Purefy

• Refinance Federal and Private Student Loans
• Check Rates With No Impact to Your Credit Score
• No Fees
• Cosigner Option
• Student Loan Forbearance
• Automatic Payment Rate Reduction
• Refinance With Your Spouse

Refinance Federal and Private Student Loans

Through Purefy, you can refinance both federal and private student loans. Purefy will also refinance a Parent Plus loan if applicable.

It is important to note that if you refinance a federal student loan, you forfeit any repayment benefits included with your loan, including loan forgiveness and forbearance options.

Check Rates With No Impact to Your Credit Score

Purefy does not outline a specific interest rate range on its website, but borrowers can pre-qualify or check their rates with no impact to their credit score. This allows you to compare multiple loan offers and to choose the best one for your needs.

No Fees

Another great benefit of refinancing your student loans with Purefy is that the company does not charge any fees. There is no application fee, origination fee, or prepayment penalty fee. This is very helpful to graduates trying to save money to pay back their student loans.

Cosigner Option

Purefy accepts applications with a creditworthy cosigner. This is especially helpful for borrowers who may have low or bad credit, as a cosigner can increase their chances of approval, in addition to helping them get lower rates and better terms on their refinanced loan.

A cosigner release option is also available. Although this will be dependent on the lender, cosigners can generally be released from a loan after one year.

Student Loan Forbearance

Although whether or not student loan forbearance or deferment is available to you is entirely dependent on the lender, Purefy outlines that if a borrower loses their job or there is another extraordinary circumstance, your lender will definitely work with you to provide assistance. Interest would still accrue during the forbearance period, but no payments would be due.

It is important to note that if you refinance a federal student loan with Purefy, you will forfeit any forbearance or deferment benefits included with your loan. Thus, if you would like to look into repayment options for a federal loan, student loan refinancing through a private lender may not be in your best interest. 

Automatic Payment Rate Reduction

Purefy offers a 0.50% rate reduction when a borrower opts to have automatic payments withdrawn from a Purefy checking account.

If a borrower does not have or want to set up a Purefy checking account, he or she can still opt into automatic payments with any other checking account. In this case, the rate discount would only be 0.25% but is still better than nothing.

Refinance With Your Spouse

One feature that sets Purefy apart from other lenders is the option for married couples to consolidate and refinance their student loans together. This includes a handy refinancing calculator that includes a myriad of features that tailor to your situation. Other lenders typically let you refinance loans that were made in your name only. 

With this offering from Purefy, you and your spouse can consolidate and refinance both of your loans in order to repay them quicker. To be even more helpful, Purefy will take the highest credit score between spouses when determining the new interest rate.

• High Minimum Loan Amount
• Strict Requirements
• Non-Standard Loan Terms

High Minimum Loan Amount

Companies usually have a minimum amount that you can borrow to refinance your loans. Sometimes this amount is set around $4,000 or $5,000. Purefy, however, has set its minimum amount at $20,000. This is rather high considering the average amount of student debt accrued by a college graduate sits somewhere between $26,000 and $29,000.

Strict Requirements

Purefy sets high standards for its borrowers to meet. Borrowers must be at least 23 years old and have two years of work history to be considered for a loan. 

Additionally, the minimum credit score requirement to be considered for a loan (without a cosigner) is 700.

Non-Standard Loan Terms

The term of a loan is a factor in how much your monthly payments will be. The longer the term, the lower your monthly payments will be, but you'll also end up paying more interest in the long run. Most companies offer 5-, 10-, 15-, and 20-year terms. Purefy offers 5- and 8-year terms for fixed and variable rates. The company also offers a 12-year term for fixed rates only.