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PenFed Student Loan Refinancing (powered by Purefy) Review


ConsumersAdvocate.org Rating: 4 / 5 (Very good)
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Pentagon Federal Credit Union (“PenFed”), the nation’s third largest credit union, began offering student loan refinancing in 2017, through a partnership with student loan fintech leader, Purefy. PenFed is the only student loan refinance company to let married couples refinance their loans together. They also allow borrowers to refinance their parents’ Parent PLUS loans, or parents to refinance their children’s loans. As one of the country's largest credit unions, PenFed has been providing financial services for its customers for over 80 years.
 
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How is PenFed Student Loan Refinancing rated?

Breakdown

4.0/5
Loan Specifications
4.0/5
Eligibility Requirements
4.0/5
Customer Experience
4.0/5
Reputation

Overall Rating: 4 / 5 (Very good)

PenFed offers student loan refinancing that can potentially help individuals consolidate their private, federal, and parent student loan debt with low interest rates and flexible repayment terms. PenFed offers an online quoting process—by providing basic information, borrowers can review a set of available rates, terms, and monthly payments to help choose an option that works for them. PenFed also provides chat, email, and telephone customer service for anyone needing assistance or consultation, and borrowers who submit an application are assigned a loan advisor who helps guide them through the process.

PenFed Student Loan Refinancing Loan Specifics

Loan Specifications - 4 / 5

Student refinance loans from PenFed have a $7,500 minimum. The company recently announced that, on August 4, 2021, it will increase its maximum loan amount to $500,000 for borrowers with graduate-level degrees and a credit score of 725 or higher. Other changes will also go into effect: borrowers who have earned an associate's degree may be able to borrow up to $60,000. Other loans are capped at $300,000. Borrowers can choose a 5, 8, 12, or 15-year term and prepay their loans at any time without incurring any fees of penalties.
Loan Types
Undergraduate
Graduate
Parent
Federal
Private
Maximum Loan Amount
500,000
Terms
5
8
12
15
Rates
Fixed
Fixed APR Range
3.29% - 5.43% APR
Variable APR Range
Repayment Options
Monthly Principal & Interest Payments

PenFed Student Loan Refinancing Qualifications

Eligibility Requirements - 4 / 5

To be eligible for PenFed loans, customers must be U.S. citizens. Applicants must have graduated with an undergraduate degree or higher and be employed to be eligible for student loan refinancing from PenFed. Associate's degree loans will be eligible for financing as of August 4, 2021. Applicants who do not meet the minimum credit or income levels will be required to apply with a cosigner. Borrowers can apply for loans by themselves or with a cosigner. If the borrower Is preapproved, documents will be requested by the lender, including income verification, a government-issued photo ID, graduation verification, loan payoff documents, and a PenFed Credit Union membership application. In terms of income verification, PenFed requires $42,000 minimum annual income ($25,000 for borrowers with a cosigner).
Citizenship Requirement
U.S. Citizen
Minimum Credit Score
700 (670 for borrowers with a cosigner)
Income Verification

PenFed Student Loan Refinancing Customer Experience

Customer Experience - 4 / 5

PenFed's quote process is completed through their online Find My Rate tool. By answering simple questions, customers can view the rates and terms for which they may qualify. This process is free and carries no obligation; a credit check is not performed unless the borrower proceeds to submit an application. PenFed provides customer service from personal student loan advisors for every prospective borrower who applies. This can be done by email, text, online chat, and phone. The company website has an informative FAQ section and a blog featuring numerous posts with financial advice.
Online Quotes
Student Loan Refinance Calculator
Services
Live Chat
Discounts
Automatic Payments

PenFed Student Loan Refinancing Company Reputation

Reputation - 4 / 5

Although there are only a handful of company reviews for Purefy in finance or student loan blogs, they are generally positive. PenFed, on the other hand, has a wealth of online feedback as they are a long-established financial institution and the third largest federal credit union in the nation. Additionally, PenFed holds an A+ rating from the BBB and an excellent 4.6 rating on Trustpilot.
Lender Type
Credit Union
Year Founded
1935
BBB Rating
A+
Trustpilot Rating
4.6 out of 5
Date Collected
2021-07-30

Disclaimer

†Rates and offers current as of March 14, 2022. Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rates range from 3.29% - 5.43% APR. Fixed Rates will vary based on application terms, level of degree and presence of a co-signer. These rates are subject to additional terms and conditions and rates are subject to change at any time without notice.

Company Profile

Full Name
PenFed Student Loan Refinancing (powered by Purefy)
Company Website
https://penfed.purefy.com/
Headquarters
7940 Jones Branch Drive, McLean, VA, 22102

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