Updated: November 23, 2021

PENFED Student Loan Refinance Review

Student Loan Refinance

Refinance
Student Loan Rating
4 of 5
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
2.89% - 5.63%
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
2.13% - 5.25%
Repayment Terms
5, 8, 12, 15 years
Important Information

Rewards: None

Flexibility: No death discharge available

Overall Limits: $7,500-$300,000

The bottom line:

PenFed student loan refinancing is a great option not only for college graduates but also for parents with PLUS loans. This large credit union has solid rates on loan refinancing, offered through Purefy, and a few perks including parent loan refinancing, spousal consolidation, and a fairly simple cosigner release process.

Pros

  • Loan refinancing available for both parents and students
  • Spousal consolidation loans available
  • Cosigner release available
  • No origination, application or prepayment fees

Cons

  • High income requirements
  • High credit requirements
  • No death discharge available
  • Late fees
PENFED Credit Union Earnest SoFi
Rates from (APR) i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Fixed:
2.89% - 5.63%
Variable:
2.13% - 5.25%
Fixed:
2.44% - 5.79%
Variable:
1.88% - 5.64%
Fixed:
2.49% - 6.94%
Variable:
2.25% - 6.59%
Loan repayment terms (Years) 5, 8, 12, 15 years 5, 10, 15, 20 years 5, 7, 10, 15, 20 years
Cosigner release? Yes, after 12 months on-time payments Not specified None

The process of checking your refinance rates through PenFed is quick and easy and requires only a soft credit pull. Parents can also refinance their student loans in their child’s name with this lender.

PenFed stands out for offering spousal consolidation. For newly married college graduates, refinancing student loans with a spouse can be a great way to get a better interest rate on the borrowed money between you. Sharing your spouse’s student loan debt can make repayment easier and reduce your overall payments considerably. However, it may not be possible to disentangle a spousal consolidation loan if the borrowers get divorced.

You may need to apply with a cosigner in order to qualify for PenFed refinancing if you do not meet income or credit requirements. After 12 consecutive on-time payments, you may apply for cosigner release. In order to qualify for this, you will need to meet income and credit requirements on your own. The primary borrower on this loan must become a PenFed member to qualify for loan refinancing. Once you’re a member, you’ll have access to financial literacy training, scholarship sponsorships and college planning resources.

PenFed offers a minimum loan amount of $7,500 and maximum amount of $300,000. You may choose from 5, 8, 12 and 15-year repayment terms. PenFed does not offer deferment or loan discharge repayment options, but forbearance is available for those facing temporary financial hardship. If you need to get in touch with support, PenFed has evening call center hours available.

PENFED Credit Union - Private Student Loan Details

Interest Rates, Fees and Terms
  • Credit Check: Hard
  • Repayment Terms: 5, 8, 12, 15 years
  • Minimum Borrowing Limit: $7,500
  • Application Fee: None
  • Origination Fee: None
  • Prepayment Penalty: None
  • Late Fee: None
Requirements to Qualify
  • Minimum Credit Score: 700
  • Minimum Annual Income: $42,000
  • Citizenship Restriction: Citizens or Residents
  • List of States where Loan is Not Available: None
  • Approved Schools Include: No Associate's
Repayment Options
Repayment Details
  • Maximum Deferment Period: Not specified by lender
  • Maximum Forbearance Period: Not specified by lender
  • Cosigner Release Option: Yes, after 12 months on-time payments
  • Disability Discharge: Not specified by lender
Customer Service
  • US-Based Call Center: Yes
  • Hours of Operation (in addition to weekdays): Evenings
  • Application Timeline: Online application takes less than 15 minutes
Extras
  • Scholarship Search Tool: Yes
  • Sponsors a Scholarship: Yes
  • Job and Career Assistance: None
  • Financial Literacy Training: Yes
Wondering how much that loan is going to cost you? Check out our free Loan Calculator!
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