers temporarily pause payments during financial hardship.
Having a co-signer release.
How much can refinancing save?
First Tech student loan refinancing details
- Interest rates, fees and terms
Soft credit check to qualify and see what rate you’ll get: Yes.
Loan terms: 5, 7, 10 or 15 years.
Loan amounts: $5,000 - 500,000.
Can transfer a parent loan to the child: Yes.
Application or origination fee: No.
Prepayment penalty: No.
Late fees: Yes, a $15 late fee is assessed 10 days after the due date.
Compare First Tech Federal Credit Union's range of interest rates with other student loan refinance lenders. Your actual rate will depend on factors including your — or your co-signer’s — credit history and financial situation. To see what rate First Tech Federal will offer you, apply on its website.
- Requirements
Financial
Minimum credit score: Did not disclose.
Minimum income: Did not disclose.
Typical credit score of approved borrowers or co-signers: Did not disclose.
Typical income of approved borrowers: Did not disclose.
Maximum debt-to-income ratio: Did not disclose.
Can qualify if you’ve filed for bankruptcy: Did not disclose.
Other
Citizenship: Applicants must be U.S. citizens or Permanent Resident Aliens.
Location: All 50 U.S. states, and Washington, D.C.
Must have graduated: Did not disclose.
Must have attended a school authorized to receive federal aid: Yes.
Percentage of borrowers who have a co-signer: Did not disclose.
Membership
You must become a member of First Tech Federal Credit Union. You'll qualify for membership if you meet at least one of the following criteria:
Work for the state of Oregon.
Work for a technology or telecom sponsor company.
Live or work in Lane County, Oregon.
Are a member of the Financial Fitness Association or the Computer History Museum.
Are an immediate family member of a First Tech Federal Credit Union member.
- Repayment options
First Tech Federal Credit Union offers three types of loans with different repayment options:
Fixed: Make equal monthly payments throughout the life of the loan. You'll get a lower interest rate if you choose this option.
Balloon: Make smaller monthly payments throughout the life of the loan, but owe one large payment of 40% or 50% of the original loan amount at the end of your loan term. The 15-year repayment schedule is the only term length available with this option.
Interest-only: Pay just the interest for the first 10 years, then larger monthly payments for the remaining five years. The 15-year repayment schedule is the only term length available with this option.
Repayment options
Academic deferment: Not available.
Military deferment: Did not disclose.
Disability deferment: Payment protection is available for purchase.
Reduced payments for medical and dental residents: No.
Forbearance: Not available.
Co-signer release available: Did not disclose.
Death or disability discharge available: Did not disclose.
Loan discharge if co-signer dies or becomes disabled: Did not disclose.
repayment preferences:
Allows greater-than-minimum payments via autopay: Yes.
Allows biweekly payments via autopay: No.
- Customer service
Loan servicer: First Tech Federal Credit Union.
In-house customer service team: Yes.
Process for escalating concerns: Did not disclose.
Borrowers get assigned a dedicated banker, advisor or representative: No.
Average time from approval to payoff: The application review and approval process can take up to a few business days, but they did not disclose approval to payoff.
Before refinancing with First Tech
You can apply for a First Tech refinanced student loan on its website. Before deciding on a student loan refinance lender, compare multiple student loan refinance options to make sure you’re getting the best rate you qualify for. In addition to interest rates, compare lenders’ repayment options and the flexibility they offer for borrowers who are struggling to make payments.
If you aren’t eligible to refinance with First Tech
If First Tech denies your refinance application, the lender will let you know why. Depending on the reason, you may want to consider other lenders or need a co-signer.
NerdWallet recommends prequalifying with multiple refinance lenders before you apply. This will let you know which lenders you may be eligible with, without affecting your credit.
» MORE: How to refinance student loans in 7 steps
STUDENT LOAN REFINANCE RATINGS METHODOLOGY
Our survey of more than 29 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and the top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.
We consider 41 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
Read more about our ratings methodologies for student loan refinance and our editorial guidelines.
Frequently asked questions
- Is First Tech refinancing legit?
First Tech Federal Credit Union is a credit union that serves employees of the State of Oregon and over 900 tech companies, along with residents of Lane County, Oregon. It also offers student loan refinancing.
- Does First Tech allow you to pause payments on refinancing loans?
No. First Tech does not offer deferment or forbearance options.
- Am I eligible for First Tech student loan refinancing?
Student loan refinancing customers must be a member of First Tech, have debt from a Title-IV accredited school and refinance a minimum of $5,000 in debt. They may also have to meet other criteria.