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Student loan refinancing can lower your interest rate, simplify your payment and help you get out of debt faster.


With steep rates on your federal and private student loans, or Parent PLUS loans, it's easy to save money
by refinancing to a PenFed loan.

What's the catch?

When the federal government extends loans to students to attend college, the government does not check credit and everybody receives the same rate. This is a great program for most students who need help with their tuition but are unlikely to be able to borrow at a good rate from private lenders. But as the years pass, the government does not offer to refinance these loans at lower interest rates… even if market interest rates have dropped and graduates have steady jobs and good credit. As a result, many graduates end up paying higher rates than they could get from a private lender by refinancing their federal loans.

Be sure to review all the benefits of your federal loans before refinancing. These benefits include income-based repayment, public service loan forgiveness and payoff upon death or disability. But if you aren’t benefiting or eligible for the federal programs, refinancing can lower your interest rate and get you out of debt faster. At PenFed, we reward borrowers who have achieved their degrees, started their careers and kept their credit clean.

So, what's the catch? There is no catch.

Student Loan Repayment Solutions


We provide a lower cost solution for borrowers by offering customized repayment terms and low interest rates. Whether you are looking for a lower monthly payment or to pay off your debt as fast as possible, our customized repayment terms and lower rates give you the flexibility.

If you choose to shorten your repayment term, you'll not only get out of debt quicker, but you'll also substantially increase the amount of interest savings over the life of the loan.

Spouse Loan Refinancing

PenFed offers an innovative solution for spouses looking to save on interest costs by combining their loans with their spouse. When you apply for a spouse loan, we add together your incomes and use the higher of your two credit scores to maximize your savings. The spouse with the higher level of education should apply as the primary borrower.

Parent Loan Refinancing

Parents can often save a lot on their high cost private or Parent PLUS loans by refinancing. Go to Find My Rate to see how much you can save on your parent loans. Another option for parents is to become (or remain) a cosigner to help their children get lower rates when they refinance.

The Process

Find Your Rate

Review loan options and see what you can save with a cosigner

Apply Online

Student loan borrowers, cosigners and parents apply online in 15 minutes

Submit Docs & Membership

After pre-approval, upload docs with a screenshot or smartphone photo

Choose Your Loan

Select rate and loan terms

Review Disclosure & E-Sign

Accept the terms of the loan and e-sign loan documents

Loan Disbursement

PenFed pays off your existing loans and sets up your new loan with us!

What You'll Need to Apply

Our quick and easy loan application takes less than 15 minutes to complete. If approved, we'll then require the following items to be submitted.

  • Driver's License
  • Paystub or Tax Return
  • Graduation verification (diploma or transcripts)
  • Payoff Statement from current servicer(s)
  • PenFed Membership Application

Eligibility Criteria

To be eligible for a PenFed loan, you must:

  • Be a US citizen
  • Have strong credit history
  • Have at least one outstanding education loan
  • Meet the annual income requirement
  • Be willing to become a member of PenFed Credit Union
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