If you’ve started paying back the student loans you took out for college, you might be wondering if there’s a way to lower your monthly payment, get a better interest rate, or pay them off faster.
That’s where student loan refinancing comes in, and Pentagon Federal Credit Union (PenFed) could be the right lender to help you do just that. Here are the most important things to know about refinancing your student loans with PenFed.
PenFed student loan refinancing review
PenFed Credit Union offers low student loan refinancing rates for borrowers who have earned a bachelor’s degree or higher and established a strong credit history.
Although you’ll need to become a member in order to refinance your student loans with PenFed Credit Union, that means you’ll also have access to other products like checking accounts, auto loans, rewards cards, and mortgages.
If you refinance your student loans with PenFed, you can take advantage of these additional borrower perks and benefits:
|Loan amounts||Aggregate student loan balances between $7,500 and $300,000 are eligible for refinancing|
|Loan terms||5, 8, 12 and 15 years|
|Loan qualifications||Federal, Private, and Parent Loans|
|Income||$42k minimum income or $25k with cosigner|
|Education||Any Title IV school. Undergraduate and graduate student loans are eligible|
|Citizenship/Residency||Must be a U.S. Citizen|
|Key benefits||- Can apply for cosigner release after 12 months of consecutive on-time payments
- Apply for refinancing with your spouse: PenFed combines your incomes and uses the higher of your two credit scores to maximize your savings
- Parent Loan Programs
- Transfer of loans to spouse or parent, or from parent to child
|Loan servicer||Pentagon Federal Credit Union (PenFed)|
How to refinance with PenFed
For many borrowers, PenFed will be a great choice for refinancing. But because every lender has its own criteria evaluating borrowers, it’s always smart to get personalized rates from multiple lenders.
Credible makes it easy to fill out one form and request actual rates from PenFed and other lenders that offer student loan refinancing. The process uses a soft credit inquiry, so it won’t affect your credit score. And you don’t share your personal information with lenders unless you see an option you’d like to pursue.
The company above is one of Credible’s approved partner lenders. Because they compete for your business through Credible, you can request rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting rates is free, doesn’t affect your credit score, and your personal information is not shared with our partner lenders unless you see an option you like. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.