Through a simple online “Find My Rate” tool, users can estimate the rate they will be offered if their application is approved and quickly compare options for 5-, 8-, 12- and 15-year loans at highly competitive fixed rates.
Applications can be completed online in less than 15 minutes and most often receive a response with a credit decision within a few minutes. There are also no application fees or closing costs and no penalties for early repayment on any PenFed student loan.
PenFed’s quick and easy process is open to college graduates who have established their careers, parents who took out loans to support their children’s education, and married couples who want to refinance and consolidate their loans together.
PenFed Credit Union offers an online, mobile-compatible, and easy to navigate application process for the new program. Additionally, PenFed is one of the few large U.S. institutions to service and administer the loans in-house to ensure a higher quality of service to its borrowers.
PenFed notes the average college graduate carries debt of $37,000 with many owing greater than $100,000 on student loans.
PenFed Credit Union is one of the largest credit unions in the country, serving over 1.5 million members worldwide with more than $21 billion in assets.