Applications Procedure

1. Just just What quantity do we phone if i’ve concerns?

We shall constantly offer free consultations regarding the education loan situation via this is certainly penfed@purefy or via phone, 202-888-4320. We pride ourselves in putting you first and choosing the best solution for every single unique situation. We are here to help whether you have questions regarding an in-process application or you’re shopping around for information.

2. Where do we deliver my underwriting papers?

To expedite the processing of one’s loan papers, and also to keep them safe, it is advisable to upload them right to the application.

If required, candidates could also e-mail their papers to: and can include the application ID.

3. Am I able to refinance loans for just two or more borrowers into one loan (for example. Can two different people refinance their loans into 1 loan)?

We could typically facilitate this demand for married people and other situations that are unique. Nonetheless, please call certainly one of our education loan specialists at 202-888-4320 to talk about choices before proceeding with a software so we will get the best answer for your needs.

4. Just just just What info is considered into the initial credit review from the application?

The initial credit review considers most of the information both you and your cosigner provide through the application process, such as for example earnings, degree, and college, along with the information obtained from your own credit history.

5. It later, how long is it kept on file if I save my application to come back and finish?

We are going to maintain your application that is unsubmitted saved thirty day period. After you have submitted the job as well as your credit that is initial check run, we are going to keep your presented application on apply for 60 times. But why wait when you’re able to save cash on the loan now?

You’ll access your application that is unfinished right right here. You may do so here if you need to upload documents.

6. How can the status is checked by me of my loan?

Call us at 202-888-4320 plus one of our loan advisors can offer a status improvement. You may additionally check out your completed application right right here.

Upon logging in, view the “Checklist” tab to ascertain if any papers are outstanding.

7. I cannot log into my account. Just how do I reset my username and/or password?

Check out the application right here. Regarding the page that is log-in there was a website link to reset the password, or even to get your individual title.

8. Upon pre-approval, just just what documents do i must provide to accomplish the application form procedure?

We need 5 things throughout the underwriting procedure:

  • Money verification: a tax or paystub return. See details that are further FAQ # 9
  • Picture ID: a permit, Passport, or state-issued ID card
  • Payoff Verification Statements from each servicer that is existing a statement that projects the payoff quantity 10, 15, or 1 month to the future
  • Graduation verification: a content or picture of one’s diploma or transcripts
  • PenFed Membership Application: a part of the job after pre-approval

You don’t need to break out of the fax device, a smartphone image or display screen shot will suffice.

9. Just just What papers are expected for income verification?

Because each debtor is significantly diffent, we you will need to accommodate numerous kinds of earnings as most useful we are able to. Here are our appropriate kinds of papers for the pay kind:

Salaried/Hourly: if you should be a full-time worker, we are going to ask you to answer for the paystub dated inside the previous thirty day period to confirm your base pay.

Self-Employed: For self-employed borrowers, we are going to request pages 1 and 2 associated with the past 2 yrs of the federal tax returns (type 1040), in addition to any relevant schedules showing the business enterprise income. We are going to just take a two 12 months average regarding the net gain from the schedules.

Adjustable Income ( e.g. Overtime, payment, or bonus pay): if you’re an employee with varying hours or get commissions or bonuses, we are going to ask you for the past 2 yrs of W-2s as well as your newest paystub so that you can employ this earnings.

Rental earnings: For leasing earnings, we are going to request pages 1 and 2 regarding the past 2 yrs of the income that is federal tax (Form 1040), also Schedule E.

Pension money: For retired borrowers, we will request the last 2 yrs of 1099-R kinds and average out of the totals to determine your earnings. If you don’t have 1099-R forms through the past 2 yrs, then we are able to additionally make use of your newest benefit award letters.

10. Do i must be described as a PenFed user to refinance? How do you registered as a member?

To be able to refinance with us, you need to turn into a PenFed user but do not worry – you can join, and there’s no requirement of army solution. You are going to fill away a account type through the underwriting procedure when you are pre-approved. As soon as your membership is verified, you should have usage of PenFed’s award-winning services and products. There is no need to be always member to use to refinance your student education loans, we just need membership after pre-approval.