The Pentagon Federal Credit Union and Sallie Mae announced a new partnership that will give PenFed members access to in-school financing through a suite of undergraduate and graduate school payment options.
The partnership offers an easy-to-use scholarship tool, PenFed Scholarship Search. This allows access to three million scholarships valued at more than $18 billion. Members can register for free, complete a short profile and get matches identifying appropriate scholarships with application requirements, award amounts and deadlines, according to a press release.
For PenFed, this partnership expands its student loan options, which includes a student loan refinancing program that enables borrowers to consolidate their loans after college and save money with lower interest rates and customized repayment terms.
PenFed also has its Collegiate Funding Solutions planning tool that assists members with college educations costs by helping you create a financial strategy to decrease out-of-pocket costs while in school. The tool creates a personalized report that looks at your school of choice and addresses whether you’re a candidate for financial aid, if you’ll have to pay the full price, how much financial aid you can expect, and what you need to do to get scholarships. The report will also give you a financial breakdown so you can see at a glance what you’ll pay.
To use any of these services, you need to be a member of PenFed Credit Union – and there are a number of ways to be eligible. You will also need to open a savings account with a minimum of $5.
Other Planning Tools to Check Out
Along with PenFed’s planning tools, many other financial institutions also offer college planning and savings aids. Before you apply for student loans, be sure to search the lender’s website for any tools and additional resources that can help you budget and plan. Here are some others that offer a wealth of information to review and use.
Discover: Consumers can apply for a variety of student loans including for undergraduate and graduate school, as well as loans for medical residency, the bar exam, health professions, and loan consolidation. Discover Student Loans offers incentives for good grades and a choice of in-school or deferred repayment options. You’ll also find helpful articles and calculators.
SunTrust Bank: Under its loan section, consumers can review the student loan content available from SunTrust Student Loans. Loan information also includes cosigners, repayment options, and compare federal options. The section also features a college loan calculator, FAQs, educational content, and a list of ways to pay for college.
Author: Debbie Baratz
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