TYSONS, Va.—PenFed Credit Union said it has entered into a partnership with Sallie Mae 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, in a statement. “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.”
The new partnership includes PenFed Scholarship Search, an easy-to-use tool with access to three million scholarships worth more than $18 billion. Members can register at no charge, fill out a brief profile, and receive matches that identify relevant scholarships and their award amounts, application requirements, and deadlines.
PenFed said the partnership builds off its 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. Additionally, 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, the credit union said.