PenFed Student Loan Refinancing Review: Is It Right for You?

 September 4, 2020
How Student Loan Hero Gets Paid

How Student Loan Hero Gets Paid

Student Loan Hero is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). Student Loan Hero does not include all lenders, savings products, or loan options available in the marketplace.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Student Loan Hero is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

PenFed student loans
Logo

We’ve got your back! Student Loan Hero is a completely free website 100% focused on helping student loan borrowers get the answers they need. Read more

How do we make money? It’s actually pretty simple. If you choose to check out and become a customer of any of the loan providers featured on our site, we get compensated for sending you their way. This helps pay for our amazing staff of writers (many of which are paying back student loans of their own!).

Bottom line: We’re here for you. So please learn all you can, email us with any questions, and feel free to visit or not visit any of the loan providers on our site. Read less

Refinance Student Loan rates starting at 1.88% APR

1.88% to 6.15% 1
VARIABLE APR

Visit Lender

1.88% to 5.64% 2
VARIABLE APR

Visit Lender

2.50% to 6.85% 3
VARIABLE APR

Visit Lender

  • Variable APR

Note that the situation for student loans has changed due to the impact of the coronavirus outbreak and relief efforts from the government, student loan lenders and others. Check out our Student Loan Hero Coronavirus Information Center for additional news and details.

*          *          *

With the PenFed student loan refinance program, you may be able to get a lower interest rate or monthly payment on your education debt.

PenFed is a good fit for bachelor’s degree-holders with multiple student loan types who have solid-to-stellar credit and income (or access to a cosigner who does). It’s especially useful when attempting to consolidate spousal or parental student loan debt.

Let’s review the basics of PenFed student loan refinance, plus the credit union’s application process.

What to like: What to keep in mind:
Competitive interest rates
Consolidate spousal debt
Refinance Parent PLUS Loans
Add (and release) a co-signer
In-house loan servicing
Credit union membership required
Stiff income, credit score requirements
Few deferment, forbearance options
No autopay discount available

Established in 1935, Pentagon Federal Credit Union serves about 2 million members nationwide. PenFed primarily serves government employees and military personnel, but you don’t have to belong to either group to join.

Here’s what you need to know about the PenFed student loan refinancing program, which has been powered by Purefy since 2016:

  • Refinance $7,500 to $300,000 in student loans
  • Private and federal loans are eligible, including parent PLUS loans
  • Consolidate your significant other’s loans into a PenFed couple loan
  • Refinance parent PLUS loans into your child’s name
  • Fixed and variable APRs available
  • Estimate your rate using the lender’s Find My Rate Tool (without submitting to a credit check)
  • No application, origination fees or prepayment fees
  • Choose from four repayment terms: five, eight, 12 or 15 years
  • Option to apply with a cosigner

Keep in mind, however, that to reap the rewards of PenFed student loan refinancing, you must be a bachelor’s degree-holding U.S. citizen. Also, your creditworthiness will be put under the microscope.

  • Credit score: PenFed requires solo applicants to have a 700, or a 670 when applying with a spouse or cosigner
  • Income: PenFed requires lone applicants to prove earnings of $42,000, or $25,000 when applying alongside a cosigner

With all that said, if you’re interested in the PenFed student loan refinancing program, there are some key benefits and drawbacks to consider.

See Student Loan Refinance Rates - No hard credit check

$
Disclosures.

Advertising Disclosures

The offers that appear on this site are from companies from which LendingTree receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). LendingTree does not include all lenders, savings products or loan options available in the marketplace.

What portion of LendingTrees services in connection with my loan request is free?

There is no cost to submit a loan request, get matched with lenders and receive conditional loan offers or quotes. You may review the conditional loan offers or quotes and talk to the lenders at no cost. Of course, the lender you choose may require a fee to process your formal loan application, appraisal, and/or credit report, but until you agree to pay the lender any fee(s), you may shop with LendingTree at no cost.

How does LendingTree get paid?

LendingTree does not charge you, the consumer, a fee for its services. Who pays our bills? The lender. Of course, you will be responsible for paying any loan processing, closing costs or other fees to the lender with whom you close.

LendingTree Advertisement Disclosure (last updated June 8, 2018):

LENDINGTREE, LLC IS A MARKETING LEAD GENERATOR AND IS A DULY LICENSED MORTGAGE BROKER, AS REQUIRED BY LAW, WITH ITS MAIN OFFICE LOCATED AT 1415 Vantage Park Dr. Charlotte 28203, TELEPHONE NUMBER 1-800-555-8733.

For a current list of applicable state licensing and disclosures, click Licenses and Disclosures or call for details.

LendingTree, LLC NMLS Unique Identifier # 1136, AK Mortgage Broker/Lender License #AK1136; AZ Mortgage Broker, License #’s MB-0902469 and MB-0909882; California Dept. of Corporations, California Finance Lenders Law License No. 6037234; CO Mortgage Company Registration Regulated by the Division of Real Estate; CT Mortgage Broker, License #4164 – MORTGAGE BROKER ONLY, NOT A MORTGAGE LENDER OR MORTGAGE CORRESPONDENT LENDER; Georgia Mortgage Broker/Processor License #12989; Illinois Residential Mortgage License #0005433; Kansas Mortgage Company License #MC.0002279; MA Mortgage Broker License #MB1136 – We arrange but do not make loans; ME Loan Broker License #CSO06321; Licensed by the Mississippi Department of Banking and Consumer Finance as a Mortgage Broker License #1136; MO Mortgage Broker License #10-1261, 727 N. First Street, Suite 310, Saint Louis, Missouri 63102; MT Mortgage Broker, License #1097; Licensed by the New Hampshire Banking Department; NJ Residential Mortgage Broker License # 0801779 – broker will not make any mortgage loan commitments or fund any mortgage loans; NV Mortgage Broker License #1698; LT Technologies in lieu of true name LendingTree, LLC, Registered Mortgage Broker– NYS Department of Financial Services License #A004890 – Broker arranges mortgage loans with third-party providers; OH Mortgage Broker License #MB.802159.000, 7494 Preserve Place, West Chester, OH 05069; OR Mortgage Lending License #ML-1862; PA Licensed Mortgage Broker by the PA Department of Banking #20298; Rhode Island Licensed Loan Broker #20062113LB; Texas Mortgage Company License Unique Identifier #1136, Mr. Shan Guo #300978, Residential Mortgage Loan Originator at 1312 Village Creek Drive Suite 900, Plano TX 75093; VA Mortgage Broker License #MC-1052, Licensed by the Virginia State Corporation Commission; WA Mortgage Broker License #MB1136.

Advertised Terms and Information

  • The information and disclosures above relate to advertised terms made by or through LendingTree.
  • Interest rates and terms are from a lender or lenders with whom LendingTree may match you and that offer the particular product. The disclosures are current as of the date indicated.
  • LendingTree is not a lender in any transaction and does not make loans, loan commitments or lock-rates. All credit decisions, including loan approval and the conditional rates and terms you are offered, are the responsibility of the participating lenders and will vary based upon your loan request, your particular financial situation, and criteria determined by the lenders to whom you are matched. Not all consumers will qualify for the advertised rates and terms. APR may be in lieu of rebates or incentives. Dealer participation may affect consumer cost.
  • You may not be matched with a lender making a particular conditional loan offer, and LendingTree does not guarantee that any lender will make you a conditional loan offer. LendingTree arranges for multiple conditional loan offers through its network of nonaffiliated lenders. See the Terms of Use Agreement for more details. The Terms of Use Agreement governs these advertised Terms and Information.
  • FICO score means the FICO credit score report that a lender receives from a consumer reporting agency.

Terms & Conditions apply.
NMLS#1136

What to like about PenFed student loan refinance

Competitive fixed and variable interest rates

PenFed advertises both fixed and variable interest rates, and they’re competitive with APRs promoted by more well-known banks and online lenders.

Remember that if you choose a fixed rate, you won’t have to worry about your interest rate changing over time like variable interest rates do. Inherently riskier, variable rates start out lower but could rise over time.

Your APR will also depend on your creditworthiness (or that of your cosigner) as well as which of the following repayment periods you choose for your PenFed student loans:

Term (years) Lowest fixed APR* Lowest variable APR*
5 3.23% 2.58%
8 3.45% 2.64%
12 4.18% 2.84%
15 4.39% 2.97%
* APRs current as of Aug. 24, 2020

Consolidate your partner’s debt with PenFed’s couple loan

The credit union’s spouse loan makes it possible for couples to save money on their student loans without having to refinance separately.

If both you and your significant other have student loans, you can combine them into a couple loan. When you apply for a couple loan, PenFed combines your incomes and bases your interest on the higher of your two credit scores. Either you or your partner must have a 670 credit score and $42,000 in annual income.

Consolidating student loans with a spouse isn’t the right move for everyone, however, so proceed cautiously.

Refinance parent PLUS loans, possibly into the student’s name

It’s also possible to refinance federal parent PLUS loans, either as the mom or dad, or as the ex-student.

However, if you’re the parent, your son or daughter must be the primary borrower on at least one other loan to be eligible for PenFed student loan refinance.

Shopping around will help you secure your best loan terms, however, so check out the offerings of competing lenders that refinance parent PLUS loans.

Option to add a cosigner — and release them in 12 months

Adding a student loan cosigner with good or excellent credit can increase your chance of getting a lower interest rate. It can also help you qualify for PenFed student loan refinance.

Loan amount You’ll need a cosigner if your … And your cosigner needs …
Up to $150,000 ● Credit score is 670 to 699
● Income is between $25,000 and $41,999
● A 720 credit score and $42,000+ income
Above $150,000 ● Credit score is 670 to 724
● Income is between $25,000 and $49,999
● A 725 credit score and $50,000+ income

If you’re adding a cosigner to your application, they must also be a U.S. citizen the age of majority in their state.

On the plus side, after 12 months of consecutive on-time payments, you can apply to have PenFed remove your cosigner from the loan. At this time, PenFed will reevaluate your financial and credit profile to make sure you qualify for a cosigner release.

Cosigners are jointly responsible for the student loan debt. So, cosigning a student loan can be risky for both the cosigner and the primary borrower. PenFed student loans’ cosigner release policy can help resolve any long-term concerns.

In-house loan servicing

This national credit union also stands out for servicing its own loans. If you elect to apply for PenFed student loan refinance, you won’t have to worry about your new debt being passed off to a loan servicer that manages your repayment.

Unfortunately, that is the case with other refinancing lenders, who may issue your new loan before sending you elsewhere to make your monthly payments.

What to keep in mind about PenFed student loan refinance

PenFed Credit Union membership is required

Like most other student loan refinancing credit unions, PenFed has certain eligibility requirements to become a member. The good news is you can bypass those requirements if you apply for its student loan refinancing program.

After you’re preapproved, you’ll fill out a membership form as part of the underwriting process. Once you’re approved, you’ll be a full-fledged member and will have access to PenFed’s other products and services.

PenFed doesn’t charge a membership fee, as you only need to maintain a $5 savings account balance. Also, PenFed provides member discounts on home, auto, financial and other services.

Other eligibility requirements can be stiff

To be eligible for the program, you must meet some basic requirements:

  • Be a U.S. citizen
  • Be at least the age of majority in your state
  • Be the borrower on at least one outstanding education loan
  • Have a bachelor’s degree or higher
  • Have a strong credit history
  • Have an annual income of at least $42,000 (or $25,000 with a cosigner)

PenFed also requires an annual income of at least $42,000 and a credit score of at least 700 to apply without a cosigner. Even with a cosigner, you must earn at least $25,000 and have a 670 credit score or higher to qualify.

If you can’t meet these thresholds, no sweat: Some other refinancing programs have no minimum income requirements or require as little as $24,000 annually.

In fact, there are a handful of cases where an alternative lender might be more accessible should you find yourself ineligible for PenFed student loan refinance:

Scenario Alternative lender
You’re still in school or have an associate degree EdVestinU works with borrowers who hold an associate degree, or didn’t graduate
You’re a noncitizen Prodigy Finance is among lenders assisting international borrowers
You have less than $7,500 in loans to refinance LendKey sets its minimum lending amount at $2,000
Your income is below $42,000 (and you don’t have a cosigner) Splash Financial has no minimum income requirement
Your credit score is below 700 (and you don’t have a cosigner) Earnest only requires that your score eclipses 650

Lacking deferment and forbearance options

PenFed doesn’t offer a clear-cut deferment or forbearance policy. But it does work with borrowers on a case-by-case basis during times of economic hardship.

Other extraordinary circumstances may also apply (losing a job after refinancing, an illness or a death in the family) if you’re looking for assistance with your PenFed student loan payments.

Unfortunately, if you head to graduate school, you won’t get a deferment on your payments during that time. And if you do qualify for forbearance, it may or may not be favorable. That’s because interest will continue to accrue during the forbearance period.

No industry-standard autopay discount

Some refinancing programs offer a 0.25% rate discount if you sign up for automatic payments. PenFed, however, doesn’t offer this or any other type of rate discount.

On the other hand, PenFed student loan refinance does offer low interest rates, so compare its terms to other lenders that do offer student loan discounts.

Applying for PenFed student loans refinancing

To find out what kind of rate you qualify for, you first need to share basic information about yourself, your education history and financial picture.

PenFed

Next, you can share more information about your current loans, select a term and view what APR you might qualify for if you apply solo or with a cosigner.

The good news is inputting this information to figure out your rate does not affect your credit in any way because you don’t give Purefy or PenFed your Social Security number.

After you go through that prequalification process (or if you want to skip it altogether), you can apply online. You’ll need to create a student lending profile so you can log in to see your application.

To file a formal application, you’ll need to hand over screenshots or smartphone pictures of …

  • Pay stub or tax return, among other options to verify income
  • ID, such as a driver’s license or passport
  • Payoff verification statements from your existing loan servicers
  • Your diploma or transcripts

You’ll then consent to e-sign certain documents and agree to disclosures and terms and conditions. After that, you can submit your application.

When you apply, PenFed will run a credit check, which will trigger a hard inquiry on your credit report. If you apply with a cosigner, the same will happen with their credit report.

Should you apply for the PenFed student loans refinancing program?

If you meet PenFed’s income and credit score requirements, its program is worth considering. Its competitive interest rates, speedy cosigner release policy and options for couples and parents make it a strong option among top refinancing banks.

If you plan to go back to school, though, you might want to choose a program that has a deferment policy. Also, if you have federal student loans, keep in mind that you’ll lose access to student loan forgiveness and income-driven repayment plans if you refinance through PenFed.

To make sure PenFed is right for you, shop around and compare rates and other features. With time and research, you’ll find the best student loan refinancing program for you.

Student Loan Hero has independently collected the above information related to PenFed student loan refinance, which is current as of Aug. 24, 2020, unless otherwise noted. PenFed Credit Union has neither provided nor reviewed the information shared in this article.

The information in this article is accurate as of the date of publishing.

Andrew Pentis contributed to this report.

Interested in refinancing student loans?

Here are the top 9 lenders of 2021!
LenderVariable APREligible Degrees 
1.88% – 6.15%1Undergrad
& Graduate

Visit Splash

1.88% – 5.64%2Undergrad
& Graduate

Visit Earnest

2.50% – 6.85%3Undergrad
& Graduate

Visit CommonBond

1.89% – 5.90%4Undergrad
& Graduate

Visit Laurel Road

1.99% – 6.59%5Undergrad
& Graduate

Visit SoFi

1.88% – 5.64%6Undergrad
& Graduate

Visit NaviRefi

1.90% – 5.25%7Undergrad
& Graduate

Visit Lendkey

2.39% – 6.01%Undergrad
& Graduate

Visit Elfi

2.13% – 5.25%8Undergrad
& Graduate

Visit PenFed

Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Splash Financial.

Splash Financial Disclosures

Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. Refinancing or consolidating private and federal student loans may not be the right decision for everyone. Federal loans carry special benefits not available for loans made through Splash Financial, for example, public service loan forgiveness and economic hardship programs, fee waivers and rebates on the principal, which may not be accessible to you after you refinance. The rates displayed may include a 0.25% autopay discount

The information you provide to us is an inquiry to determine whether we or our lenders can make a loan offer that meets your needs. If we or any of our lending partners has an available loan offer for you, you will be invited to submit a loan application to the lender for its review. We do not guarantee that you will receive any loan offers or that your loan application will be approved. Offers are subject to credit approval and are available only to U.S. citizens or permanent residents who meet applicable underwriting requirements. Not all borrowers will receive the lowest rates, which are available to the most qualified borrowers. Participating lenders, rates and terms are subject to change at any time without notice.

To check the rates and terms you qualify for, Splash Financial conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

Splash Financial and our lending partners reserve 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 our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of June 1, 2021.


2 Rate range above includes optional 0.25% Auto Pay discount. Important Disclosures for Earnest.

Earnest Disclosures

Interest Rate Disclosure

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 2.48% APR to 5.79% APR (excludes 0.25% Auto Pay discount). Variable rates range from 1.88% APR to 5.64% APR (excludes 0.25% Auto Pay discount). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 36% (the maximum allowable for these loans). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 2.04% and 5.8% to the one month LIBOR. Earnest rate ranges are current as of 6/8/2021, and are subject to change based on market conditions.

Auto Pay Discount Disclosure

You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.

Student Loan Refinancing Loan Cost Examples

These examples provide estimates based on payments beginning immediately upon loan disbursement. Variable APR: A $10,000 loan with a 20-year term (240 monthly payments of $72) and a 5.89% APR would result in a total estimated payment amount of $17,042.39. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 20-year term (240 monthly payments of $72) and a 6.04% APR would result in a total estimated payment amount of $17,249.77. Your actual repayment terms may vary.Terms and Conditions apply. Visit https://www.earnest. com/terms-of-service, e-mail us at [email protected], or call 888-601-2801 for more information on our student loan refinance product.

Earnest Loans are made by Earnest Operations LLC or One American Bank, Member FDIC. Earnest Operations LLC, NMLS #1204917. 535 Mission St., Suite 1663, San Francisco, CA 94105. California Financing Law License 6054788. Visit earnest.com/licenses for a full list of licensed states. For California residents (Student Loan Refinance Only): Loans will be arranged or made pursuant to a California Financing Law License.

One American Bank, 515 S. Minnesota Ave, Sioux Falls, SD 57104. Earnest loans are serviced by Earnest Operations LLC with support from Navient Solutions LLC (NMLS #212430). One American Bank and Earnest LLC and its subsidiaries are not sponsored by or agencies of the United States of America.

© 2021 Earnest LLC. All rights reserved.


3 Important Disclosures for CommonBond.

CommonBond Disclosures

Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. ‍All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.15% effective Jan 1, 2021 and may increase after consummation.


4 Important Disclosures for Laurel Road.

Laurel Road Disclosures

All credit products are subject to credit approval.

Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.

As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.

  1. Checking your rate with Laurel Road only requires a soft credit pull, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.
  2. Savings vary based on rate and term of your existing and refinanced loan(s). Refinancing to a longer term may lower your monthly payments, but may also increase the total interest paid over the life of the loan. Refinancing to a shorter term may increase your monthly payments, but may lower the total interest paid over the life of the loan. Review your loan documentation for total cost of your refinanced loan.
  3. After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship. During any period of forbearance interest will continue to accrue. At the end of the forbearance period, any unpaid accrued interest will be capitalized and be added to the remaining principle amount of the loan.
  4. Automatic Payment (“AutoPay”) Discount: if the borrower chooses to make monthly payments automatically from a bank account, the interest rate will decrease by 0.25% and will increase back if the borrower stops making (or we stop accepting) monthly payments automatically from the borrower’s bank account. The 0.25% AutoPay discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan down faster.

Assumptions: Repayment examples above assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount.

Annual Percentage Rate (“APR”): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.

Interest Rate: A simple annual rate that is applied to an unpaid balance.

Variable Rates: The current index for variable rate loans is derived from the one-month London Interbank Offered Rate (“LIBOR”) and changes in the LIBOR index may cause your monthly payment to increase. Borrowers who take out a term of 5, 7, or 10 years will have a maximum interest rate of 9%, those who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%.

KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

This information is current as of April 29, 2021. Information and rates are subject to change without notice.
 


5 Important Disclosures for SoFi.

SoFi Disclosures

Fixed rates from 2.49% APR to 6.94% APR (with autopay). Variable rates from 1.99% APR to 6.59% APR (with autopay). All variable rates are based on the 1-month LIBOR and may increase after consummation if LIBOR increases; see more at SoFi.com/legal/#1. If approved for a loan your rate will depend on a variety of factors such as your credit profile, your application and your selected loan terms. Your rate will be within the ranges of rates listed above. Lowest rates reserved for the most creditworthy borrowers. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. SoFi loans are originated by SoFi Lending Corp. or an affiliate (dba SoFi), a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license #6054612; NMLS #1121636 (www.nmlsconsumeraccess.org). Additional terms and conditions apply; see SoFi.com/eligibility for details. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.


6 Important Disclosures for Navient.

Navient Disclosures

1. NaviRefi loans are made by Earnest Operations LLC, a member of the Navient family of companies, subject to individual approval and underwriting criteria. California residents only: Loans made or arranged pursuant to a California Finance Lenders Law license. Additional terms and conditions apply.

– To qualify, you must be a U.S. citizen or non-citizen permanent resident of the United States, reside in a state we lend in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.navirefi.com/help-and-questions. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Loan terms are subject to eligibility. Approval and interest rate depend on the review of a complete application. Loan approval is subject to confirmation that your debt-to-income, free cash flow, credit history and application information meet the minimum requirements. You must have a minimum FICO score to be considered.

– You can choose between fixed and variable rates. Fixed interest rates are 2.75% – 6.04% APR (2.50% – 5.79% APR with Auto Pay discount). Starting variable interest rates are 2.13% – 5.89% APR (1.88% – 5.64% APR with Auto Pay discount). Variable rates are based on an index, the 30-day Average Secured Overnight Financing Rate (SOFR) plus a margin. Variable rates are reset monthly based on the fluctuation of the index. We do not currently offer variable rate loans in AK, CO, CT, HI, IL, KY, MA, MN, MS, NH, OH, OK, SC, TN, TX, and VA.

– You can take advantage of the 0.25% Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. NaviRefi rate ranges are current as of June 1, 2021 and are subject to change based on market conditions and borrower eligibility.

– Loan cost examples: These examples provide estimates based on payments beginning immediately upon loan disbursement. Variable APR: A $10,000 loan with a 20-year term (240 monthly payments of $72) and a 5.89% APR would result in a total estimated payment amount of $17,042. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 20-year term (240 monthly payments of $72) and a 6.04% APR would result in a total estimated payment amount of $17,250. Your actual repayment terms may vary.

– The information provided on this page is updated as of 06/1/2021. Earnest Operations LLC reserves the right to modify or discontinue (in whole or in part) this loan program and its associated services and benefits at any time without notice. Check www.navirefi.com for the most up-to-date information. Terms and Conditions apply. Call 855-284-4893 for more information on our student loan refinance product.

– Earnest Operations LLC – NMLS #1204917, CA CFL #6054788 – 535 Mission St., Suite 1663, San Francisco, CA 94105.
Navient Solutions, LLC – NMLS #212430 – 123 Justison St., Wilmington, DE 19801. Visit https://navirefi.com/lending-licenses for a full list of licensed states.


7 Important Disclosures for LendKey.

LendKey Disclosures

Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it  endorse,  any educational institution.

Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised variable APR is only available for loan terms of  5 years and is reserved for applicants with FICO scores of at least 810.

As of 04/07/2021 student loan refinancing rates range from 1.90% APR – 5.25% Variable APR with AutoPay and 2.49% APR – 7.75% Fixed APR with AutoPay.


8 Important Disclosures for PenFed.

PenFed Disclosures

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 2.89%-4.78% APR and Variable Rates range from 2.13%-5.25% APR. Both Fixed and Variable Rates will vary based on application terms, level of degree and presence of a co-signer. These rates are subject to additional terms and conditions and rates are subject to change at any time without notice. For Variable Rate student loans, the rate will never exceed 9.00% for 5 year and 8 year loans and 10.00% for 12 and 15 years loans (the maximum allowable for this loan). Minimum variable rate will be 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.