† Lifetime interest savings of $20,221 is a hypothetical calculation and may not be representative of your actual situation. The savings calculation assumes an original loan amount of $65,000 with a 10-year term and a rate of 7.15%, refinanced to a shorter, 5-year term with a fixed rate of 3.50% APR, which is PenFed's lowest available 5-year fixed rate as of 5/1/2018. The calculation also assumes no pre-payment amounts and on-time payments for the duration of the refinanced term. Not all applicants will qualify for the lowest rate as they are reserved for the most creditworthy applicants. Your actual savings may vary based on interest rates, balances, remaining repayment term and other factors.
†† 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 May 1, 2018, the one-month LIBOR rate is 1.90%. Variable interest rates range from 3.48% - 7.26% (3.48% - 7.26% 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.