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Best Student Loan Refinance Lenders For Parents August 2021 – Forbes Advisor

PenFed, short for Pentagon Federal Credit Union, offers student loan refinancing through a partnership with Purefy, an online-only student loan provider. Students can refinance their parents’ loans and take responsibility for repayment, or parents can refinance their own loans.

You will need to become a member of PenFed Credit Union in order to refinance once you have been pre-approved for a loan, but there are no membership restrictions for refinancing clients and there is a minimal cost to join. You will then have access to other financial products as a PenFed member.

Additional details

Loan conditions : 5, 8, 12 and 15 years old

Loan amounts available: $ 7,500 to $ 300,000

Eligibility: The student must have obtained a bachelor’s degree. The borrower must have a minimum credit score of 700 and a minimum income of $ 42,000 if you are refinancing less than $ 150,000. (You should use a co-signer if your credit score is 670-699 and your income is between $ 25,000 and $ 41,999).

If you are refinancing $ 150,000 or more, you will need a minimum credit score of 725 and a minimum income of $ 50,000. (You should use a co-signer if your credit score is 670 to 724 and your income is $ 25,000 to $ 49,999).

Opt-out options: PenFed does not disclose a specific forbearance limit, but borrowers applying for repayment assistance have the option of receiving temporary (six months or less) or permanent assistance depending on their circumstances. After completing a support request, PenFed indicates that it will provide a personalized solution.

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