First Tech Federal Credit Union Student Loan Refinancing Review

First Tech has a team of student loan specialists and lets borrowers choose to make lower monthly payments starting out.
Last updated on January 5, 2024
Written by 
Cecilia Clark
Assistant Assigning Editor
Karen Gaudette Brewer
Edited by 
Karen Gaudette Brewer
Lead Assigning Editor
Fact Checked
Cecilia Clark
Written by 
Assistant Assigning Editor
Karen Gaudette Brewer
Edited by 
Lead Assigning Editor
Fact Checked

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Our Take

3.0

NerdWallet rating
The Nerdy headline:

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.

Jump to:Full Review
First Tech Federal Credit Union Student Loan Refinance
First Tech Federal Credit Union Student Loan Refinance

Min. credit score
Not disclosed.
Fixed APR
8.60-18.00%

Pros

  • Three repayment options: Fixed, interest-only or balloon.

  • Greater-than-minimum payments allowed via autopay.

Cons

  • No option to temporarily pause payments through forbearance.

  • No death or disability discharge.

Compare student loan refinancing
Lender
Fixed APR
Min. credit score
Variable APR
Earnest Student Loan RefinanceEarnest Student Loan Refinance
5.0
Check rateon Earnest's website
on Earnest's website
3.95- 8.99%
650
5.89- 9.74%
Check rateon Earnest's website
on Earnest's website
SoFi Student Loan RefinancingSoFi Student Loan Refinancing
3.99- 9.99%
650
5.99- 9.99%
LendKey Student Loan RefinanceLendKey Student Loan Refinance
Check rateon LendKey's website
on LendKey's website
4.89- 9.04%
680
5.54- 9.12%
Check rateon LendKey's website
on LendKey's website
ELFI Student Loan RefinanceELFI Student Loan Refinance
4.84- 8.44%
680
4.86- 8.49%
Splash Financial Student Loan RefinanceSplash 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.

» MORE: First Tech Federal Credit Union Review: Checking, Savings and Certificates

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

    • 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.

  • 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.

  • 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.

    • 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.

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.

Find the Right Student Loan

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Frequently asked questions

  • 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.

  • No. First Tech does not offer deferment or forbearance options.

  • 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.

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