PenFed Credit Union Student Loan Refinance Review

PenFed Credit Union Student Loan Refinance is a student loan refinance offering by PenFed Credit Union, a credit union. Founded in 1935, PenFed Credit Union offers student loan refinancing in 50 states (and Washington, DC).

What APRs does PenFed Credit Union Student Loan Refinance offer on its student refinancing loans?

The range of APRs you qualify for when refinancing a student loan vary widely by lender and will depend on your creditworthiness and the type of loan you choose. Loans with fixed rates will typically have higher APRs than loans with a variable rate. 

PenFed Credit Union Student Loan Refinance offers variable rate APRs that range from 3.56% to 7.34%.
Borrowers who choose a fixed-rate refinancing loan can expect APRs that range from 3.5% to 7.28% APR.

How much can you borrow via PenFed Credit Union Student Loan Refinance?

Loan amounts start at $7,500 and go up to $300,000

Does PenFed Credit Union Student Loan Refinance charge an origination fee?

No, PenFed Credit Union Student Loan Refinance does not charge a loan origination fee.

A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

Does PenFed Credit Union Student Loan Refinance charge prepayment fees?

No, PenFed Credit Union Student Loan Refinance does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.

What terms does PenFed Credit Union Student Loan Refinance offer?

PenFed Credit Union Student Loan Refinance provides refinancing loans of 5 to 15 years.

What type of borrowers will PenFed Credit Union Student Loan Refinance consider?

PenFed Credit Union Student Loan Refinance considers loans applications from:

• graduate students
• parents of students
• undergraduate degree holders
• graduate degree holders
• parents of graduates

What do you need to qualify for PenFed Credit Union Student Loan Refinance?

Applicants with a credit score of at least 670 and up to 850 are eligible for PenFed Credit Union Student Loan Refinance.

To qualify for student loan refinancing with PenFed Credit Union Student Loan Refinance, applicants need a minimum annual income of $42,000 or higher. PenFed Credit Union Student Loan Refinance only considers borrowers who are employed and meet the minimum income requirement. Note that borrowers can add a cosigner to either meet eligibility requirements or qualify for lower interest rates.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via PenFed Credit Union Student Loan Refinance. Their rates fall within the limits of The Military Lending Act.

Only U.S. citizens can apply for a loan.

To qualify, applicants may need to provide the following documentation:

• Proof of graduation
• Loan payoff statements
• Recent pay stubs
• Proof of income
• Driver's license
• Proof of identity
• Proof of citizenship or residence permit

What is the estimated funding time for a student loan refinance via PenFed Credit Union Student Loan Refinance?

PenFed Credit Union Student Loan Refinance will typically fund loans within 3 and 14 days of approval.