PenFed Credit Union, the nation’s second-largest federal credit union, today announced a new partnership with Sallie Mae, the nation’s saving, planning, and paying for college company, to offer free college planning tools and a full suite of financing options to help PenFed members responsibly pay for college.
“PenFed is committed to helping our members realize their dreams of attending college by assisting them with their financial needs,” said Shashi Vohra, PenFed senior executive vice president and president of affiliated businesses. “Partnering with Sallie Mae, we are pleased to expand our student loan portfolio and provide many new financing options and more free college planning tools to our members.”
Through the partnership, PenFed members will now have access to in-school financing through a full suite of competitively-priced options to pay for undergraduate and graduate school. Sallie Mae’s private student loans offer competitive fixed and variable rates with no origination fees or prepayment penalties.
“We directly address one of our members’ biggest concerns: how to pay for the expense of higher education,” said Vohra. “Our focus is to continue adding value for our members.”
The new partnership launched today includes PenFed Scholarship Search, an easy-to-use tool with access to 3 million scholarships worth more than $18 billion. Members can register (free of charge), fill out a brief profile, and receive matches that identify relevant scholarships and their award amounts, application requirements, and deadlines.
“Sallie Mae’s mission to help students and families responsibly save, plan, and pay for college is very much aligned with PenFed’s goal of providing its members responsible, and cost effective products and services,” said Kelly Christiano, senior vice president, Sallie Mae. “Our suite of private student loans will help them do just that, offering members well-priced, competitive, and flexible private student loans to bridge any financing gap for college or graduate school.”
The partnership builds on PenFed’s student loan options that include a student loan refinancing program allowing borrowers to consolidate loans after college and save through customized repayment terms and low interest rates. Additonally, PenFed’s Collegiate Funding Solutions planning tool helps members save on the cost of college education by taking the guesswork out of developing a financing strategy and reducing out-of-pocket costs while in-school.
For more information, visit https://www.penfed.org/