Best Student Loan Refinance Companies of August 2022

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 combine your debts. This will streamline your payments, so you’ll only have one monthly payment and one loan manager to remember.

While most lenders will allow you to co-sign your spouse’s refinance application, the only lender that offers spousal loan refinance — where loans are consolidated together — is PenFed Credit Union.

To determine your eligibility and set your interest rates, PenFed will look at your combined income. If someone is a stay-at-home parent, this approach can be beneficial and help you get a lower interest rate than you would get yourself. 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, you or your cosigner must have an annual income of $50,000.

With PenFed, you can refinance between $7,500 and $500,000 of student loan debt. There are no application or setup fees. Loan terms vary from 5 to 15 years, and there are variable and fixed interest rates. PenFed offers the following rates:

  • Fixed: 7.74% to 9.93%
  • Variable: 2.13% to 4.75%

Read the full review: PenFed Student Loan Refinance

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