You and your spouse can combine your student loan debt and streamline your payments with PenFed Credit Union.
If you and your spouse both have student loans, you may want to pool your debt. It will streamline your payments so you only have one monthly payment and one loan servicer to remember.
While most lenders will allow you to co-sign your spouse’s refinance application, PenFed Credit Union is the only lender that actually offers spousal loan refinance — where the loans are pooled.
To determine your eligibility and set your interest rates, PenFed reviews your combined income. If a person is a stay-at-home parent, this approach can be beneficial and help you get a lower interest rate than you would get on your own. For loans up to $150,000 the minimum income is $25,000 and unless your income is at least $42,000 a co-signer with an income of $42,000 is required. For loans over $150,000, either you or your co-signer must have an annual income of $50,000.
With PenFed, you can refinance student loan debt between $7,500 and $500,000. There are no application or incorporation fees. Loan terms range from 5 to 15 years and there are variable and fixed interest rates. PenFed offers the following plans:
- Fixed: 2.89% to 4.98%
- variable: 2.13% to 4.75%
Read the full review: Refinancing PenFed Student Loans