Enjoy your success without the burden!

Lower your monthly payments and save
  • Fixed rates starting at % APR†
  • Start your quick and easy application process today

Perks of Refinancing with PenFed

Save Money

Expenses come at you hard, be proactive by refinancing a high interest rate student loan.


Refinance your federal, private, or parent student loans into one, simple PenFed loan.

Quick and Easy

Complete the online application. No fees or prepayment penalties.

Cosigners and Parents

Cosigners can improve your rate. Parents can refinance their loans too!

Refinancing in 5 Easy Steps

Apply online in less than 15 minutes

Submit docs and open membership

See loan rate and term

Review loan and e-sign


Need in-school financing?

Get the money you need to make higher education happen.




Please note that PenFed student loans are private loans and therefore not eligible for the federal forgiveness program.  The federal forgiveness program will be administered by the Department of Education and will only apply to federal student loans. While your original student loan may have been a federal student loan, when you refinanced with PenFed, your current loan became a private student loan. PenFed provides detailed disclosures on our loan application that reinforce your loan may not be eligible for federal programs once it is refinanced with us.

If there are any further questions or concerns, please reach out to


You are able to check your rates without any impact to your credit score. By doing this, you will be able to determine what rates and terms that you may be eligible for. Once you are comfortable with the rate and term you qualify for and complete your application, a hard credit inquiry will be executed and will impact your credit.

If your financial situation isn’t great, finding a cosigner with excellent credit can help out. A parent or spouse who’s willing to sign onto the loan can get you better rates, so you can save on your student loan. However, not everyone will be willing to take the risk of cosigning, as a cosigner is responsible for the debt if you don’t pay your bills. If your credit isn’t great, it’s worth trying to find a cosigner — but don’t be surprised if even close friends and family turn you down.

You are able to refinance your federal or private student loans that were taken out in your name as the student borrower.

Even if your total loan payments aren't killing your pocketbook, you may be having trouble tracking multiple loans. The more student loan bills you're juggling — each with its own amount and payment date — the more likely you are to mess up and miss a payment, which is bad news. Refinancing could consolidate multiple student loans into one student loan, making it easier to stay on top of your debt. If you can get better terms, like a lower interest rate, that's good news, too.

If you got a great job right out of college, your financial situation could have improved dramatically since you took out your loan. That means you could qualify for lower interest rates than you did originally — which means refinancing your loan could save you money over time. Check out your credit score (700 and up is usually considered good) and then talk to lenders to see if you can get a better deal than you have now. Even if you don't need lower payments, it's worth investigating refinancing because it has the potential to save you thousands of dollars — and the sooner you refinance the more you'll save. You just won't know until you check out your refinancing options.

As an year old Financial Institution, we’ve stood by our members through thick and thin. We’re not just a credit union. We’re your partner. Becoming a PenFed member means never facing a financial decision alone.


†Rates and offers current as of . 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 % APR to % APR. Fixed 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.