According to PenFed's press release
The Private Student Loan is a line of credit that will allow members to borrow for educational expenses at a competitive, low rate. As with other student loans, payments will be deferred until the student graduates or separates from school. [...] What is unique about our Private Student Loan program is that conventional student loans require borrowers to re-apply every year -- or even every semester," says Vohra. "With PenFed's lending program, a student need only apply once
It's yet another perk for joining PenFed. They continue to offer competitive long-term CD rates that started in January
. Also, they continue to have one of the best cash back credit card programs
. Refer to those links to see how you can be eligible to join.