I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.
See all posts Frank Gogol3Rivers Student Loan Refinancing Review
Updated on October 17, 2023
Written by
Written by
Reviewed by
Rohit Mittal
Reviewed by
Rohit Mittal
Rohit Mittal is the co-founder and CEO of Stilt. Rohit has extensive experience in credit risk analytics and data science. He spent years building credit risk and fraud models for top U.S. banks. In his current role, he defines the overall business strategy, leads debt and capital fundraising efforts, leads product development, and leads other customer-related aspects for the company. Stilt is backed by Y Combinator and has raised a total of $275M in debt and equity funding to date.
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At a Glance: 3Rivers is a federal credit union located in Fort Wayne, Indiana, established in 1935. It offers banking and financial planning services, as well as various loans including mortgage, student, personal, auto, and credit cards. 3Rivers operates as a non-profit cooperative, serving the needs of its members who are also owners. Their student loan refinancing option is available to U.S. citizens and permanent residents who meet certain qualifications, and they provide competitive rates and good customer service according to available reviews. However, they do not offer loans to visa holders or international students.
If you are considering refinancing your student loan, there are many lenders out there who can help. It is important to take a close look at and compare each of them to make sure you work with the right one for you.
This is especially important if you are an international student. Some lenders will charge you more in the long run if you’re not a U.S citizen or permanent resident, and some banks don’t lend for foreign nationals at all.
If you are considering 3Rivers as a student loan refinancing lender, take a look at our student loan refinancing review below.
What is 3Rivers?
3Rivers is a federal credit union, established in 1935, which is located in Fort Wayne, Indiana. Credit unions (as opposed to banks) are non-profit financial cooperatives. The purpose of credit unions is to serve the needs of their members (who are also owners). These members can generally borrow from pooled deposits at low interest rates.
Though it’s a credit union, 3Rivers offers similar services as traditional banks. Members can make use of 3Rivers’ banking and financial planning services and will also have access to various loans, including mortgage loans, student loans, personal loans, auto loans, and credit cards.
How Does 3Rivers Work?
Like most credit unions, 3Rivers loans and student loan refinancing options are exclusively available to 3Rivers members, and only U.S citizens or permanent residents qualify for membership.
If you choose loan refinancing with 3Rivers they will service your loan locally instead of selling it to a large corporation. This makes it easier to keep track of your information and to follow up on a matter with them, as your contact point is local.
Additionally, 3Rivers offers debt protection to their customers. The purpose of debt protection is to cover you in case of unforeseen events happening which prevents you from being able to make your debt repayments. Debt protection will, therefore, help ensure that you pay can your debts on time. This not only protects you and your family from creditors knocking for money but also protects your credit rating as no late payments will be recorded.
What is the 3Rivers Student Loan Refinancing Option?
3Rivers offers student loan refinancing for private and federal loans. Read on to learn about how to qualify and apply for this option.
Do You Qualify?
You will qualify for 3Rivers student loan refinance if you:
- Graduated from college (you will not qualify if you have student debt for a degree or diploma that you did not complete).
- Are a U.S citizen or permanent resident.
- Have a savings account or checking account with 3Rivers (alternatively your cosigner can have one of these).
- Meet the income and credit score requirements (if you don’t, you will still qualify if your cosigner does).
Unfortunately, 3Rivers student loans refinance is not available for visa holders and international students.
The income and credit score minimum requirements are not disclosed on the 3Rivers website, but if you a have a good credit score and you meet the eligibility requirements, you can take a chance and apply for 3Rivers student loan refinancing.
The following federal loans will qualify for 3Rivers student loan refinance:
- Direct PLUS, Graduate PLUS, and Parent PLUS loans
- Stafford Subsidized and Unsubsidized Loans
- Federally Consolidated loans
- FFEL (Federal Family Education Loan) Program Loans.
Most private and institutional student loans will also qualify for 3Rivers student loan refinancing. Unlike many other lenders, this will also include loans that have already been consolidated or refinanced before.
The following loans do not qualify for 3Rivers student loan refinancing:
- Federal Perkins Loans
- Institutional Loans granted by schools that are not Title IV schools
- Personal Loans or credit cards that you used to pay for school expenses.
Rates, Repayment Terms, and Fees
The Annual Percentage Rate (APR) that will apply to your student loan refinance will depend on the repayment term you choose.
3Rivers sets out their rates as follows:
- 5-year repayment term – from 3.99%
- 10-year repayment term – from 4.49%
- 15-year repayment terms – from 5.19%
3Rivers also does not disclose any additional fees such as origination fees or early payment penalties on their website. Before you apply for 3Rivers student loan refinance make sure that you get a full disclosure of all applicable fees and charges.
How to Apply
3Rivers offers an online application procedure to apply for your student loan refinancing.
The following documents will be required in the application process:
- Your latest pay stub (as proof of income)
- Your W2 form (as proof of income)
- A statement for each loan that you want to refinance (indicating your repayments)
- A valid driver’s license or state issued I.D (as mentioned before visa holders do not qualify)
- Your official transcript for the degree or diploma you obtained.
Some additional documents may be required during the process, depending on your situation. Make sure you have all applicable and relevant documentation on hand when you apply.
What the 3Rivers Reviews are Saying
3Rivers is a reputable credit union with a strong history, but there aren’t a lot of 3Rivers reviews available online. You can take this lack of reviews as a positive or negative.
The 3Rivers student loan refinancing reviews that are available indicate the 3Rivers has good customer service and give 3Rivers a rating of 4 out of 5. None of the reviews complain about cost, rate or fees. There are also no complaints about unexpected declines for loans or student loan refinance applications, which is a positive.
Is 3Rivers Student Loan Refinancing the Right Option for Me?
3Rivers seems like a good option for a lender and student loan refinance if you are a U.S citizen or permanent resident. As they are a credit union, their rates are competitive and their focus will be to cater to the interest of their members i.e. you. As they are a non-profit entity, they ought not to exploit you with exuberant fees or hidden costs.
As explained above, 3Rivers, unfortunately, does not lend to visa holders or international students. If you are not a U.S citizen or permanent resident then this lender is not an option for you.
Since there are no real complaints online about 3Rivers, you could take this as a good sign. This might, however, be due to the fact that they are a smaller company focussed in a specific area.
Overall, 3Rivers seems like a good option for a student loan refinance lender.
Frank Gogol
I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.