ALEXANDRIA, Va. – Pentagon FCU yesterday said it is offering private student loans, a line of credit that will allow members to borrow for educational expenses at a competitive, low rate.
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As with other student loans, payments will be deferred until the student graduates or separates from school.
Designed to be used in addition to – or in lieu of – other types of funding such as grants or Federal Student Loans, PenFed said its Private Student Loan is a line of credit that students utilize for qualified education expenses. Members apply for the loan with PenFed; however, they must also apply for funding at their school's financial aid office. It is the school that determines the member's needs while funds are disbursed straight to the school.
