BECU, which was founded in 1935 as Boeing Employees’ Credit Union, may be a good fit for borrowers who are connected to a BECU partner by employment or membership. BECU refinance loans are serviced by LendKey. Scroll down to know more information regarding refinance your student loans, features, eligibility and everything related to it.
Why Refinance Your Student Loans?
Your monthly loan payment may be reduced if you refinance your student loans. Lower interest rates may save you money if you have strong credit and a steady job. For student graduates wishing to consolidate various loans, refinancing may be an option.
Features and Benefits of BECU student loans
- There is no application fee (BECU does not charge an application fee to process the loan).
- When you sign up for automatic payments, you will receive a 0.25 percent APR interest rate savings.
- There is no penalty for paying in advance.
- If you’re a returning student loan borrower, go to the LendKey website and log in to your account. Click the green “Apply for an Additional Loan” button once you’ve logged in.
Eligibility
- Become a member of BECU (it’s free to join)
- Students must have graduated from a school that qualifies.
- Refinancing federal ParentPlus or private student loans is also an option for parents.
- Both you and your co-signer (if applicable) must be citizens or permanent residents of the United States.
- In the state where you live, you must be a legal adult (age 18 in most states)
Current Promotions & Offers
BECU periodically offers new member discounts or referral bonuses. Updates on specials and discounts for student loan refinancing and other services can be found on the official BECU website.
BECU Student Loan Repayment Options
The rewards and alternatives available to borrowers during the loan servicing period vary substantially amongst lenders. Furthermore, benefits may be accessible only on a case-by-case basis. BECU provides various solutions for help.
BECU Reviews, Complaints & Lawsuits
Aside from our own discoveries, our team gathered the most genuinely enlightening customer experiences it could locate, as well as any instances of legal action against the corporation where the information were made public.
BECU Online Reviews
On public forums, there are only a handful BECU consumer evaluations. We’ve put what we found here because we think it’s valuable as unfiltered, unvarnished, and uninvited user experiences. Please keep in mind that these evaluations are unverified, may contain inaccuracies, and may contain out-of-date information (about rates, bonus offers, etc.).
“I’m a becu individual. My boyfriend recently switched from [a national bank] to Becu and is really happy with it.
Swapping is inconvenient, but it is a worthwhile endeavor in my opinion. Becu’s checking interest rate is higher than Chase’s savings interest rate. Their savings rate is consistently higher.
However, the major reason he switched was because it was more convenient. He gets his loans there since the loan rates are better, and it’s easier to pay them with a becu account. He also enjoys their app and the fact that you may use any ATM without paying a fee. His chase cards were similarly of poor quality, and he had to change them twice a year (big pain). The becu cards are of higher quality and last longer.
BECU Consumer Complaints
Student loan refinancing lenders are regulated by the Consumer Financial Protection Bureau (CFPB), a federal agency, as consumer finance corporations. The Consumer Financial Protection Bureau (CFPB) permits consumers to file official complaints as part of their mandate. These complaints can be seen on the CFPB’s official website.
Since November 2013, customers have filed 314 complaints with the Consumer Financial Protection Bureau (CFPB), averaging one (1) complaint every nine and a half or 9.5 days, which is 395.6 percent higher than the average daily complaint rate among examined lenders.
BECU had 62 complaints in 2020, which equates to one complaint for every $11.606 million in sales or one complaint for every 35 workers.