TYSONS, Va.–PenFed Credit Union said it has entered into partnership with Splash Financial, a Cleveland-based financial education and student loan refinancing company, to provide lending options to help graduates consolidate and refinance student loan debt.
PenFed Credit Union said it will fund up to $350 million annually in student loan refinancing. The partnership expands Splash Financial's focus beyond medical residents and fellows and offers increased options for college graduates interested in consolidating and refinancing their federal and/or private student loans, the company said.
"By partnering with PenFed in the student loan market, we have removed a capital constraint that impedes many other companies in this industry," said Splash Financial CEO Steve Muszynski in a statement. "This partnership, which will offer some of the most competitive rates in the market, further supports Splash Financial's mission of helping young professionals find financial freedom by reducing the burden of their student loan debt."
"We're excited to partner with the Splash Financial team and to grow PenFed's existing presence in the student loan refinance market. Through this strategic partnership and additional marketing channel, we can expand the reach of PenFed's great rates to more consumers," said Shashi Vohra, PenFed executive vice president, president of affiliated business, in a statement.