TOP

 

 

REFINANCE TODAY

 

Ontario Shores Federal Credit Union is here to help you pay down your college debt.

Refinance up to $150,000 with rates starting at 8.00% APR†

✔ Competitive Rates

✔ Quick Application

✔ Guide to Refinance

✔ Personalized Support

 

Find Your Rate

 

See rates and repayment options in about 2 minutes. 

 

Find Your Rate

Current Rates

Variable Rate Solution

Variable Rate icon

As rates rise and fall according to the market index, your monthly payment may change over time. Learn More

5-year Repayment Term: 8.00% - 9.50% APR†

10-year Repayment Term: 8.25% - 9.75% APR

15-year Repayment Term: 9.00% - 10.75% APR

 

Fixed Rate Solution

Fixed Rate icon

Get a fixed monthly payment with a rate that doesn't change over time. Learn More

5-year Repayment Term: 5.25% - 9.50% APR†

10-year Repayment Term: 6.50% - 10.75% APR

15-year Repayment Term: 7.00% - 11.50% APR

Important Disclosures and Rate Details

 

Start Your Application

DOWNLOAD THE GUIDE TO REFINANCING

 

man standing outside smiling

With rates at historic lows, refinancing your student loans could help you pay your loans off sooner or save on your monthly payment. But we know that everyone’s student loan situation is unique, and figuring out where to start can be tough. Check out our Guide to Refinance or consult with our College and Repayment Counselor to determine if it makes sense for you.

Download the Guide

Personalized Support

☏ Counselor

✉ Contact

 

Refinancing Success Stories

 

chris

Christopher's Story

I began my student debt with another company who promised the moon and the stars, but the interest they charged and the hidden fees were a nightmare. After 3 years with them, I turned to my credit union.

I refinanced my debt to make the payments manageable for me. My credit union has shown great compassion and have been a real rock for me. In less than a year, I have paid down the loan more than I did in three years with the other company. THREE YEARS -  it is simply amazing! I cannot thank them enough.

megan

Megan's Story

I graduated college with a great deal of student debt due to a lack of education about student loans and how to use them well. I became a credit union member for the sole purpose of consolidating my student loans in an attempt to pay them down more quickly. The helpful staff took time to share with me best practices for someone in my financial situation. I had such a great experience that I decided to move all of my accounts to my credit union, and I’ve been happy with my decision ever since. And the best part is, I’ll be debt free in less than 6 months!.

 

Read More Stories

Common Questions

 

  • Is student loan refinance right for me?

     

    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.

     

  • What is the difference between refi and consolidation?

     

    A Direct Consolidation Loan from the federal government allows you to consolidate (combine) multiple federal education loans into one loan. The result is a single monthly payment for your federal student loans at one interest rate instead of multiple payments.

    Refinancing your student loans involves working with a private lender like your credit union. This lender will pay off your existing loans (which may include private and federal loans) and combine them through consolidation. You will then make a single loan payment to the new private lender.

     

  • Who is eligible?

     

    • U.S. citizens or permanent residents who have graduated from an approved public or private not-for-profit school*
    • In repayment or grace on one or more outstanding private or federal student loans
    • Able to pass a credit check (a cosigner may be necessary in order for you to meet credit criteria, and may also help you qualify for a lower rate)
    • Eligible for credit union membership (you may apply without being a member of the credit union, but you will need to become a member in order for the loan to be funded)

    * Approved schools subject to change.

     

  • What types of loans can I refinance?

     

    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: studentloans.gov. See disclosures for more details.

    Private Education Loans: 

    • Undergrad
    • Graduate
    • Consolidation/Refinance

    Institutional Education Loans: 

    • Undergrad
    • Graduate
    • Consolidation/Refinance

     

     

  • What is the difference between fixed and variable rate loans?

     

    Fixed interest rates offer a predictable monthly payment with a rate that doesn’t change over time – you’re locked in at the current rate for the life of your loan. With a fixed rate, you also know exactly how much interest you’ll pay over the life of your loan. Fixed rates may be slightly higher than variable rates, so you’ll need to weigh the benefits of consistency versus a potentially lower variable rate.

    Variable interest rates offer potentially lower starting rates which can result in lower payments, but your interest rate can rise and fall over the life of your loan. That means, your monthly payment and total interest may vary as well. Variable rates may be lower up front with a lower monthly payment, so you’ll need to weigh these benefits versus the consistency of a fixed rate.

     

  • Why borrow from a credit union?

     

    Credit unions are not-for-profit, member-owned financial institutions that exist to serve the financial needs of their member owners. Unlike for-profit banks and lenders, when you borrow from a credit union you’re supporting a local business focused on the needs of its members, not bank stakeholders. Because credit unions aren't focused on making a profit, they value educating each of their members on which financial option would be best for their own situation.

     

Close