Student Loan Refinancing Options at MMCCU
Are you facing high interest rates on student loans with months (or years) to go before you have to start paying them back? You may wonder if there’s any way to refinance to a new lower rate now and still delay payments until after college. (Also, be sure to check out MMCCU’s Student Financial Resources page HERE.)
MMCCU works with ISL Education Lending to offer private loans to help you pay for college as well as refinance existing student loans. ISL Education Lending is a nonprofit organization with decades of student loan experience offering lower-priced loans.* ISL Education Lending offers fixed rates that may be lower than what you have from your current lender. Now is the time to refinance to a lower fixed rate you can rely on for the future.
New Option Coming November 1, 2025
In addition to refinancing, MMCCU will begin offering a Private Education Loan option on November 1, 2025. This loan can help students cover funding gaps that remain after scholarships, grants, and federal student loans. This loan stays with the credit union and does not involve an external company.
“Today, students and recent graduates are facing higher student loan balances, so higher interest rates can have a detrimental impact on the total amount they pay for their years in college,” said MMCCU President David Murphy. “With the ISL Student Loan refinance program, any reduction in term and/or interest rate they can generate can have big returns for members now and in the future.”
You should consider refinancing while in college if you want to:
- Get a lower interest rate, which means less interest to repay later.
- Continue to defer repayment until after college.
There are several reasons why your current private student loan rates could be higher than a new refinance rate would be. If you can lower your interest rate today, less interest will accrue before you have to start making payments. If your existing private student loans carry a variable interest rate, refinancing to a fixed interest rate can provide the assurance of a set rate regardless of market conditions.
ISL Education Lending offers a quick pre-qualification tool that lets you or your cosigners get your rate, without impacting your credit score, before you apply. Note: If you have a cosigner on your current loans, you’ll likely need one again to meet the debt-to-income ratio criteria.
You should not consider refinancing certain student loans while still in school, such as:
- Federal Direct Subsidized and Unsubsidized Loans.
These federal loans usually carry a lower rate and offer benefits that would be lost with private refinancing. In addition, the U.S. Department of Education pays the interest on federal Direct Subsidized Loans while a student is in school, which reduces overall debt later.
How to Refinance with MMCCU
- Contact MMCCU to discuss your student loan situation and options.
- Use the ISL pre-qualification tool to see potential rates without affecting your credit.
- Apply through MMCCU and complete the process with ISL Education Lending.
Get started today
If you’re ready to refinance your student loans or want to learn more about the Private Education Loan available starting November 1, 2025, contact MMCCU today or check back soon for more information.
*Marshfield Medical Center Credit Union is compensated by ISL Education Lending for the referral of student loan customers.