Loans Refinance Review

Purefy Student Loan Refinance Review 2024

Purefy Student Loan Refinance

If you’re an individual with existing student loans seeking to potentially lower your interest rates or monthly payments, Purefy Student Loan Refinance can be a beneficial option for you.

Student loan refinancing can be a great option for individuals who are looking for financial management of their educational debts. Most of the students borrow education loans from lenders to cover their educational expenses including their tuition fees, housing, traveling, books, food, and many more. 

But they need to pay the loan once they start making money or get employed. It will be difficult to meet the strict repayment terms and interest of some loans. As an alternative the loan refinancing is the best option. 

Student loan refinancing allows individuals to replace their current loan with a new one. The new loan comes with different loan terms and interest rates that might be lower and more flexible as compared to the old ones. 

You can explore how Yrefy Student Loan Refinance optimizes your loan strategy in our dedicated article.

When it comes to student loan refinancing, Purefy Student Loan Refinance stands out as one of the leading companies in the industry. In this article, we aim to provide comprehensive insights into Purefy Student Loan Refinance, offering everything you need to know about this renowned service.

What is Purefy Student Loan Refinance?

Purefy is a student loan refinancing company that came into existence in 2014 in the image of a student loan comparison website. But earlier the company allowed the borrowers to check refinance rates based on their financial needs and goals. In 2016, Purefy started releasing their funds and granting them to borrowers as refinanced student loans and parent loans. The company is in partnership with Pentagon Federal Credit Union (PenFed).

The main motive of the private lending company is to simplify the process of student loan refinancing options. It offers personalized rates and repayment terms from various private lenders in the market. 

It provides a dashboard to compare rates and terms, providing a comprehensive overview of all the available options for refinancing. The partnership with PenFed allows borrowers to access competitive rates, flexible repayment terms, and an easy application process.

The company provides transparency to the applicants and the information needed to decide upon the loan refinancing. The private lending company Purefy offers several services including a user-friendly platform for borrowers to check whether they are eligible or not, an easy step to applying for refinancing, and managing student loan refinancing in a single place. 

How to apply for the Purefy student loan refinance?

For individuals seeking loan refinancing, the application process is straightforward. Applying for a loan through Purefy Student Loan Refinance is swift and user-friendly, accessible via your computer, smartphone, or tablet. To initiate the refinancing process, you’ll be prompted to furnish essential details about your profile and financial standing. Here’s your guide to get started:

  • Prequalification:

First of all, you need to obtain the prequalification for a loan refinancing. Purefy has a wide network of private lenders who will review your profile and decide whether to grant the loan or not. The prequalification also allows you to compare the interest rates and find the best possible offer for you. 

  • Fill Out the Application Form:

Once you get pre-qualified you need to fill out the application form and get some additional documents that are required to finalize the application procedure. These documents include proof of income, a valid photo ID, payoff verification from current lenders, proof of graduation, and most importantly a PenFed membership application needed to be attached for those who are not members. 

You can also conveniently upload photos or screenshots. The procedure of the application can be accomplished on the official website. 

  • Wait for Approval:

Once you submit your application with the PenFed portal. Just wait for the verification of documents and the lender’s decision on your application. This may take a few working days or weeks. 

  • Review Loan Agreement:

After the approval, make sure to carefully review the loan agreement to understand the terms and conditions of the student loan refinancing. These include the provisions regarding any potential fees or charges. Reviewing the agreement ensures clarity and can save money to meet the financial goals of the individuals. 

  • Sign Loan Agreement:

If the terms are acceptable as per your convenience then you can proceed to sign the loan refinancing agreement.

  • Receive Direct Funds:

After submitting the loan agreement with your approval the PenFed pays off the funds to your previous lender within the time of three to 14 days. Now you are free from your previous lenders and are attached to the new lender with flexible terms and conditions.  

  • Make Payments:

All set, you get the new loan and have better financial management but make sure to be vigilant about due dates and repayments as per schedule to avoid any kind of issues. The borrowers can also set the autopay for treatments. This is very helpful in managing monthly payments more effectively and reliably. 


There are some specifications of the lending company that make it unique and stand out from all other private lenders. Some of these specifications are: 

  • The Fixed APR of around 3.49%–5.68%
  • The Variable APR is Not offered to the borrowers.
  • There is an option to choose the Loan Amounts ranging minimum of $7,500 to and maximum of $500,000. 
  • The best part is the Grace Period which is offered only in an extraordinary circumstance. 
  • The Co-signer collaboration is Required if the credit score of the borrower is below 670. 

Pros and Cons 

There are both advantages and disadvantages of the Purefy student loan refinance. These Pros and Cons are mentioned below, let’s have a look: 


  • Fee-Free Process:

The process of the application is free and does not include any kind of prepayment, or origination fees. These features make the refinancing process cost-effective for the borrowers. 

  • Soft Credit Inquiry:

Another benefit is the soft credit inquiry during the application process. This is followed to prevent any kind of negative impact on the credit score of the applicant. 

  • Flexible Terms:

Loan refinancing is done to get more flexible repayment options and terms. The same is true in the case of Purefy. It offers flexible repayment terms to meet the financial goals of the borrowers. 

  • Consolidation Options:

The private lender allows the consolidation of both private and federal student loans. This will make the procedure of repayment faster. 

  • Efficient Application:

The application approval from Purify is similar to the certification and it will be easy for the applicant to get the loan refinancing from the member lenders. 


  • Limited Repayment Options:

There is a Lack of deferment and forbearance options available for the borrowers which might be challenging for borrowers facing financial difficulties in the future. 

  • Autopay Discounts Absent:

The biggest disadvantage is that there are no discounts provided for autopay arrangements to the borrowers. In the market, almost all the lenders offer the same offers. 

  • Ineligibility for Current Students:

The education loan Refinancing is not available for students currently enrolled in any academic programs or courses. 

  • PenFed Membership Requirement:

The Applicants must be PenFed members to access refinancing services from the company. You must become a member to get the benefits. 

  • Co-signer Necessary for Lower Credit Scores:

Applying with a co-signer is mandatory for the borrower if the credit score is below 670. This will make it difficult for the solo applicants to refinance their loans.

Eligibility Requirements 

Some eligibility requirements needed to be satisfied by the students to get the loan refinancing approved by the company. These requirements include credit score, income-to-debt ratio, educational qualification, and residency as well. Some of the eligibility requirements of the company are mentioned below. Let’s have a look: 

  1. The applicant must be a citizen of the United States to get the loan refinancing done in easy steps. 
  2. You must attain a minimum eligible age of 18 years or more to apply for loan refinancing  
  3. The applicant must be the primary borrower on an existing loan. Also, the loan must be a fully disbursed private education loan, federal-backed education loan, or parent loan to be eligible for the company. 
  4. The applicant must Be the designated borrower on both the promissory note and loan application while applying. 
  5. You just need to Hold a bachelor’s degree or possess a higher academic qualification in any USA-based recognized college or educational institution. 
  6. There must be evidence of income which demonstrates a minimum income of $25,000 annually. 
  7. The applicant needs to fulfill the borrower’s credit score requirements as specified in the agreement of the loan refinancing. As of now, the credit score requirement is at least 670.
  8. The applicant must Obtain membership with PenFed private company. 
  9. The applicants whose credit and income requirements do not meet the required criteria have to apply with a co-signer. It becomes necessary for them to apply with a co-signer who meets the eligibility requirements. The co-signer should have a credit score of 720 or 725 and an income ranging from a minimum of $42,000 to a maximum of $50,000. 

Occasionally, applicants may face rejection from private lending institutions such as Purefy Student Loan Refinance.  In such a situation you need to understand the reasons behind the denial of the application. The refinancers consider various factors including residency status, enrollment, income, and credit history of the applicant. All these factors can lead to the decline of applications. 

If this happens don’t mind that loan rejections are common. As Purefy functions as a comparison site that compares different lenders, it has a wide range of other lenders that can help you to get the loan refinancing. For the individuals who get rejected, these are things to do: 

  • Inquire About Denial:

Make sure to Contact PenFed using a phone call or email to check the reasons for your application denial. 

  • Address Identified Issues:

Now all you need to do is rectify the issues highlighted in the denial document. It might include correcting inaccurate information or signing with a co-signer to get approved again  

  • Avoid Immediate Reapplication:

Never reapply immediately after the rejection.  Make sure to take some time to resolve the identified issues before considering a new application and other lenders. 

The Loan denials are opportunities for improving the profile and application. After understanding the reasons for rejection and taking corrective measures to overcome them the borrowers can enhance their eligibility for other loan applications in the future. 


1. For what purposes can I utilize a Purefy student loan?

The borrowers can use their Purefy-powered PenFed loan for refinancing existing student loans. If you have student loans and a degree then the refinancing option can be the best alternative to lower the interest rate and financial management. 

2. What minimum credit score is required for a Purefy student loan?

On average the loans of around $150,000 your credit score must be above 675 and your annual income should be $25,000 or more. The Co-signers must have an annual income of at least $42,000 and a credit score of 720 or more to become a cosigner. Loans greater than $150,000 are provided only with a co-signer.  In such a scenario the Co-signers should have an annual income of at least $50,000 and a credit score of 725 or more. 

3. How long does PureFy take to approve a student loan?

It depends upon the application. On average the PenFed approves the application and grants direct funds within the time of three to 14 days.

4. Does PureFy have a mobile app?

Yes, the private blending company PenFed has a mobile application that is available on Google Play and the Apple Store.

5. What’s the highest borrowing limit available from Purefy?

PenFed allows borrowers to get a loan refinancing of a maximum of $500,000. A borrower needs to meet the eligibility requirements to get the higher loan amount. 


Purefy Student Loan Refinance serves as a dependable platform for swiftly comparing private lenders and facilitating efficient loan refinancing. However, it’s crucial to note that transitioning federal loans to private ones via refinancing entails relinquishing all the benefits and advantages conferred by federal schemes. Equally important to consider is that once you opt for refinancing, it’s a one-way process—you cannot revert to a federal loan.

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