PenFed Foundation has begun a student loan repayment program to support black veterans in the Washington D.C. region with student loan assistance.
Funding for the Black Veteran Student Loan Repayment Program is provided by Purefy, a D.C.-based technology platform.
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 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,” said PenFed Foundation President and retired Army Gen. John W. Nicholson Jr.
PenFed Foundation will be accepting applications for the Black Veteran Student Loan Repayment Program through 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.
“As a veteran, I know how the burdens of debt of any kind can weigh on a military family’s financial well-being,” said Jack Zoeller, Purefy’s Founder & CEO.
Related
The PenFed Foundation’s Black Veteran Student Loan Repayment Program is one of several initiatives to support military members, veterans, and their families.
The 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.
The 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.
Reach Julia LeDoux at Julia@connectingvets.com
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