Purefy Student Loan Consolidation Review

Purefy is the cheapest money lender which helps and guides the student about the repayment of their Loans and when to consolidate their Loans and why. Learn more about The Underwriting Process of Both the Partners, Purefy Student Consolidation Loan, Warnings before signing up with Purefy and more.

Updated by Annany Sah on 14th January 2020

Another name to learn in the world of student loan consolidation and refinancing is Purefy.  If it seems like lenders are popping up out of the woodwork, it is because they are. The Purefy student loan consolidation business is booming and if you have student debt and want to get rid of high-interest rates, this is a good thing.

The process of getting a loan with Purefy is a simple process in which the loan gets simplified into one single loan with a new loan interest amount which is payable monthly. Shifting our focus back to Purefy, the company isn’t actually new at all.  In reality, Purefy is simply a rebrand of CordiaGrad student loans. 

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What is Purefy?

Purefy was founded in 2014 with the goal of adding more transparency to the student loan industry.

Purefy offers immediate transparency at an unprecedented level, by showing the exact rates before starting an application. We get right to the point and learn about Purefy with really low rates and no gimmicks.

The company works with two partners, PenFed Credit Union and Citizens Bank, to service your student loans. These two lenders offer unique borrower focused benefits and align with our philosophy of transparency Zoeller adds.

Purefy is a private student loan lender. As with everything regarding student loans, it is advisable for you to know more about how private student loan lenders operate.

Basic of Purefy

Interest rates with Purefy start at 3.00% on their variable-rate loans and go as high as 7.34%.  The fixed-rate loans start at 3.89%. These numbers are pretty good and would represent a huge improvement for most borrowers. Like other lenders, there is a .25% discount for auto payments.  Originally, Purefy was more of an independent loan company, and now Purefy loans are issued through Citizen’sBank or PenFed.

Eligibility Criteria of Purefy

In reality, Purefy doesn’t have any eligibility criteria but the partners of Purefy do have some eligibility criteria such as.

PenFed eligibility requirements 

  • Must be at least 18 years old and no longer be enrolled in school

  • Must be a U.S. citizen

  • Must have an income of at least $25,000, or $42,000 to apply without a cosigner

  • Must have a credit score of at least 670, or 700 to apply without a cosigner

Citizens Bank eligibility requirements

  • Must be at least 18 years old and no longer be enrolled in school

  • Must be a U.S. citizen, permanent resident, or resident alien with a valid Social Security Number

  • Must have an income of at least $24,000

  • Must have a credit score of at least 620, or 680 to apply without a cosigner

Extra features of Purefy

There are some extra features that Purefy provides -

1.Couple Loan

Our exclusive Couple Loan allows for spouses to refinance their student loans together and use the higher of the two credit scores provided (by the couple) to determine the interest rate applicable on the refinanced loan.

This is a great option for couples where one spouse is a stay-at-home parent and doesn’t have enough income to qualify on their own.

2. Cosigner release

Convincing a loved one to cosign on your student loan refinancing isn’t always easy. There are certain risks that come with cosigning a loan, and your family member or friend might balk at the idea.

With a cosigner release policy, you can apply to have the cosigner removed from the loan.

At that point, the lender  PenFed or Citizens Bank will review your credit and financial profile and determine if they can afford to lose the extra security by removing your cosigner.

3. No credit check to get your rate

Other online student loan companies typically run at least a soft credit check when giving you a pre-approval offer. With Purefy, you can get a rate quote without entering your personal information.

The Underwriting Process of both the partners

These two banks are the partners of Purefy and these two partners are the subheads which collect the information from the borrowers and that accumulated data is sent to Purefy who in actual dispatches the Loan to the borrower.


These are the following documents which PenFed Ask for from the borrower and submits it to Purefy

  1. A pay stub or tax return to verify income

  2. A government-issued photo ID

  3. Payoff verification statements from each existing student loan servicer

  4. A copy or photo of your diploma or transcripts

  5. PenFed membership application

Citizens Bank

These are the following documents which Citizen Bank ask for from the borrower and submits it to Purefy

  1. Social Security Number and date of birth

  2. Driver's license or state ID number

  3. Current contact information 

  4. A recent pay stub or other income information

  5. Billing statements for your current loans

Purefy Student Consolidation Loan

Student loan consolidation doesn’t have a credit requirement, and it offers the benefit of a single loan bill and potentially lower payments. But it’s only for federal loans, and it won’t cut your interest rate. Consider federal consolidation if you have federal and private student loans you wish to consolidate and:

  • Need to consolidate to be eligible for income-driven repayment or public service loan forgiveness. This is the case if you have Student Family Education, Perkins or parent PLUS loans

  • Want a single federal loan payment, but don’t need it to be drastically lower

  • Are in student loan default and want to get back on track

    Purefy also refinances your student loans for you. Learn more about student loan refinancing to figure out if refinancing or consolidation would be more suitable for you.

Two Warnings before signing up with Purefy

Here are two warnings one should keep in mind before signing up with Purefy - 

1) Advised Consolidation of Federal Loans 

Before signing up with purefy borrowers must get an idea that consolidation of federal loans is a good idea but the risks are to be understood by the borrowers because it can cause a serious problem for them in their monthly expenditure and payment of the interest amount.

2) Consolidation of Spousal Student Debt 

This service is very unique to Purefy because it is very disastrous for the couple to consolidate Spousal Student Debt at the time of a divorce because it will affect both of them, so it is advisable to keep the debts separate which more beneficial for the couple and it will not affect them if they decided to take a divorce.

Qualifying Loans For Purefy

Like most consolidation companies, getting approved isn’t easy, but it is definitely doable.  The good news is that Purefy is slightly more transparent than other lenders, and has shared some of their approval data.

At a minimum, Purefy requires a credit score of 670, and if you are applying without a cosigner that number jumps to 700.  The average borrower has a credit score of 770. Borrowers also need to have two full years of employment and earn at least $25,000 per year $42,000 without a cosigner.  The average borrower makes $95,000.


If you have been at your current job for 1.5 years, look elsewhere.  (Purefy is fairly unique in requiring the extended length of employment).  Otherwise, Purefy is a solid option for most borrowers. Coming in at number 9 on our list of student loan consolidation companies, Purefy is a decent option and one that smart shoppers should examine before making their final decision.

It is very important to understand the terminologies and details associated with student loans before making major decisions. Always remember to do your part of the research to be safe.