NaviRefi Student Loan Refinance Review

Our Rating: F (Compare)

NaviRefi is an invite-only student loan refinance program that consistently advertises conflicting information across its website. Its parent company, Navient Corporation, recently lost its contract with the U.S. Department of Education due to repeated unlawful conduct.

Loan Limits $5,001 – $500,000
Fixed Rates 2.47%* – 8.24%
Variable Rates 1.98% – 8.48% (Undisclosed Cap)
Terms 5 to 20 years
Min. Credit Score Undisclosed
Apply Link

*Lowest rates include a 0.25% interest reduction for enrolling in auto-pay; NaviRefi posts multiple versions of rate ranges across its website with no indication of which rates are current or correct.

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

Loan Refinancing Options
Private student loans
Private parent loans
Federal student loans
Federal Parent PLUS loans

NaviRefi Refinance Rates & Fees

NaviRefi fixed rates are between 2.47% and 8.24%. Variable rates are between 1.98% and 8.48%. Lowest rates include a 0.25% interest reduction for enrolling in auto-pay.

In 2022, NaviRefi has raised its lowest available fixed interest rate for new loans 1.2% (from 2.44% APR) and its highest fixed interest rate 36.4% (from 6.04% APR). Meanwhile, the lowest available variable rate is up 5.3% (from 1.88% APR) an the highest variable rate has increased 41.3% (from 5.89% APR).

Note that NaviRefi has multiple different versions of thier high-low rates posted across their website; more terms may be available than those listed.

Refinance Loan Rates
Term† Fixed Rate Variable Rate
5 Year 2.47% – 7.23% 1.98% – 7.18%
7 Year 4.85% – 7.83% 3.89% – 7.86%
10 Year 4.97% – 8.03% 3.95% – 8.07%
12 Year 5.29% – 8.16% 4.21% – 8.17%
15 Year 5.61% – 8.24% 4.40% – 8.32%
18 Year 5.96% – 8.24% 4.67% – 8.24%
20 Year 6.09% – 8.24% 4.73% – 8.48%

Additional information about NaviRefi refinance rates:

  • Checking your rate with NaviRefi will affect your credit score. By the time you get an invite from NaviRefi, they will have already prescreened your credit history with a soft credit check. To process your application, they will conduct a hard credit inquiry (learn the difference).
  • Variable rates are unavailable to residents of Alaska, Colorado, Connecticut, Hawaii, Illinois, Kentucky, Massachusetts, Minnesota, Mississippi, New Hampshire, Ohio, Oklahoma, South Carolina, Tennessee, Texas, and Virginia.
  • Variable rates are based on the 30-day SOFR (0.29% as of this writing) published by the Federal Reserve Bank of New York on the 25th day (or the next business day) of the preceding calendar month prior to the 1st of each month and rounded to the nearest 0.01%.
  • This lender does not publicly disclose a variable rate cap.

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 NaviRefi.

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 NaviRefi does or does not charge.

Fee Type Amount Charged
Application Fee Undisclosed
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

NaviRefi offers a 0.25% interest rate reduction when borrowers enroll in automatic payments.

NaviRefi Refinance Eligibility Requirements

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

  • Citizenship Requirement: U.S. citizenship or permanent residence.
  • Income Requirement: proof of income.
  • Credit Score Requirement: undisclosed minimum score.
  • Graduation Requirement: contingent (i.e., no degree is required if you left school within a certain time frame).
  • Location Requirement: residents in 49 states (excluding Nevada) and the District of Columbia.

Additional restrictions apply for specific individuals and loans.

  • Variable rates are unavailable in 16 states.
  • California residents may refinance a minimum of $10,001; Kentucky residents who refinance $15,000 or less are limited to repayment terms of 10 years or less.

NaviRefi 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.

NaviRefi offers some relief options. Some of these options include deferment or forbearance, rate reductions or reduced payments, and total disability discharge.

Deferment & Forbearance

NaviRefi offers deferment or forbearance under certain circumstances. For example, borrowers may apply for a short-term forbearance due to events related to COVID-19.

See NaviRefi’s conditions for deferment and forbearance below.

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

Additional Options

NaviRefi may offer other opportunities for relief or contract modification.

  • Co-signer release is not an option with NaviRefi.
  • Death / disability discharge is available in the unfortunate circumstance that a borrower passes away or suffers total permanent disability.
  • NaviRefi also offers a rate reduction program that temporarily lowers borrower interest and monthly payments for 6 months. Eligibility depends on financial hardship.

NaviRefi 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.

NaviRefi Online Reviews

Below are 3 samples of NaviRefi customer reviews we found on public forums, included here for their 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.).


“After calling to discuss, I learned that I cannot use Navi Refi to refinance my Navient student loan because I don’t have enough income.

Weird since I had no income when I borrowed the money, never missed a payment in 10 years, AND have a credit score higher than 750…🤔

Anyone else in student loan debt and strongly dislike Navient (formerly known as Sallie Mae)?!.”Marilyn Lambert on Facebook, 5/31/2020


“Navirefi is a relatively new operation, and I couldn’t find much on them when I started the process a couple months ago. So heres my experience.

TL;DR: Got approved for a good rate, they lowered the rate even more unprompted after origination, 2 months from origination to first payment (unexpected), website sucks but does what you need it to. Overall good.

I was looking to refinance the remainder of my wife’s private loans, varying in rates from 5.5-6.5%. Targeting a full payoff in less than 5 years. Now my wife is not very interested in talking on the phone and in general dealing with financial responsibilities (thats my duty and I’m fine with that). So I applied all online via invitation (that is the only way you can get with Navirefi, apparently), and was conditionally approved for $72k @ 4.19% (autopay), which is about what I expected for her creditworthiness. I let this stagnate for maybe 2 weeks while they tried to call several times to talk to her and wrap it up. As I said, she’s not big on that sort of thing and we are busy people. Meanwhile she (I) applied through Earnest and was approved for $72k @ 4.8%, and honestly I was probably just gonna go with that to be done with it, and since I have worked with Earnest on my own loans I knew what I was getting into.

So out of the blue, NaviRefi gives a final approval to the 4.19%, no need to talk on the phone. So I go for it. Sign agreements, etc. I think I signed in mid june, and they set my first payment for $0 on July 25. I contact to inquire, they say thats when my first billing cycle starts, and actually I won’t be charged until August 25. Ok fine, some extra cash flow for a little bit, while interest accrues.

Then early August, out of the blue again, they send an e-correspondence informing me that “hey, we reviewed your application further, and you should actually have a rate of 3.25%”. They even retroactively refunded the 0.94% difference in accrued interest since the loan originated! Unbelievable news from a company (SallieMae/Navient) who we’ve loathed so long.

So my first payment just applied successfully on Aug 25, no issues. I have the bill for the next payment and know what to expect. The website is pretty much a POS, and can be quite slow. The chat has never worked, only email. But it has been a very good experience overall. Feel free to ask any questions.”dwurl on reddit, 8/27/2018


“hello I wanted to let you guys know that Navi-Refi does not know what they are doing at all. Now if you want to waste your valuable time and be on the phone with them regarding their errors over and over for weeks on end, then go with them…with me they pulled my loans-it sounded too good to be true as well as a great interest rate! fast forward, I log into my loans and some of them weren’t pulled. After call after call after call…from being told I must call Equifax and ask them why the loans aren’t on my report only to find that they are…fast fwd through all the other random confusion…now I am being told it was Equifax fault not theirs. I feel like it was a glitch in their system…now that I applied again the rates increased by over 1 point. they say all you can do is have 2 separate refinances through them…who wants to do that? RUN FAR AWAY”helpfulinfo109u on reddit, 5/10/2018


More (unfiltered) customer reviews of NaviRefi and Navient are available at TrustPilot.com (2.4 out of 5) and ConsumerAffairs.com (2.3 out of 5).

NaviRefi 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 its mission, the CFPB allows consumers to log official complaints. These complaints are publicly available on the CFPB official website.

Since March 1, 2012, consumers have submitted 36,263 complaints about Navient Solutions, LLC (Navient & NaviRefi) to the CFPB at an average of one (1) complaint every 2 hours and 28 minutes; this is more than 500 times higher than the average daily complaint rate among reviewed lenders. Among 16,873 complaints with narratives, 453 or 2.7% specifically reference refinancing.

In 2022, Navient’s consumer complaint rate is 40.1% lower (as of this writing) than it is in an average year.

In 2021, Navient received 1,937 complaints, which is 46.0% lower than its average annual complaint rate. In the same year, consumers filed the equivalent of one (1) complaint for every $103,937 of corporate revenue or seven (7) complaints per employee.

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

Line Graph: Consumer Complaints About Student Loan Refinancing from Navient, Public Complaints filed with the Consumer Financial Protection Bureau, 439 complaints total from 2014 (0), 2015 (18), 2016 (42), 2017 (181), 2018 (91), 2019 (56), 2020 (29), and 2021 (22)

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


Complaint 5187433
2/5/2022
Virginia

“Ever since my loan servicer has switched from XXXX XXXX to Navient as of XX/XX/2022, I receive monthly notifications from Navient to refinance/consolidate my federally held loans into a private loan from Navient. These letters did not start until Navient received my loan information as a my new servicer. This practice is predatory and is utilizing my data, obtained through a government contract, for their private gain to actively try to remove my loan from the federal system and convert it into a privately held loan. This would remove protections and options for my repayment that are only available as federally held loans. This is predatory and misleading and is the only communication I have received from Navient about my federal student loans, despite them being my new loan servicer.”


Complaint 5177812
2/2/2022
Texas

“We were told by Sallie Mae ( now Navient ) to consolidate into spousal loan since if both borrowers qualify it would be fine to get PSLF in 10 years with a 30 year payment plan. After starting with {$120000.00} balance, we paid over {$150000.00} in the last 10 years and now owe {$180000.00}. Now with the temporary expansion of PSLF allowing FFEL payments to count, we tried to consolidate to direct. Despite being told my a student loan advocate and attorney that it is not illegal to go from joint loan to individual since the new single borrower agrees to be responsible for the debt ( like any joint loan refinanced into a single loan ), Navient blocked the consolidation into direct. The total spousal loan shows on Fed servicing as being all mine already, but Navient refuses to budge. We wouldve been better off with a regular 10 year amortization as there is no way possible to ever pay this off. Now we are blocked from relief under the expanded PSLF program.”


Complaint 5162556
1/28/2022
Colorado

“Today ( XX/XX/2022 ) I received a predatory mailer from the student loan servicer Navient. The mailer encouraged me to refinance my federal student loan, currently in coronavirus related forbearance until XX/XX/2022, with Navient. The mailer incorrectly states that the federal student loan payment pause will end on XX/XX/2022 ; this is months earlier than reality. Its predatory and unethical to mislead consumers about federal protections in order to make money off their existing debt.”


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

NaviRefi Lawsuits

NaviRefi has not explicitly been named in any lawsuits since the program’s launch in 2018.

Navient Lawsuits

NaviRefi has not been directly implicated in several ongoing lawsuits filed against its servicer, Navient Solutions, LLC. This includes the September 2020 filing of Villalba v. Navient Et. Al. and multiple ongoing civil suits facilitated by the Consumer Financial Protection Bureau; these actions allege repeated violation of state and federal consumer protection laws. Navient is also subject to multiple class action suits.[1][2][3]

The U.S. Department of Education ended its contract with Navient as of December 2021. Future legal action is likely.[4][5]

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


Frequently Asked Questions

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

  • Is NaviRefi good for refinancing student loans?
    NaviRefi may be a good option for current Navient customers and for borrowers who want to keep certain protections, such as deferment for a return to school.
  • Does NaviRefi have a minimum credit score requirement to refinance student loans?
    NaviRefi does not disclose a minimum credit score to qualify for student loan refinancing.
  • Are NaviRefi loans federal?
    NaviRefi loans are not federal. NaviRefi has no affiliation with the federal government or the U.S. Department of Education.
  • Does NaviRefi charge a prepayment penalty?
    It is unclear as NaviRefi does not disclose this information.
  • Does checking your rates with NaviRefi hurt your credit score?
    Yes, checking your rates with NaviRefi may impact your credit score. Refinancing with NaviRefi is invitation-only; borrowers who receive an invite may assume they have already prequalified. If you proceed with an application, NaviRefi will perform a hard credit check that may affect your credit score.
  • Is NaviRefi a bank?
    No, NaviRefi is not a bank nor is it affiliated with any bank. NaviRefi is a student loan refinance program under Navient designed for the lender’s existing customers.
  • Can I refinance a NaviRefi loan?
    You can refinance a NaviRefi loan, Navient student loan, federal loan, or a student loan from another private lender. There is no limit to the number of times a borrower may refinance with NaviRefi. 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 NaviRefi?
    Yes, you can refinance some, all, or just one of your qualifying student loans with NaviRefi. 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 NaviRefi. 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 NaviRefi?
    No, NaviRefi does not generally allow spouses to combine debt except in some cases where a borrower owes educational loans on behalf of a spouse.
  • How long does it take to refinance with NaviRefi?
    NaviRefi does not disclose a timeline, but borrowers may expect refinancing to take between 5 and 15 weeks. The first payment will be due 25-60 days after the disbursement date.
  • Who services NaviRefi refinance loans?
    Earnest Operations LLC and Navient Solutions LLC finance and service refinance loans from NaviRefi.
  • Does NaviRefi offer a grace period?
    No, NaviRefi does not offer a grace period.
  • How often do variable rates change?
    NaviRefi updates its variable interest rates on the 1st of each month according to the 30-day SOFR as published by the Federal Reserve Bank of New York on the 25th day (or the next business day) of the preceding calendar month and rounded to the nearest 0.01%.
  • Can I get any special rates or discounts with NaviRefi ?
    NaviRefi offers a 0.25% rate reduction to borrowers who enroll in automatic payments.
  • What happens if I file for bankruptcy?
    NaviRefi loans may not be discharged by a bankruptcy filing. NaviRefi honors the automatic stay of the Bankruptcy Court and ceases collection efforts against that person while the automatic stay is in place.
  • Does NaviRefi partner with any major student refinance lender marketplaces?
    NaviRefi does not appear to partner with any major multilender marketplace.

Compare Student Loan Refinance Reviews

Lender Rating
RISLA A+
Brazos A
CommonBond A
Credible A
Advantage A-
ELFI A-
Laurel Road A-
Mpower Financing A-
Splash Financial A-
Purefy B+
UW Credit Union B+
LendKey B+
College Ave B
PenFed B
SoFi B
Earnest B-
EDvestinU B-
INvestEd B-
MEFA B-
Sparrow B-
Yrefy B-
Citizens Bank C+
ISL C+
Lend-Grow C+
SELF Refi C+
SuperMoney C+
First Tech Federal C
BECU C-
Navy Federal C-
First Republic Bank D+
iHelp D+
Juno D+
Discover D
Nelnet Bank D
PNC Bank D-
NaviRefi F

Sources

  1. Consumer Financial Protection Bureau, CFPB Sues Nation’s Largest Student Loan Company Navient for Failing Borrowers at Every Stage of Repayment
  2. Legal Services Center of Harvard Law School Project on Predatory Student Lending, VILLALBA V. NAVIENT
  3. NavientClassAction.com, Navient Class Action Information
  4. Forbes, Navient Ends Student Loan Contract – Here’s What It Means for Your Student Loans
  5. Reuters, Navient Must Face Broad Borrower Lawsuit Over Payment Allocation
  6. NaviRefi Front Page
  7. NaviRefi, Help and Questions
  8. NaviRefi, Repayment Options
  9. CFPB, Consumer Complaint Database
  10. Dun & Bradstreet, Business Directory: Navient Corporation
  11. Better Business Bureau, Search Businesses and Charities