Purefy Refinancing Review

Purefy acts as a comparative tool that helps you to choose a bank that best suits your needs. Learn more about Purefy and their partnered banks.

Updated by Akshata Patil on 7th October 2020

Purefy is a credit union launched in 2014 that has partnerships with various lenders. Purefy helps students in choosing a lender by acting as a comparative tool. They provide you a list of financial institutions and their related details. Purefy offers a transparent approach.

They act as a helping hand intending to provide a simple process for student loans and refinancing with the best and affordable interest rates. They assist you in your savings by cutting down your expense on student loan debts. Sometimes you can find lower interest rates and better repayment terms which makes refinancing a good choice. With Purefy you can refinance both private and federal student loans. 

Table of Contents

Purefy refinancing review

Before you make the final decision to refinance your student loans with Purefy, ensure that you consider their pros and cons. Here's what you should know 

Pros of refinancing with Purefy 

The advantages of refinancing with Purefy and their partners are

1 - Low rates- Purefy provides comparatively low rates for both fixed and variable APR

2 - Rate tools- You can check the rates you will qualify for by using its 'Finding my rate' Tool which does not require a credit score check and something that no other banks facilitate

3 - No origination fees- Purefy does not charge any origination or application fees 

4 - No prepayment penalty- The best part is that you can get rid of your loan soon by making early payments

5 - Speedy service- many lenders take at least 30 days to finish the refinancing process, but Purefy completes the process in only 15 days

6 - Refinancing federal student loans- Purefy allows you to refinance federal student loans including Parent PLUS and other PLUS loans which not banks allow you to do

7 - Spouse refinance/consolidation- One of the unique services they provide is a consolidation of spouse loans which not all banks provide easily

Cons of refinancing with Purefy 

The disadvantages of refinancing with Purefy and their partners are

1 - Complex eligibility criteria- As Purefy works with multiple providers, each provider has its own eligibility criteria that you must be aware of before you choose a final lender

2 - Join their credit union- If you are refinancing with PenFed, a partner of Purefy, you need to become a member of their credit union

3 - Credit check- To get preapproved you have to undergo a credit check, which will affect your credit score

4 - Restricted discounts- The only discount that you can get through Purefy is when you choose Citizen Bank for refinancing. The discount you will be receiving is 0.25%.

5 - Lose of Federal benefits- Once you refinance your Federal loans, they are now private loans. Making you lose all the benefits and perks offered by the Federal Government for Federal student loans.

Contact Purify

For more details, you can contact them via

Call: 202.524.1115

Text: 202.900.9014

Email: info@purefy.com or press@purefy.com

Official Website: www.purefy.com


Why you should choose Purefy?

You have multiple private loan lenders who provide the service to refinance your student loans. So who do you choose? The best way to shop around for refinancing private student loan lenders, make a thorough study, and know what benefits a lender can provide you? Here are a few reasons why you should opt for Purefy. 

1. Small but the best team

The Purefy calls themselves the nimble, innovative, and dedicated body, who aims as offering you lower student loan rates. They provide you the best tools and options to make you debt-free as soon as possible. They hold a small team of personal loan advisors in the business.

They might be small but they have the best team. Many rate tools have been introduced as part of their innovation to its customers. With these features, the customer can better user-friendly interface helping them. Their advisory expertise help by providing information related to your loans helping customers save time. 

2. Personal consultations

They believe they provide a different kind of service as they are highly committed and thoughtful professionals who opted to exit the Big banks so that they can build strong relationships with the communities and customers. It's always important you have customer satisfaction to get better reviews at the Better Business Bureau.

They are a borrower- centric approach. They call themselves so because they are capable of providing personal consultations. They provide their service through email, chat, over the phone, or even in person. 

Despite their applications being automated they still provide a customized solution that suits your needs the best. 

3. Acts as helping hands to committed students

They are a helping hand to the students that are sincere in their commitment. They provide financial assistance to those students and families that have proven their commitment by maintaining their credit by timely payments. They offer them a premium student loan with much lower interest rates.

Hence they encourage the committed students by providing additional lower rates. Student loans are complicated tools so getting any kind of support will help the borrowers in the long run. They provide flexible repayment terms up to 15 years when you refinance your student loans with them. Their borrowing limits start from $7,500, and the maximum is $300,000.


                                                   Worried about your college tuition? Learn more about best student loans


Private Student Loans Refinancing

Purefy assists you in refinancing by providing better options for comparison. Purefy has partnerships with private banks through which you can refinance your loans. They act as a comparative tool to choose the bank that suits you the best.

Purey allows you to refinance private student loans, parent PLUS loans, and federal student loans.

Through Purefy you can have access to the following lenders-

  1. College Ave

  2. Earnest

  3. Invested

  4. PenFed

A table showing is a comparison between the above lenders, this comparison is based on the tool created by Purefy.

Bank  Fixed rates Variable rates Term 
College Ave 3.54% - 6.49% APR 2.74% - 6.49% APR 5-20 years
Earnest 3.47 - 7.59% APR 2.27% - 6.89% APR 5-20 years
INvested 3.69% - 7.44% APR 3.04% - 6.68% APR 5, 10, or 15 years
PenFed 3.48% - 6.03% APR 2.67% - 7.41% APR 5, 8, 12, or 15 years

From the above table, we can get a clear picture of the different factors to consider for comparison between multiple lenders. Apart from interest rates and repayment terms you can also consider factors like minimum loan eligibility, income requirement, and other such factors.

Eligibility Criteria for Private Student Loans Refinancing

Every bank has its own eligibility criteria that you must know before choosing a lender to make sure you go through all the banks’ eligibility criteria. 

Let us read about the eligibility criteria for the partnered lenders.

1. College Ave

The eligibility criteria for College Ave is

  • They provide highly flexible terms between 5 to 20 years

  • Minimum loan amount eligibility: $10,000 (depends on the degree)

  • The maximum loan amount for medical, pharmacy, dental, or veterinary doctorate degrees is $300,000

  • The minimum income required $65,000

2. Earnest

The eligibility criteria for Earnest is

  • They provide highly flexible terms between 5 to 20 years

  • Applicants must be residents of the District of Columbia or one of the 47 states Earnest lends in except Delaware, Kentucky, and Nevada

  • Under Earnest, a variable rate is not offered to the residents of AK, IL, MN, NH, OH, TN, and TX

  • The student loans must be registered in the name of the applicants and used for their education purpose only

  • Earnest does not have a cosigner option

  • The minimum loan limit is: $5,000

  • The maximum loan limit is $500,000

3. INvested

The eligibility criteria for INvested

  • To qualify you must be a resident of Indiana or have graduated from an eligible Indiana school

  • You can access cosigner release after making 48 consecutive on-time payments

  • If the borrower dies or is totally and permanently disabled the loan may be forgiven

  • For deferment, you must be on active duty of military

  • Others may be offered hardship deferment of up to 24 months

  • The minimum loan amount is $5,000

  • The maximum loan amount is $200,000

4. PenFed

The eligibility criteria for PenFed is

  • The borrowers must become  a member of the credit union

  • One of the few banks that allows married couples to combine their loans into one refinanced loan

  • Cosigner release option offered after 12 consecutive on-time payments (not eligible for couple loans)

  • The child can refinance his loan on his parents' name and vice versa


                                    Looking to refinance your student loans? Find the best student loan refinancing lenders


Parent PLUS Loans Refinancing

Purely understands the struggle of the parents struggling with their children’s loans to give them a better future, and therefore, they have come up with refinancing of the parent PLUS loans.

Purefy assists you in refinancing by providing better options for comparison. Through Purefy you can have access to the below lenders-

  1. College Ave

  2. Earnest

  3. Invested

  4. PenFed

A table showing a comparison between the partnered banks. This comparison is based on the tool created by the Purefy team

Bank  Fixed rates Variable rates Term 
College Ave 3.54% - 6.49% APR 2.74% - 6.49% APR 5-20 years
Earnest 3.47 - 7.59% APR 2.27% - 6.89% APR 5-20 years
INvested 3.69% - 7.44% APR 3.04% - 6.68% APR 5, 10, or 15 years
PenFed 3.48% - 6.03% APR 2.67% - 7.41% APR 5, 8, 12, or 15 years

From the table, you can see that the interest rates for the parent PLUS loans are the same as that of private student loans.

Eligibility Criteria for Parent PLUS Loans Refinancing

Make sure that you go through the eligibility criteria of all the banks that you have shortlisted. Let us read about the eligibility criteria for Parent PLUS loans refinancing.

1.College Ave

The eligibility criteria for College Ave is

  • College Ave provides highly flexible terms between 5 to 20 years

  • The parent or the applicant that is applying for refinancing must be the borrower or cosigner of the loans

2.Earnest

The eligibility criteria for Earnest

  • Earnest provides highly flexible terms between 5 to 20 years

  • Applicants must be residents of the District of Columbia or one of the 47 states Earnest lends in except Delaware, Kentucky, and Nevada

  •  Variable-rate loans are not provided to the following states AK, IL, MN, NH, OH, TN, and TX

  • You must be enrolled in a Title IV-Accredited School

  • Earnest does not have a cosigner option

  • Earnest provides refinance to the eligible dependent’s education, and the degree must be completed (or will be completed by the end of the semester)

  • The minimum loan limit is $5,000

  • The maximum loan limit is $500,000

3.INvestEd

 The eligibility criteria for INvested is

  • To qualify you must be a resident of Indiana or have graduated from an eligible Indiana school

  • You can access cosigner release after making 48 consecutive on-time payments

  • If the borrower dies or is totally and permanently disabled the loan may be forgiven

  • For deferment, you must be on active duty of military

  • Others may be offered hardship deferment of up to 24 months

  • The minimum loan amount is $5,000

  • The maximum loan amount is $200,000

  • If you are enrolled up to 36 months of in-school deferment at an eligible institution for at least half-time for obtaining a graduate degree

4.PenFed

The eligibility criteria for PenFed is

  • The borrowers must become a member of the credit union

  • One of the banks that allows married couples to combine their loans into one refinanced loan

  • Cosigner release option offered after 12 consecutive on-time payments (not eligible for couple loans)

  • The child can refinance his loan on his parents' name and vice versa


Applying for Refinancing with Purefy

After you have compared the lenders on various factors, the next step is to start applying. Filling out the application form will generally take up to 15 minutes. While filling the application form you will have to provide your personal information such as your loan details, income details, tax documents, employment documents, and so on. 

Once they approve your application, the lender will ask you to provide documents for verification purposes. After completing the application process, your new lender will refinance your loans by paying off the old loans and giving you a new loan with a new amount, new interest rate, new repayment terms, and new terms and conditions.

Note: You can apply for multiple lenders. Upon approval, you can have a better option for comparison and select the best as per your preference.


Should you refinance your student loans with Purefy?

Think twice before refinancing your student loans, especially if you have federal loans as they have better offers for income-driven repayment plans and student loan forgiveness benefits which you can’t access if you choose to refinance as an option as you can’t switch back to the federal loans so it's better to evaluate before taking steps. If you finally made your mind for refinancing, do the math before choosing a lender as which will help in saving the best will be the best option for you and then apply for it. 

Consider the loan terms when you choose the student loan companies as you should look at all the options such as choosing the right term can maximize the saving make things easier for you. So it depends upon the research, the more you do the easier it will be to choose the right lender and can use refinancing to save money and time while paying down your student loans.




Frequently Asked Questions

  • 1.Can a variable rate student loan be refinanced with Purefy?   

    Purefy is a credit union that provides information about various financial institutions. Yes, some financial institutions have a partnership with Purefy offers student loan refinancing at a variable rate. You can save more by choosing a variable rate and refinancing at a variable rate helps you in getting lower monthly payments.   

  • 2.Can a single student loan be refinanced?   

    Yes. You can refinance your student loans as many times as you wish. If your credit score has improved, refinancing helps you in getting lower interest which reduces your monthly payment. 

  • 3.Is it possible to refinance student loans of couples with Purefy?

    Yes, It is possible. In the space of refinancing and consolidation, Purefy is the only lender that provides an option for couples to combine their student loans into a manageable debt.   

  • 4.Does Purefy offer deferments or forbearance?   

    Purefy has so many lenders and each lender has its policy. Penfed does not advertise for forbearance and deferments. Penfed works with borrowers to determine the best remedy in case of extraordinary circumstances.   

  • 5.Does Purefy charges any fee for its services?   

    No. It doesn't charge any fee though it helps in picking the best lender for the student loans. 

  • 6.How Purefy helps students in refinancing their loans?   

    As there are plenty of private lenders who refinances student loans, Purefy tools help you in finding the best interest rate for refinancing your student loan in minutes.  

  • 7.How Purefy helps in choosing the top student loan refinancing company?

    Purefy helps you in finding the best student loan refinancing company according to your needs with its various tools and provides advisors so that you can make the right decision about refinancing.