BECU Student Loan Refinance Review

Our Rating: C- (Compare)

Founded in 1935 as Boeing Employees’ Credit Union, BECU may be a good option for borrowers who are affiliated with a BECU partner, either through employment or membership. LendKey services BECU refinance loans.

Loan Limits $10,000 – $125,000*
Fixed Rates 3.59%† – 8.99%
Variable Rates NA
Terms 5, 10, or 15 years
Min. Credit Score Undisclosed
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*Borrowers with undergraduate degrees may borrow up to $100,000; parent borrowers and borrowers paying off graduate degrees may borrow up to $125,000.
Lowest rates always include the 0.25% interest reduction for enrolling in auto-pay.

Skip to: Rates & Fees | Eligibility Requirements | Repayment Options | Consumer Reviews & Complaints | FAQ

Loan Refinancing Options
Private student loans
Private parent loans (in parent’s name only)
Federal student loans
Federal Parent PLUS loans (in parent’s name only)

BECU Refinance Rates & Fees

BECU’s fixed rates are between 3.59% and 8.99%. Note that the lowest rates always include the 0.25% interest reduction for enrolling in auto-pay.

In 2022, BECU’s lowest available fixed rate for new loans has declined 20.0% (from 4.49% APR) while its highest fixed rate has declined 5.3% (from 9.49% APR).

Student & Parent Refinance Loan Rates
Term Fixed Rate
5 Year 3.59% – 8.09%
10 Year 4.09% – 8.49%
15 Year 4.59% – 8.99%

Additional information about BECU refinance rates:

  • Checking your rate with BECU may affect your credit score. While BECU’s web site includes an eligibility check, it does not specify whether this check involves a soft or a hard credit inquiry (learn the difference).
  • BECU does offer a discount for setting up auto-pay: 0.25% interest rate reduction.
  • BECU does not offer a variable rate.

Student Loan Refinancing Calculator

Based on advertised rates, use the calculator below to determine what your new monthly payment and potential savings may be if you refinance with BECU.

Additional Fees

Beyond interest rates, there are a number of fees a refinance lender may charge up-front or during the loan servicing period. Below is a list of these fees that BECU does or does not charge.

Fee Type Amount Charged
Application Fee None
Loan Origination Fee None
Disbursement Fee Undisclosed
Prepayment Penalty None
Late Payment Fee Undisclosed
Returned Payment Fee Undisclosed
Collection Fee Undisclosed
  1. Application fee – fee to apply for rates & approval.
  2. Loan origination fee – fee to create the new loan.
  3. Disbursement fee – fee for distributing funds to lenders to pay off loans that have been refinanced.
  4. Prepayment penalty – fee for making extra payments to reduce a refinance loan balance or pay it off early.
  5. Late payment fee – fee for making a late payment.
  6. Returned payment fee – fee for failed payments due to insufficient funds, also known as a “bounced check”.
  7. Collection fee – fee for collection activity on a defaulted debt.

Current Promotions & Offers

BECU occasionally offers discounts for new members or referral bonuses. Check the official BECU web site for updates on deals and discounts for student loan refinancing and other services.

BECU Refinance Eligibility Requirements

To qualify for refinancing with BECU, all borrowers must meet the criteria below.

  • Citizenship Requirement: U.S. citizenship or permanent residency.
  • Income Requirement: $24,000 annual minimum income.
  • Credit Score Requirement: unspecified, though borrowers are required to have an established credit history (usually 24 months).
  • Graduation Requirement: bachelor’s degree or higher.
  • Location Requirement: dependent on membership status (see below).

Additional restrictions apply for specific individuals and loans. In order to refinance student loans, a borrower must be a member of BECU. BECU membership is restricted to individuals who meet the criteria below.

  • Employees, volunteers, or retired employees (and their family members) of BECU or Boeing Company.
  • Donors, members, employees, volunteers, or retired employees of the following organizations:
    • University of Washington Alumni Association.
    • Washington State University Alumni Association.
    • NW Credit Union Foundation.
    • KEXP (nonprofit organization).
  • Residents and business owners in the following locations:
    • The State of Washington.
    • Oregon counties Benton, Clackamas, Columbia, Lane, Linn, Marion, Multnomah, Polk, Washington and Yamhill.
    • Idaho counties Benewah, Bonner, Boundary, Clearwater, Idaho, Kootenai, Latah, Lewis, Nez Perce and Shoshone.

BECU Student Loan Repayment Options

Lenders vary greatly on the benefits and options provided to borrowers during the loan servicing period. Additionally, benefits may only be available on a case-by-case basis. BECU offers some relief options.

Deferment & Forbearance

BECU does offer some debt relief options for borrowers under certain circumstances. Interest always continues to accrue on deferred loans, and any auto-pay interest rate reductions may be suspended. While their loan is deferred, any other credit lines a borrower may have with BECU will be frozen.

See BECU’s conditions for deferment and forbearance below.

Condition Coverage
Returning to grad school Undisclosed
Disability rehabilitation Undisclosed
Active military duty Undisclosed
Involuntary unemployment Unspecified
Economic hardship Unspecified
Natural Disaster Undisclosed
Temporary Hardship Undisclosed

Additional Options

BECU may offer other opportunities for relief or contract modification.

  • COVID-19 relief is available in the event of lost income due to COVID-19; borrowers may apply for up to 90 days of deferment.
  • Co-signer release is available after 24 consecutive qualifying payments.
  • Death / disability discharge is available in the unfortunate circumstance that a borrower passes away or suffers total permanent disability.

BECU Reviews, Complaints & Lawsuits

Beyond our own findings, our team also collected the most genuinely insightful customer experiences we could find, including any instances of legal action against the company in which the details became public.

BECU Online Reviews

There are few BECU customer reviews readily available on public forums. We’ve included what material we found here for its value as unedited, uncensored, and unsolicited user experiences. Note that these reviews are unverified, may include inaccuracies, and may provide outdated information (about rates, bonus offers, etc.).

“Despite we’re their long time customers with good credit scores, their refi rate is still not competitive. We left them within a year.”Anna on WalletHub, 11/9/2020

“I’m a becu person. My boyfriend just swapped from [a national bank] to Becu and loves it.

Swapping is a pain but a worthy one in my opinion. The checking interest rate from becu is better than the savings interest rate at chase. Their savings rate is always better.

The main reason he actually swapped though was use-ability. The loan rates are better so he gets his loans there and it’s easier to pay them with a becu account. He also prefers their app and likes that you can use any atm with the fee covered. His chase cards were also incredibly low quality and he had to get them replaced twice a year (big pain). The becu cards are high quality and don’t wear out as fast.

Thank you for coming to my unsponsored ad.”kmccan on reddit, 11/8/2019

“Credit Unions are where it’s at! I use BECU and jyst a few months ago, they sent me a notice that they were lowering my car payment based on good credit and such. I didn’t have to go to them.”cnotethepyro on reddit, 7/19/2018

More (unfiltered) customer reviews of BECU are available at (2.7 out of 5).

BECU Consumer Complaints

As consumer finance companies, student loan refinancing lenders fall under the jurisdiction of the Consumer Financial Protection Bureau (CFPB), a federal agency. As part of their mission, the CFPB allows consumers to log official complaints. These complaints are publicly available on the CFPB official website.

Since November 1, 2013, consumers have submitted 351 complaints about Boeing Employees Credit Union (BECU) to the CFPB, which is roughly equivalent to one (1) complaint every nine (9) days; that is 481.2% higher than the average daily complaint rate among reviewed lenders.

In 2021, BECU received 64.8% more complaints than it does in an average year. In 2022, the complaint rate is 161.8% higher than average as of this writing.

In 2020, BECU received 62 complaints, which is equivalent to one (1) complaint for every $11.606 million in that year’s corporate revenue or two (2) complaints for every 69 employees.

The allegations made in these complaints are unverified, are not necessarily representative of all consumers’ experiences with BECU, and may contain outdated information (about rates, bonus offers, etc.). Note that a lender with a large customer base is likely to also have a higher number of complaints when compared with smaller lenders.

Line Graph: BECU Consumer Complaints, 263 Public Complaints Filed with the Consumer Financial Protection Bureau from 2011 (0), 2012 (0), 2013 (3), 2014 (16), 2015 (28), 2016 (32), 2017 (33), 2018 (35), 2019 (38), 2020 (62), and 2021 (68)

Below we’ve included 3 of the most recent complaints (as of this writing) in which the consumer consented to sharing their details.

Complaint 5433751

“To who it make concern XXXX XXXX XXXX I’m contacting you about some very odd feedback on banks accounts I have that I feel have be tambered with bye the financial services who I have banked with. XXXX is XXXX XXXX XXXX the others are Becu, XXXX, XXXX XXXX XXXX and let not forget XXXX XXXX that I closed physically in XXXX of XXXX. Please concetor I the account follow have very much try to communicate with these financial institutions who I am the sole account owner and have not had any good results in coming to a professional matter by the follow above. Thank for having this service you provide. Today ‘s Date XX/XX/XXXX. XXXX XXXX XXXX”

Complaint 5359198

“Certificate Of Non-Response Date : XX/XX/2022 Re : Acceptances by BECU on account number XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, have sent off certified mailing and payment in forms remittance/coupon in efforts to adjust and/or settle account XXXX XXXX XXXX XXXX, also serving as a demand to not close, terminate, suspend and/or freeze my account. This notice is Pursuant state law Evidence of Dishonor UCC 3-505 and UCC 1-202 . I state the following as facts. On the date of XX/XX/2022, BECU at XXXX XXXX XXXX, XXXX, WA XXXX received a remittance/coupon payment via Certified Mail. The corresponding Certified Mail number is XXXX XXXX XXXX XXXX XXXX as verified by Certificate Of Service. After acceptance of mailing, BECU refused to send confirmation that account XXXX XXXX XXXX XXXX has been adjusted and/or settled, nor a notice of dishonor from a qualified third party excusing their refusal, in response to the correspondence regarding XXXX XXXX XXXX XXXX. BECU did not cure their dishonor. BECU gave no creditable or justifiable reason for refusal to confirm the adjustment and settlement of account XXXX XXXX XXXX XXXX or send a notice of dishonor. Therefore, based on the foregoing facts I state that BECU dishonored me, XXXX XXXX XXXX, through non-response, and did thereby agree that BECU accepted the remittance/coupon payment for account number XXXX XXXX XXXX XXXX exchanged exemption for the discharge of the associated charges, including an adjusted and/or settled account showing an adjusted balance, sent a letter of credit to the Secretary Of Treasury as notice that exemption is to be used to adjust and/or settle account number XXXX XXXX XXXX XXXX. Further, BECU agreed that refusal to send the written confirmation of an adjusted and/or settlement of account XXXX XXXX XXXX XXXX or a notice of dishonor from a qualified third party, in no way negates the fact that said account is to be adjusted and/or settled. BECU and any of its representatives have no capacity to pursue collection on said account XXXX XXXX XXXX XXXX, under UCC 3-603 , UCC 3-111, UCC 3-311, Pursuant 15 U.S. Code 1611 in the amount of {$5000.00}, Pursuant 15 U.S. Code 1692k ( a ) ( 2 ) ( A ) in the amount of {$1000.00}, Pursuant 15 U.S. Code 1692j in the amount of {$1000.00}, Pursuant 15 U.S. Code 1666 ( b ) ( 2 ) in the amount of {$1000.00}, Pursuant 15 U.S. Code 1666 ( a ) in the mount of {$1000.00}, Pursuant 15 U.S. Code 1691 ( a ) ( 3 ) in the amount of {$1000.00}, Pursuant 15 U.S. Code 1635 and UCC 3-306, Pursuant 15 U.S. Code 6823 ( a ), Pursuant 15 U.S. Code 1635, Pursuant 15 U.S. Code 6827 ( 4 ) ( b ), Pursuant 15 U.S. Code 1640 ( a ) in the amount of {$5000.00} per violation or higher depending on pattern of failures aka R.I.C.O. charges in accordance with TILA Regulations, Pursuant 15 U.S. Code 1692k ( d ). I, XXXX XXXX XXXX, the affiant, am invoking my jurisdiction and will administer judgment over this matter in accordance to 15 U.S. Code 1692c ( d ), I the Creditor in fact in accordance with 15 U.S. Code 1692a ( 4 ) and as the Creditor who has created the debt. I will declare default judgment in favor of XXXX, XXXX XXXX XXXX. Company failure to rebut and bring forth proof of claim in this administrative audit show proof in exhibit 1, that I owe the alleged debt shown in prior notice, Pursuant 15 U.S. Code 1692k ( a ) ( 1 ) in the amount of damages awarded in the amount of judgment in class action suit and that any further pursuit of collection is agreement that BECU collectively and without argument owe XXXX XXXX XXXX the amount of {$5000.00} plus the remedy for the previous correspondence {$7900.00} and all just due remedy pursuant the 15 U.S. Codes mentioned in this letter in accordance with FDCPA and TILA, Regulations, in the amount of {$10000.00} and any further judgments in accordance with 15 U.S. Code 1640 ( a ) and that I, XXXX XXXX XXXX, may take all necessary actions to secure the claim to the remedy which is owed. Notice To Agent ; Notice ; Knowledge U.C.C. 1-202 Respectfully All Rights Reserved Without Prejudice U.C.C 1-308 Date : XX/XX/2022 XXXX XXXX XXXX Executor Of The Estate ; Authorized Representative”

Complaint 5311730

“On the date of the XXXX, of XXXX, 2022, I noticed that I didn’t have my phone. When I’m off work I really don’t care about my phone because everyone is home on the weekends. Anyways when alerting the bank of me losing my card, and going into the bank I was told that my account was on FREEZE, due to suspicious activity, then the clerk goes onto to give me a new card but comes from the printer with all these papers of how all this BOGUS checks were deposited and transferred out of my account and that my account was to be looked at by security. Now me thinking they would alert me of this, they did but I didn’t get them because my phone was Stolen. So my claim was DENIED I received a call from BECU ‘s security accusing me of leaving my phone unlocked with all my information on it. The reason I leave my phone unlocked is due to having Congestive XXXX XXXX, and last time my XXXX XXXX was near fatal and me being a single mother with XXXX children my kids didn’t have the information to give the First Responders other than my sister ‘s phone and with her being a Nurse can’t pick up right away, and it be a Fatal situation. So after me explaining to her ( BECU XXXX ) that she goes to smack her lips and asks, your phone was misplaced, are you sure you didn’t write a report saying your car was broken into?, I advised her no my case number is XXXX from XXXX XXXX, nowhere in my report is stated a car being broken into. so she’s lying. Then she goes on to say that the claim has been denied and they Zeroed out all accounts leaving me no money in my accounts, mind you I have XXXX children and take care of an additional XXXX for my sister while she works, glad I have credit cards because it seems BECU think I’m in on it. I REALLY hate that they view me as such, but with the scammers having my information I’m to suffer. My information is no longer on my phone as I have deleted all private information and put my information needed for First Responders in a safe area my son knows.”

For a full list of the complaints made against BECU in the CFPB’s Consumer Complaint Database, click here.

BECU Lawsuits

BECU has been subject to multiple lawsuits in the 20th Century, most of which were dismissed or found in favor of BECU.

Note that while this information is updated regularly, ongoing legal action is subject to change.

Barrera et al v. Boeing Employees Credit Union Case No. 2:19-cv-01197

This class action lawsuit filed in 2019 alleges BECU violated the Washington Consumer Protection Act and their own contract forms. Such violations include charging excess fees, such as multiple non-sufficient funds fees (NSF fees) and overdraft fees on a single item presented for payment and with accounts that did have sufficient funds.[1]

As of September 2019, this case was assigned to the US District Court for the Western District of Washington Judge Richard A. Jones presiding with a motion from the Defendant (BECU) to dismiss (a lack of further updates indicates that this case may have been dismissed).[2]

Frequently Asked Questions

These are the most common questions consumers have about student loan refinancing with BECU.

  • Is BECU good for refinancing student loans?
    BECU may be a good option for borrowers who are employed by or are members of a BECU partner, or if they live in the states of Washington, Oregon, or Idaho.
  • Does BECU have a minimum credit score requirement to refinance student loans?
    BECU does not disclose a minimum credit score required to qualify for student loan refinancing, but applicants are required to have an established credit history (24 months suggested).
  • How do I become a member of BECU?
    BECU makes it easy to become a credit union member in the course of applying for a refinance loan as long as the applicant meets membership requirements.
  • Are BECU loans federal?
    No, BECU refinance loans are not federal. BECU has no affiliation with the federal government or the U.S. Department of Education.
  • Does BECU charge a prepayment penalty?
    No, there is no penalty for making early payments or repaying a loan in its entirety before the end of its term.
  • Does checking your rates with BECU hurt your credit score?
    Checking your rate with BECU may affect your credit score. While BECU’s web site includes an eligibility check, it does not specify whether this check involves a credit inquiry.
  • Is BECU a bank?
    No, BECU is not a bank but a credit union founded by employees of Boeing in 1935.
  • Can I refinance a BECU loan?
    You can refinance a BECU student loan or a student loan from another private lender. There is no limit to the number of times a borrower may refinance with BECU. Note, however, that every new line of credit requires a hard credit check that may affect your FICO score.
  • Can I refinance just some of my loans with BECU?
    Yes, you can refinance some, all, or just one of your qualifying student loans with BECU. You may choose to refinance your private loans only or refinance private and federal loans together.
  • Can I refinance loans that have already been refinanced?
    Yes, you can refinance loans as many times as you want with BECU. Note that each time you refinance, you will have to submit a new application; every application requires a hard credit check that may affect your credit score.
  • Can my spouse and I refinance our loans together with BECU?
    No, BECU will only refinance loans where the student borrower was the primary borrower on the original loan.
  • How long does it take to refinance with BECU?
    BECU does not specify its time frames.
  • Who services BECU refinance loans?
    LendKey services BECU refinance loans for students and for parents.
  • Does BECU offer a grace period?
    BECU does not offer a grace period with its refinance loans.
  • Can I get any special rates or discounts with BECU ?
    BECU partners with multiple organizations, groups, and agencies to offer members special discounts or one-time bonuses. Check BECU’s web site for updates on deals and discounts.
  • What happens if I file for bankruptcy?
    BECU does not specify a course of action in response to bankruptcy; it is common practice among lenders to declare the entire loan amount due immediately upon a borrower’s declaration of bankruptcy.
  • Does BECU partner with any major refinance lender marketplaces?
    BECU partners with LendKey as part of its marketplace; LendKey also services all BECU student refinance loans.

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  1. Truth In Advertising, Case 2:19-cv-01197
  2. Justia, Dockets & Filings: Barrera et al v. Boeing Employees Credit Union
  3. BECU Student Loan Rates
  4. BECU, Refinance Student Loans
  5. LendKey, FAQ – Student Loan Refinancing
  6. CFPB, Consumer Complaint Database
  7. Dun & Bradstreet, Business Directory: The Boeing Employees’ Credit Union
  8. Better Business Bureau, Search Businesses and Charities