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 2.99% to 5.20% (2.99% - 5.20% 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 Payments |
Lowest APR | Est. Principal & Interest Payments |
| 5 years | 60 months | 2.99% | $180 |
| 8 years | 96 months | 3.45% | $119 |
| 12 years | 144 months | 3.55% | $85 |
| 15 years | 180 months | 3.65% | $72 |
Variable APR: Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Variable rates are based on the one-month London Interbank Offered Rate ("LIBOR") published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of February 1, 2021, the one-month LIBOR rate is 0.13%. Variable interest rates range from 2.17% to 4.47% (2.17% to 4.47% APR) and will fluctuate over the term of the borrower's loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. The maximum variable rate on the student refinance loan is 9.00% for 5-year and 8-year terms, and 10.00% for 12-year and 15-year terms. The floor rate is 2.00%. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
Variable APRs and amounts subject to increase or decrease. Variable rates are indexed to the one-month LIBOR rate and assume a one-month LIBOR rate of 0.13%. The following Variable Rate examples are based on a $10,000 loan amount:
| Term | No. of Monthly Payments |
Lowest APR | Est. Principal & Interest Payments |
| 5 years | 60 months | 2.17% | $176 |
| 8 years | 96 months | 3.03% | $117 |
| 12 years | 144 months | 3.13% | $83 |
| 15 years | 180 months | 3.23% | $70 |
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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.
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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 2/11/2021. PenFed loans are originated by Pentagon Federal Credit Union. This credit union is federally insured by the National Credit Union Administration.
