The bottom line: Pentagon Federal Credit Union, or PenFed, offers student loan refinancing for its members, with loans issues by online lender Purefy. It's best for married couples who want to refinance their student loans into a single one.
Pros & Cons
Married couples can refinance student loans into a single loan.
You can refinance parent PLUS loans in your name.
You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Estate is still responsible for the loan if the borrower dies.
How does this loan compare?
Pentagon Federal Credit Union, known as PenFed, offers student loan refinancing for its members. PenFed stands out because it allows married couples to refinance student loans together.
Online lender Purefy is the exclusive provider of PenFed student loans. Purefy was previously part of the Bank of Virginia, issuing student loans under the name CordiaGrad. It became a separate company in 2016.
PenFed student loan refinancing at a glance
Offers personalized rate estimates via a soft credit check.
Married couples can refinance together.
Borrowers can refinance their parents’ PLUS loans.
How PenFed could improve
Like other five-star lenders, PenFed isn't perfect. It could improve by offering additional programs such as:
Military deferment, as well as academic deferment for borrowers returning to school.
Refinancing loans for lawful permanent residents of the United States.
PenFed student loan refinancing details
How to refinance with PenFed through Purefy
Before deciding on a student loan refinance lender, compare multiple student loan refinance options to make sure you’re getting the best rate you qualify for. In addition to interest rates, compare lenders’ repayment options and the flexibility they offer borrowers who are struggling to make payments.
Student loans ratings methodology
NerdWallet believes the best student loan is one you can repay at the lowest interest rate you can get. That’s why NerdWallet’s student loan ratings reward lenders that offer a variety of loan terms, limit their fees and penalties, and extend borrowers multiple options to avoid default. Points are also awarded for soft credit checks, underwriting transparency and other consumer-friendly features. Use these ratings as a guide, but we encourage you to shop around for the lowest interest rate you can qualify for. NerdWallet does not receive compensation for its reviews. Read our editorial guidelines.
on Purefy's website