Student Loans

Purdue Employees Federal Credit Union (PEFCU) is excited to take part in a unique partnership that streamlines the federal student loan process and provides significant cost-saving borrower benefits to undergraduate students, parents and graduate students when they select PEFCU as their preferred lender (Lender Code 829257).

At PEFCU, we are committed to education. That is why when undergraduate students, parents and graduate students choose PEFCU as their preferred lender (Lender Code 829257), they receive valuable benefits.

Undergraduate students applying for Federal Stafford Loans will:

• Pay zero origination fees
• Pay zero default fees (when USA Funds is the guarantor)
• Get a 5% loan credit on eligible Salle Mae-serviced loans after the first 12 payments are made initially as scheduled*
• Choose from flexible repayment options including standard principal and interest payments, repayment based on income and repayment through loan consolidation.

Parents applying for Federal PLUS Loans will:

• Pay zero default fees (when USA Fund is the guarantor)
• Get a 3% loan credit after the first payment is made initially as scheduled*
• Receive a .25 percentage point interest rate reduction when they have payments automatically debited from a checking or savings account**
• Choose from flexible repayment options including delayed repayment, repayment in equal payments of principal and interest, repayment based on monthly income and repayment through loan consolidation.

Graduate students applying for Federal PLUS Loans will:

• Pay zero default fees (When USA Funds is the guarantor)
• Get a 6% loan credit after the first 12 payments are made initially as scheduled*
• Receive a .25 percentage point interest rate reduction when they have payments automatically debited from a checking or savings account**
• Choose from flexible repayment options including standard principal and interest payments, repayment based on income and repayment through loan consolidation.

To take advantage of these benefits, be sure to include Lender Code 829257 on your application.

And visit a branch near you to learn about PEFCU’s other educational initiatives including being the only full-service financial institution located inside Lafayette Jefferson High School and the Purdue Memorial Union at Purdue University as well as exclusive ATM provider inside Purdue residence halls and around campus.

*Borrower must sign up for Manage Your Loans^SM prior to entering payment. Loan credit is based on original principal loan amount (less cancellations, refunds and returns). Terms and conditions apply. Sallie Mae reserves the right to modify, continue or discontinue loan and benefit programs at any time without notice.

**The automatic debit benefit is available during active periods of repayment for as long as the borrower’s monthly payment is successfully deducted from the borrower’s bank account. To qualify for the 0.25 percentage point interest rate reduction, borrowers must sign up on Manage Your Loans, prior to repayment, to receive account information by e-mail. This interest rate reduction continues during active repayment for as long as the borrower continues to pay as initially scheduled.