USAA Student Loans: Complete Review

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USAA, also known as United States Automobile Association, provides banking, investment, insurance, and other financial services to the United States military personnel and their families. 

For those of you wondering if USAA offers student loans, the quick answer is: They used to offer it.

USAA isn’t the only lender that stopped its student loans program. Many other financial institutions have been changing their product offerings in the last few years. With the end of USAA’s student loans program, many students who had already taken the loans have questions regarding how it affects their benefits. 

Keep reading to learn more about the important changes all USAA borrowers need to know. 

About USAA

USAA is a Fortune 500 company that was founded in 1922. It has grown exponentially over the years and now boasts a customer base of over 12 million people. Their popularity comes as no surprise as they offer more than reasonable rates on a range of financial products. 

Members of USAA must be either:

  • Active, retired, and honorably separated members of the U.S. military;
  • Cadets or midshipmen in training academies within the U.S.;
  • Reserve Officers’ Training Corps (ROTC) members;
  • Adult children of current or former USAA members;
  • Widows, widowers, and former spouses of members who had an established USAA membership while married.

Individuals that don’t apply to any of these, are not eligible to sign up with USAA. 

What Happened To USAA Student Loans?

Once upon a time, USAA offered its members private student loans through Wells Fargo and would automatically receive a 0.25% interest rate discount. This was invaluable to its members, but unfortunately, in 2016, it was discontinued. 

Now, there are no member discounts for new student loans through Wells Fargo. USAA has started to refer its members directly to Wells Fargo for any student loans. They recommend members to discuss options directly with their local banking institution.

But keep in mind that students with existing loans are not impacted by this change. 

Do You Have USAA Student Loans? Here’s What To Do Next

If you have an existing loan with USAA you have one of these two options to choose from:

First, you are able to continue paying off your student loan as per normal. Borrowers shouldn’t have any changes with their repayment plans and should repay their loan as they usually would. If you have any questions, you can get in direct contact with Wells Fargo via (877) 336-1316.

The second option is refinancing your USAA student loan which may result in better rates and repayment terms. This option is for anyone who is not happy with their student loans through Wells Fargo and is looking for a change. This option requires more effort, so if you’re happy with Wells Fargo, we wouldn’t recommend going through the hassle of refinancing. 

Refinancing Your USAA Student Loans

Have you decided to refinance your student loans? Here are a few basics you need to know:

First of all, you need to know what refinancing your student loans constitutes. Your new lender will pay off your student loans with Wells Fargo and issue you a new student loan through their organization. The benefit is that you may save on interest rates or repayment terms. Being able to pay off student loans faster is another major benefit of refinancing your loan. 

Some highly regarded lenders include Earnest, Citizens Bank, and EDvestinU. Earnest not only offers the flexibility to choose what monthly loan repayment term and length suits you best, but also, they refinance for free. On the other hand, Citizens Bank claims student loan customers have saved an average of $1,536 per year. EDvestinU is another great contender as it offers an interest rate reduction for setting up automatic monthly payments. 

Whether you want to refinance your student loans to lower your monthly payment, maximize your savings, or get out of debt faster, you can use the student loan calculator to get a better understanding of how much you could save.

New Student Loan Options

As new student loans are no longer available through USAA, you may be on the hunt for something similar. 

Any new student who is getting ready for higher education should fill out the Free Application for Federal Student Aid (FAFSA). Once you’ve applied, you’ll discover if you qualify for any grants, federal student loans, or work-study programs. 

Final Assessment

While USSA was a great provider for student loans, the firm is no longer an option for those currently looking to finance their education. Therefore, if you’re still getting ready to complete your higher education, you should consider other financing alternatives. However, if you have existing USAA student loans, you have a couple of options. If you are happy with Wells Fargo’s rates and repayment possibilities, we recommend you avoid refinancing your USAA student loans. However, if you’re not happy with Wells Fargo , refinancing could be beneficial if you choose the correct lender.