PenFed Foundation Partners with Purefy to Launch Black Veteran Student Loan Repayment Program | state
TYSONS, Virginia, June 4, 2021 / PRNewswire / – The PenFed Foundation, a national 501 (c) (3) organization founded by PenFed Credit Union, today announced the launch of a new student loan repayment program for black veterans, with funding provided by Purify, a technology platform based on direct current. The PenFed Foundation aims to support black veterans in the Washington DC area with student loan assistance. The PenFed Foundation will award $ 5,000 to 20 selected applicants by issuing a monthly payment of up to $ 500 until $ 5,000 has been repaid on their student loan balances.
âAmerican families have more than $ 1.7 trillion in unpaid student debt. For military families, student loans are one of the main sources of debt. At the PenFed Foundation, we want military veterans and their families to be able to continue their education and live financially free, âsaid the President of the PenFed Foundation and the retired US Army General. John W. Nicholson, Jr. “We want to do everything in our power to ensure every Veteran has a strong financial future. We hope this student loan assistance program will be a resource for the African American Veterans in our community who have served our nation as so selfless way. “
Jack Zoeller, Founder and CEO of Purefy, added, âAs a veteran, I know how the burden of debt of any kind can weigh on the financial well-being of a military family. Washington DC company, we are thrilled to be able to partner with the PenFed Foundation to establish this student loan assistance program to recognize and give something back to African American military personnel living in our local community. “
The PenFed Foundation will accept applications for the Black Veterans Student Loan Repayment Program from June 4 – July 31. Eligible applicants must identify themselves as African American or Black, be honorably discharged from the military, live in the DC metro area, and have a gross annual income not exceeding 80% of the median income for the region in which the applicant lives , adjusted for household size.
The PenFed Foundation’s Black Veteran Student Loan Repayment Program is one of many initiatives to support service members, veterans and their families. The PenFed Foundation Investment program for veteran entrepreneurs includes assistance programs such as a one-year masters program that helps develop veteran-owned startups through training, mentoring, access to networks and investor funds. The PenFed Foundation also recently launched a GovCon Veteran Women Boot Camp Accelerator, which engages veteran women entrepreneurs with companies in government contracts through free, business-oriented training sessions, coaching, ‘networking and grant access opportunities.
âAlmost 35% of military families see student debt as their most stressful source of debt. I have had the opportunity to work with hundreds of veterans and their families, and I know that financial hardship can be a major obstacle to achieving their goals and aspirations. The mission of the PenFed Foundation is to help eliminate financial burdens and equip the military community with the resources it needs to thrive, âsaid the director of programs for the PenFed Foundation. Daria teutonico.
To find out more and apply, visit https://penfedfoundation.org.
Aabout the PenFed Foundation
Founded in 2001, the PenFed Foundation is a national, non-profit organization committed to empowering military service members, veterans, and their communities with the skills and resources to achieve financial stability and opportunity. It equips military members, veterans, their families and support networks with the skills and resources they need to improve their lives through financial education, homeownership, veteran entrepreneurship and short-term help. Affiliated with PenFed Credit Union, the Foundation has the resources to effectively reach military communities across the country, build strong partnerships, and engage a dedicated corps of volunteers in its mission. The credit union funds Foundation staff and most operational costs, demonstrating its strong commitment to the programs offered by the Foundation. Equal housing opportunity. To learn more, visit www.penfedfoundation.org.
About Purefy Inc.
Situated at Washington DC and Richmond Virginia, Purefy is a digital financial platform that has helped over 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 lending options and a path to lower borrowing rates, without bias for lenders. Purefy has assembled an award-winning team of student loan advisors to guide clients to financial freedom. To compare loan options or become a lending partner, visit Purefy.com.
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