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Applicant Eligibility

  • Applicants must be a U.S. citizen.
  • Applicants must be age of majority in your state of residence.
  • Applicants must be the borrower on at least one outstanding, fully-disbursed private education loan, federal-backed education loan, or Parent Loan.
  • Applicants must be the borrower on the loan application and on the promissory note.
  • Applicants with a bachelor's degree or higher may be eligible to refinance their student loans.
  • Applicants must provide proof of income.
  • Applicants must be able to meet the borrower credit requirements.

Cosigner Eligibility

  • Cosigners must be a U.S. citizen.
  • Cosigners must be age of majority in your state of residence
  • Cosigners must co-sign on both the loan application and on the promissory note.
  • Cosigners must provide proof of income.
  • Cosigners must be able to meet the cosigner credit requirements.

Loan Limits

  • PenFed has a minimum loan amount of $7,500 and a maximum loan amount of $300,000.


  • Fixed Rate Loan Terms: 5 years/60 monthly payments, 8 years/96 monthly payments, 12 years/144 monthly payments or 15 years/180 monthly payments.


Fixed APR: 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 4.49% to 6.68% (4.49% - 6.68% APR) and will vary based on application terms, level of degree and presence of a co-signer. Rates are subject to change without notice.

The Rate will not change during the term. Repayment examples are for illustrative purposes only. The following Fixed Rate examples are based on a $10,000 loan amount:

Term No. of Monthly
Lowest APR Est. Principal &
Interest Payments
5 years 60 months 4.49% $186
8 years 96 months 4.74% $125
12 years 144 months 4.80% $91
15 years 180 months 4.85% $78


All estimates are based on information provided by you and are for informational purposes only, accuracy is not guaranteed and may not reflect actual rates or savings and do not constitute an offer of credit. Your actual rate, payment and savings may be different based on credit history, actual interest rate, loan amount, and term, including your cosigner [if applicable]. If applying with a cosigner, we use the higher credit score between the borrower and the cosigner for approval purposes. All loans are subject to credit approval.


PenFed Student Loan Refinance Program is not offered or endorsed by any college or university. PenFed is not affiliated with and does not endorse any college or university listed on this website.

You should review the benefits of your federal student loan; it may offer specific benefits that a private refinance/consolidation loan may not offer. If you work in the private sector, are in the military or taking advantage of a federal department of relief program, such as income based repayment or public service forgiveness, you may not want to refinance, as these benefits do not transfer to private refinance/consolidation loans.

PenFed reserves the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet PenFed's underwriting requirements. Lowest rates are reserved for the most qualified borrowers. This information is current as of 5/12/2022. PenFed loans are originated by Pentagon Federal Credit Union. This credit union is federally insured by the National Credit Union Administration.