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PenFed Credit Union Student Loan Review

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

Recommendation
Best for Student Loan Refinancing
Interest Rates

Variable as low as: 2.15% APR1

Fixed as low as: 2.99% APR1

Repayment Terms

5, 8, 12, or 15 years

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.

Could student loan refinancing save you money?

 

 
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