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PenFed Credit Union partners with Sallie Mae for college planning and financing

PenFed Credit Union, the second largest federal credit union in the country, has announced a new 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.

The new partnership includes PenFed Scholarship Search, an easy-to-use tool with access to 3 million scholarships worth more than $18 billion. Members can register (free of charge), fill out a brief profile, and receive matches that identify relevant scholarships and their award amounts, application requirements, and deadlines.

“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 press release. “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.”

Through the partnership, PenFed members will now have access to in-school financing through a full suite of competitively-priced options to pay for undergraduate and graduate school.

“We directly address one of our members’ biggest concerns:  how to pay for the expense of higher education,” Vohra said. “Our focus is to continue adding value for our members.”

The partnership builds on PenFed’s 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.

Additonally, 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.

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