Applications Procedure

By | July 15, 2020

Applications Procedure

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

We will always offer free consultations regarding your education loan scenario via email, or via phone, 202-888-4320. We pride ourselves in putting you first and choosing the solution that is best for every 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, also to keep them safe, it is advisable to upload them straight to the application.

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

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

We are able to typically facilitate this demand for married people and other unique situations. Nevertheless, please call certainly one of our education loan specialists at 202-888-4320 to go over choices before continuing with a credit card applicatoin so we are able to find the best answer for you personally.

4. Just just just What info is considered within the initial credit review in the application?

The initial credit review considers most of the information both you and your cosigner offer through the application procedure, such as for instance earnings, level, and college, plus the information acquired from your own credit history. Once you pass the credit review, the step that is next to present paperwork that supports the credit information.

5. If We conserve my application to return and finish it later, just how long is it kept on file?

We are going to maintain your unsubmitted application spared for 1 month. Once you’ve submitted the job as well as your initial credit check is run, we are going to keep your presented application on file for 60 times. But why wait when you’re able to cut costs on your own loan now?

It is possible to access your unfinished application 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?

Contact us at 202-888-4320 plus one of our loan advisors can offer a status upgrade. You may additionally go to your finished application right right here.

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

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

See the application right right here. In the log-in web page, there was a web link to reset the password, or even to obtain your individual name.

8. Upon pre-approval, exactly what documents do i have to provide to perform the application form procedure?

We need 5 things through the underwriting process:

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

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

9. Exactly just What papers are needed for earnings verification?

Because each debtor differs from the others, we make an effort to accommodate a lot of different earnings as most useful we could. Here are our appropriate types of papers for the pay kind:

Salaried/Hourly: if you’re a full-time worker, we will ask you for the paystub dated inside the previous thirty days to confirm your base pay.

Self-Employed: For self-employed borrowers, we will request pages 1 and 2 for the past 2 yrs of one’s federal tax returns (type 1040), in addition to any relevant schedules showing the company earnings. We are going to simply take a two 12 months average associated with the income that is net the schedules.

Adjustable earnings ( e.g. Overtime, payment, or bonus pay): if you’re a member of staff with varying hours or get commissions or bonuses, we are going to ask you to answer for the past 2 yrs of W-2s along with your latest paystub to be able to employ this earnings.

Rental earnings: For rental earnings, we are going to request pages 1 and 2 regarding the past 2 yrs of the federal tax returns (type 1040), in addition to Schedule E.

Pension money: For retired borrowers, we will request the prior 2 yrs of 1099-R kinds and average out of the totals to determine your earnings. Then we can also use your most recent benefit award letters if you do not have 1099-R forms from the previous two years.

10. Do i have to be a PenFed user to refinance? Just how do I are a member?

So that you can refinance with us, you need to turn into a PenFed user but do not worry – it’s not hard to join, and there’s no dependence on army solution. You are going to fill a membership form out 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. You don’t need to be always user to use to refinance your student education loans, we just require membership after pre-approval.