TYSONS, Va., June 4, 2021 /PRNewswire/ -- The PenFed Foundation, a national 501(c)(3) founded by PenFed Credit Union, today announced the launch of a new Black Veteran Student Loan Repayment Program, with funding provided by Purefy, a D.C.-based technology platform. PenFed Foundation aims to support Black veterans in the Washington D.C. region with student loan assistance. The PenFed Foundation will award $5,000 to 20 selected applicants by issuing a monthly payment up to $500 until $5,000 has been paid down on their student loan balances.
"U.S. families have more than $1.7 trillion in outstanding student debt. For military families, student loans are one of the top sources of debt. At the PenFed Foundation, we want military veterans and their families to be able to pursue their education and live free of financial worry," said PenFed Foundation President and retired U.S. Army Gen. John W. Nicholson, Jr. "We want to do everything in our power to ensure that every veteran has a strong financial future. We hope this student loan assistance program will be a resource to African American veterans in our community who have served our nation so selflessly."
Jack Zoeller, Purefy's Founder & CEO, added: "As a veteran, I know how the burdens of debt of any kind can weigh on a military family's financial well-being. And as a Washington, D.C. company, we are thrilled to be able to partner with PenFed Foundation in establishing this student loan assistance program to recognize and give something back to African American military personnel living in our local community."
PenFed Foundation will be accepting applications for the Black Veteran Student Loan Repayment Program from June 4 - July 31. Eligible applicants must identify as African American or Black, be honorably discharged from the military, live in the D.C. metro area and have a gross annual income that is no more than 80% of area median income where the applicant lives, adjusted for household size.
The PenFed Foundation's Black Veteran Student Loan Repayment Program is one of several initiatives to support military members, veterans and their families. The PenFed Foundation's Veteran Entrepreneur Investment Program includes assistance programs such as a year-long Master's Program that helps grow veteran-owned startups through training, mentorship, access to networks and investor funds. PenFed Foundation also recently launched a Women Veteran GovCon Bootcamp Accelerator, which engages women veteran entrepreneurs with businesses in government contracting through free, business-focused education sessions, coaching, networking opportunities and access to grants.
"Nearly 35% of military families rank student debt as their most stressful source of debt. I've had the opportunity to work with hundreds of veterans and their families, and I know financial hardship can be a major setback to achieving their goals and aspirations. The PenFed Foundation's mission is to help eliminate financial burdens and equip the military community with the resources they need to thrive," said PenFed Foundation Director of Programs Daria Teutonico.
To learn more and apply, visit https://penfedfoundation.org.
About PenFed Foundation Founded in 2001, the PenFed Foundation is a national nonprofit organization committed to empowering military service members, veterans and their communities with the skills and resources to realize financial stability and opportunity. It provides service members, veterans, their families and support networks with the skills and resources they need to improve their lives through programs on financial education, homeownership, veteran entrepreneurship and short-term assistance. Affiliated with PenFed Credit Union, the Foundation has the resources to effectively reach military communities across the nation, build strong partnerships, and engage a dedicated corps of volunteers in its mission. The credit union funds the Foundation's personnel and most operational costs, demonstrating its strong commitment to the programs the Foundation provides. Equal Housing Opportunity. To learn more, visit www.penfedfoundation.org.
About Purefy Inc. Based in Washington DC and Richmond VA, Purefy is a digital financial platform that has helped more than 200,000 borrowers navigate the often difficult task of obtaining and refinancing student loans. Purefy partners with leading financial institutions to present a wide selection of loan options and a path to lower borrowing rates, without lender bias. Purefy has built an award-winning team of student loan advisors to guide customers to financial freedom. To compare loan options or become a lending partner, visit Purefy.com.
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SOURCE PenFed Foundation