Navy Federal was designed to aid family members serving in the military. Its standard credit facility has been regarded as the most preferred. People with Navy Federal can access loads of offers on Rewards for American Express Credit Card. The American express is a registered Brand with the Navy Federal and this serves as a a means to earn a license. Bookmark our official page at NavyFederal for further info. Navy Federal Credit Union is one of largest credit unions in the United States, both in terms of membership and asset size, with over 5 million members. Get all the details regarding Navy Federal through the below www.navyfederal.cc article.
Navy Federal is the largest natural member (or retail) credit union in the United States, both in asset size and in membership. As of January 2018, Navy Federal had over $90 billion USD in assets, and 7.5 million members. In May 2008, the Navy Federal Credit Union widened its membership to include the entire Department of Defense, which made eligible all active duty, retired, and reserve Army, Navy, Marine Corps, and Air Force personnel, as well as civilian personnel within the Department of Defense.
In March 2013, the Navy Federal Credit Union further widened its membership to include all Coast Guard members and employees as well. In 2014, Navy Federal expanded its Vienna headquarters and added 600 new jobs there. An increase in membership also led to an expansion at the credit union’s Pensacola location in 2015, where Navy Federal hopes to reach 10,000 local employees by 2020.
Navy Federal is chartered with NCUA as a single-sponsor credit union, with its sponsor being the Department of Defense. Like all credit unions, Navy Federal is governed by a board of volunteers, elected by and from its membership. Navy Federal also has a separate subsidiary, named Navy Federal Financial Group, which operates as a Credit Union Service Organization (CUSO). CUSOs were established by NCUA as a way for credit unions to pursue product offerings that would normally be outside of the purview of a credit union.
Eligibility Criteria for Navy Federal
In addition to Navy Federal Credit Union’s underwriting criteria, you must also meet the following eligibility requirements:
- You and your cosigner (if applicable) are US citizens or permanent residents.
- You are enrolled at least half-time at an eligible school.
- You have a GPA of at least 2.0.
- You meet the Satisfactory Academic Progress standards as defined by your school.
- You are a member of Navy Federal Credit Union (or become a member during the online application process).
Benefits of Navy Federal
- Borrow what you need – Borrow up to $120,000 in undergraduate student loan debt or $160,000 in graduate debt.
- Release Your Cosigner – Give more flexibility to your cosigner by releasing them from your loan after making 24 consecutive on-time full principal and interest payments.
- Manage Your Loan – Our online portal lets you check your balance, make payments, and access your account anytime – day or night.
Flexible Payment Options – Multiple in-school payment options to select from – interest-only or $25.00/month payments.
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