If you are looking to refinance your student loans, lower your payments, or combining with your spouse, then look into Pentagon Federal Credit Union, or PenFed services. They offers student loan refinancing and tons of banking products and services. Continue reading below for our complete review over PenFed.

Table of Contents

PenFed Student Loan Refinance In A Nutshell

Loan Terms	5, 8, 12, 15
Loan Amounts	$7,500 to $300,000
Loan Types	Variable, fixed
Cosigner	Yes
Autopay Discount	None

PenFed Student Loan Refinance Features

PenFed by Purefy specializes in student loan refinancing products. It allows for married couples to refinance student loans together, provides parent PLUS loans refinancing, allows you to release a cosigner after 12 timely payments. Other features include:

Prequalification

Utilize PenFed’s Find My Rate Tool to see what kind of loan terms, interest rates and monthly payments you can expect. These rate checks are done with a soft credit check, so your credit score won’t be effected.

Couples Refinancing

To save some money, PenFed offers couples refinancing your student loans with your spouse. Penfed will combine your incomes and base your interest rates on the higher credit score. This is especially helpful if one spouse isn’t working, one person earns significantly more than the other, or if you don’t think that can qualify on your own.

Parent PLUS Loan Refinancing

Unlike other lenders, PenFed allows you to refinance parent PLUS loans as the mom, the dad or the ex-student.

Cosigner Release

To take advantage of another persons credit score in order to qualify for refinancing and get a lower interest rate, add a cosigner. After 12 months of on-time payments, you can release your cosigner from the loan.

In-House Loan Servicing

PenFed services their own loans so don’t worry about your new debt being passed down to a loan servicer. All borrowers will also get assigned a personal student loan advisor.

Member Discounts

PenFed members are rewarded with discounts on auto, home, financial and other products and services, such as car rentals and tax preparation software. For more details on this, visit the PenFed website.

PenFed Student Loan Refinance Fees

Application Fee	None
Origination Fee	None
Prepayment Penalty	None
Late Payment Fee	20% of the interest portion of the payment

PenFed does not charge any application, origination or prepayment penalty fee. Keep in mind that if your payment is five days+ late, you will get charged with 20% of the interest portion – minimum $5, maximum $25.

PenFed Student Loan Refinance Requirements

PenFed is a credit union that provide services to employees of the Department of Defense, active-duty military, and veterans. Anyone can take advantage of their services by opening a PenFed savings account with an initial deposit of $5.

However, you need to meet certain requirements to apply for student loan refinancing:

Loan Amount	UP TO $150,000	ABOVE TO $150,000
Apply Without Cosigner	700 credit score $42,000+ annual income	725 credit score $50,000+ annual income
Apply With Cosigner	Your credit score is between 670 to 699 Your annual income is between $25,000 and $41,999	Your credit score is between 670 to 724 Your annual income is between $25,000 and $49,999
Cosigner Requirements	720 credit score $42,000+ annual income	725 credit score $50,000+ annual income

The maximum debt-to-income ratio is 35% for those with undergraduate degrees and 40% for those with graduate degrees.

Even if you filed for bankruptcy, you can still qualify for student loan refinancing if:

The bankruptcy must be 10 or more years ago, or
The bankruptcy is recent, but you and your cosigner meet all credit, income and debt-to-income criteria.

Besides income and credit requirements, you must also:

Be a U.S. citizen
Have a bachelor’s degree or higher
Have attended a school authorized to receive federal aid

PenFed Student Loan Refinance Limitations

Consider the following before you apply for PenFed:

A bachelor’s degree and credit union membership are required.
Limited loan terms, maximum 15 years.
No official forbearance or discharge policy.
No autopay discoun

Bottom Line

If you are looking to refinance your student loans, PenFed is a good option to consider. This is especially true for those who want to refinance with your spouse, parent PLUS loans, or if you need a cosigner for approval.

If you decide to go back to school, Discover student loan refinance offers an excellent deferment policy. For more ways to save more, check out our post on how save money online and bank guides here on HMB!

Learn More at PenFed

(Click the link to learn more at PenFed)