PenFed Credit Union is a partner lender from which we receive compensation. Edvisors® evaluates each lender we partner with and only recommend loan programs which we believe are a best fit for our audience.
Who is PenFed Credit Union?
Pentagon Federal Credit Union (PenFed) was created in 1935 and has stood strong in the financial institution industry ever since with over 2 million customers worldwide. Their mission is to educate and encourage while helping their customers make their dreams a reality. Edvisors has partnered with Purefy, one of PenFed’s partners, to offer loan solutions to our audience.
PenFed Student Loans
PenFed offers student loan refinancing. For in-school and parent loans we suggest you check out our compare lenders page.
What is PenFed Credit Union Student Loan Refinancing?
PenFed offers student loan refinancing with competitive variable or fixed rates. Refinancing with PenFed also gives you the ability to consolidate federal, private, and parent loans into one single loan and only one monthly payment. There is the option to utilize a cosigner, and this may help lower your rates even further. Borrowers can choose from 5, 8, 12, and 15 year payment plans. Some PenFed student loan refinancing eligibility requirements include:
- Be or become a member of PenFed Credit Union
- Borrower must be a U.S. citizen
- Borrower must have a bachelor’s degree or higher
- Borrower (and cosigner, if applicable) must show proof of income
- Borrower (and cosigner, if applicable) must pass the PenFed credit requirements
- There is a minimum loan amount of $7,500 and max loan amount of $300,000
PenFed Student Loan Refinance
PenFed Student Loans Powered by Purefy
- Refinance federal and/or private student loans at lower rates with no fees.
- Choose a 5, 8, 12, or 15 year term to best fit your needs.
- Each applicant receives a personal loan advisor to help them through every step in the process.
- Spouses can refinance their loans together. Parents can refinance their loans too.
1Rates and offers current as of April 1, 2021. Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rates range from 2.99% APR to 5.15% APR and Variable Rates range from 2.15% APR to 4.45% APR. Both Fixed and Variable Rates will vary based on application terms, level of degree and presence of a co-signer. These rates are subject to additional terms and conditions and rates are subject to change at any time without notice. For Variable Rate student loans, the rate will never exceed 9.00% for 5 year and 8 year loans and 10.00% for 12 and 15 years loans (the maximum allowable for this loan). Minimum variable rate will be 2.00%.
PenFed Parent Student Loan Refinance
PenFed offers refinancing for Parent PLUS Loans with competitive variable and fixed rates. You can consolidate your parent loans into one single monthly payment and you have the ability to transfer payments to your student when they graduate, if needed. Eligibility requirements include:
- Be or become a member of PenFed Credit Union
- Borrower must be a U.S. citizen.
- Borrower must have a bachelor’s degree or higher
- Borrower (and cosigner, if applicable) must show proof of income
- Borrower (and cosigner, if applicable) must pass the PenFed credit requirements
- There is a minimum loan amount of $7,500 and max loan amount of $300,000
- Parent must be the borrower of at least one private, federal, or parent loan
| Pros | Cons |
|---|---|
| Students can refinance parent loans into their name | Must have a yearly income of at least $42,000 or may be required to utilize a cosigner who does |
| See your rate and monthly payment amount in a pre-qualification process prior to full credit check | Must have a credit score of at least 670, whether you are refinancing solo or with a cosigner/spouse |
| The ability to consolidate all loans (federal, private, and parent) into one monthly loan and payment | Only available for students who have obtained at least a bachelor's degree |
| Choose your own repayment term (5, 8, 12, or 15 years) | If including federal student loan, losing borrower benefits offered to federal student loans |
| Quick and easy online application with no fees |
How PenFed Gives Back
PenFed Federal Credit Union gives back to nonprofit organizations each year. Employees choose local charities they feel align with the morals and values of the credit union to serve their communities and beyond.
PenFed Credit Union Customer Service
PenFed customer service is available via the web 24/7 on their website and available by phone Monday through Friday depending on where you are located. PenFed Credit Union has a 3-star Trustpilot review.
PenFed Headquarters
The PenFed headquarters are in Tyson, Virginia.