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Student Loans Student Loan Repayment

Purefy Student Loans Review

Updated Aug 18, 2023   |   17-min read

Purefy offers a comparison platform for selecting for private student loan and refinance lenders.

  • Purefy researches and partners with lenders evaluated on trust, transparency, rates, and more.
  • Two-minute prequalification allows you to check rates with no impact on your credit score.
  • Extensive resources available for students, parents, graduates, and professionals.
  • Purefy’s platform is free to use, with no fees charged to users.

About Purefy

Purefy was founded in 2014 with the mission of providing a transparent and easy-to-use platform for students and parents to find the best student loan options tailored to their unique needs and circumstances.

This platform helps demystify the often complex world of student loans, guiding users through finding, prequalifying for, and selecting the right lender. While Purefy itself doesn’t offer student loans, it connects borrowers with a selection of private loan and refinancing options. 

Eligibility for these loans depend on factors such as creditworthiness, school attendance, and the specific criteria set by the individual lenders presented on Purefy’s platform. Continue reading to learn how you can use Purefy in your student loan and refinancing search.

Our take on Purefy’s private student loan marketplace

Our take is that Purefy is a valuable comparison platform that connects borrowers with well-rated lenders. Purefy itself is not rated, but it partners with several top picks for private student loan lenders.

Many of Purefy’s top-rated private lenders match our recommendations for the best private student loan lenders.

The following table provides an overview of four of Purefy’s top-rated lenders and where they stand in our editorial ratings and best-for designations:

Type of student loanBest forEditorial rating (out of 5)
EarnestBest for no fees4.8
College AveBest overall4.8
ELFINo best-for designation3.9
AscentBest for eligibility4.7

Based on this, our take is that Purefy is a beneficial platform, linking borrowers with lenders that align with their needs.

Rates, terms, and more

Purefy’s private student loan options offer a wide selection of choices from various participating lenders. Because Purefy serves as a marketplace, the loan terms vary across lenders, offering tailored options for borrowers.

Below is a snapshot of the general terms from Purefy’s participating lenders:

  • Loan amounts: Up to 100% of the cost of attendance, as certified by the school.
  • Fixed rates (APR): 4.4216.99
  • Variable rates (APR): 4.98% – 16.99
  • Repayment terms: Ranges from 5 – 20 years, varies by lender.
  • In-school repayment options: Deferred, interest only, flat $25, or principal and interest.
  • Grace period: Typically 6 or 9 months, longer for specialized graduate loans.
  • Cosigner release: Varies by lender, usually after a number of on-time payments.
  • Fees: No fees from Purefy for using the platform, and no origination fees or prepayment penalties from participating lenders.
  • Unique features: Rate discounts and other benefits may depend on the lender.

Who’s eligible for Purefy’s private student loans?

Individuals determine eligibility on Purefy’s hub for student loan lenders often based on credit score, degree type, and other financial criteria. 

Since Purefy isn’t a lender itself, the eligibility requirements differ across the partnering lenders. 

Purefy recommends cosigners for those without credit history or solid income as well as those with less than excellent credit. Even if you can qualify on your own, it says, students typically can secure lower rates if they add a cosigner to the application.

Here are the general eligibility requirements that can influence qualifications for a student loan on Purefy’s marketplace:

RequirementDetails
CitizenshipVaries, typically U.S. citizen or permanent resident; options for international students with cosigners
State of residenceAvailable in all 50 states for many lenders
Minimum ageAge of majority usually required
Enrolled schoolVaries by lender but many lenders have a list of eligible schools 
Enrollment statusTypically part-time enrollment at least; variations exist
Minimum credit scoreVaries; many lenders require cosigner for qualification or to get lowest rates
Minimum incomeVaries by lender

How do you repay private student loans from Purefy?

Repaying private student loans found through Purefy’s marketplace depends on the lender and loan product you select. Purefy connects students to various lenders, but the lender dictates the terms, options, and conditions of repayment. 

Not all student loans have the same repayment terms; they differ because of variations in loan amounts, interest rates, borrower preferences, and lender-specific policies. The following subsections explore these dynamics in detail:

When does repayment begin?

Several factors influence the beginning of repayment, including the selected repayment plan, loan term, and grace period. 

Borrowers often have control over when repayment begins by choosing their desired plan and term. However, they may not have control over certain terms, such as grace periods, which the lender defines. A typical grace period for an undergraduate student loan, for example, is six months.

Here’s a breakdown of common in-school repayment options periods:

In-school repayment optionDescription
DeferredPayments postponed while in school, full principal and interest payments begin after the grace period following graduation or leaving school
Interest onlyOnly interest payments while in school and through the grace period
Flat $25Fixed $25 monthly payment while in school and through the grace period
Principal + interestFull payments of principal and interest while in school and throughout the repayment term

How long does repayment last?

The loan’s terms will determine the length of repayment and may range from five to 20 years, depending on the lender. Borrowers often have control over selecting their repayment terms, influencing monthly payments and total costs. 

Most lenders will let you pay off the loan early without penalty, providing flexibility and potential savings. 

Are there repayment assistance programs?

Repayment assistance programs can aid borrowers in managing their student loans, especially during challenging financial periods or life events such as pursuing further education. 

For the lenders in Purefy’s marketplace, forbearance and academic deferment are key considerations that Purefy examines. Here’s a closer look at these two common options:

  • Forbearance: This option allows borrowers to temporarily pause payments during financial hardship. While it provides immediate relief, interest may continue to accrue, potentially increasing the total cost of the loan. The specifics of forbearance, such as the allowed duration and qualifications, vary by lender.
  • Academic deferment: This type of deferment permits borrowers to postpone payments while enrolled in further education, such as graduate school. Like forbearance, the terms and conditions may differ among lenders, and interest may still accrue.

Forbearance and academic deferment can provide essential breathing room for borrowers during certain phases of their financial or academic lives. They demonstrate the lender’s commitment to flexibility and responsiveness to borrower needs.

Our take on Purefy’s refinancing options 

Our take is based on hours of editorial research into student loan refinance products. Like its student loans, Purefy partners with leading lenders in the industry, making it a trustworthy marketplace to explore refinance options. Purefy’s lenders refinance federal, private, and Parent PLUS student loans.

Purefy itself is not rated. However, we have rated two lenders Purefy works with for refinancing and assigned best-for designations among student loan refinancing lenders:

Refinancing partnerEditorial ratingBest for
Earnest5.0/5Best overall
ELFI4.5/5Best for transferring Parent PLUS loans  to child

The other refinancing lenders Purefy works with that we haven’t rated include:

No two student loan companies earn the same LendEDU best-for designation. These ratings and designations offer valuable insights to help borrowers find the right refinancing partner for their needs.

Rates, terms, and more

When it comes to refinancing student loans, Purefy offers a competitive selection through its partnered lenders. With fixed and variable rates available, borrowers can explore options that align with their financial goals. The range of terms and features provides flexibility, making it worth comparing to others in the industry.

Here’s a breakdown of the common terms Purefy’s partners offer:

  • Loan amounts: Depends on lender, typically $5,000+
  • Fixed rates (APR): Purefy publishes 4.498.99 but it will depend on the lender and your credit score
  • Variable rates (APR): Purefy publishes 5.098.99 but it will depend on the lender and your credit score
  • Repayment terms: Varies by lender, typically 5 – 20 years
  • Cosigner release: Depends on lender, many offer release after a certain number of payments
  • Fees: Zero fees with a student loan refinance through Purefy
  • Unique features: Rate discounts for autopay, forbearance for repayment assistance 

With varying rates, terms, and features, borrowers can choose the lender and product that best meets their needs.

Who’s eligible to refinance student loans Purefy’s options?

Refinancing student loans through Purefy is an option for those who have finished school or are no longer enrolled. Other eligibility varies by lender and can include factors such as credit score, degree type, and income. 

Cosigners are typically accepted, and in many cases, the lender might  recommend them to qualify for the lowest available rates or meet other criteria.

Here’s a table detailing the typical requirements for eligibility:

RequirementDetails
CitizenshipVaries but typically U.S. citizen or permanent resident

Some international students with cosigners are eligible 
State of residenceVaries, but many partner lenders operate in all 50 states
Graduation statusMust be out of school or no longer enrolled in school to be eligible to refinance with one of Purefy’s lenders.
Minimum credit scoreVaries
Minimum incomeVaries

Please note, interest rates are based on individual lenders’ requirements, including credit score, degree type, and other credit and financial criteria. Borrowers with excellent credit who meet other lender criteria may qualify for the lowest rate available.

How do you repay refinanced student loans from Purefy’s marketplace?

Repaying a refinance student loan through Purefy depends on the lender’s terms and conditions. Repayment terms typically range from five to 20 years, depending on the lender, and some offer repayment assistance including forbearance. 

When does repayment begin?

With refinance student loans through Purefy, repayment generally starts right after the loan is disbursed. The borrower can often select a plan that suits their needs, but lender policies and specific loan terms can also influence when repayment begins.

How long does repayment last?

Repayment length for a refinance student loan through Purefy depends on the lender’s specific terms and the borrower’s preferences. Repayment terms usually span from 5 to 20 years:

  • Shorter term: Leads to higher monthly payments but a lower total interest cost.
  • Longer term: Results in lower monthly payments but a higher overall interest cost.

Many lenders allow early payoff without penalties, providing additional control and flexibility to the borrower.

Are there repayment assistance programs?

Repayment assistance programs are a common feature among Purefy’s partner lenders. These programs can be vital for borrowers in financial stress, including:

  • Forbearance: Pauses payments, offering relief during financial difficulties. ELFI offers up to 12 months forbearance for financial hardship or medical difficulty
  • Flexible payment plans: Tailored to fit individual financial situations. Earnest, for example, allows borrowers to skip one payment per year.

These programs can offer short-term relief but might also affect the loan’s overall cost and term. It’s vital to understand these implications and communicate openly with the lender.

Does Purify offer unique refinance student loans? 

Different borrowers have unique needs and circumstances. Recognizing this, Purefy offers a specialized refinance student loan option in its marketplace—parent refinance student loans, tailored to assist parents who have taken loans for their children’s education.

  • Who it’s for: Parents who have borrowed to finance their child’s education.
  • Terms and eligibility: The terms and eligibility requirements align with Purefy’s standard student loan refinance options.
  • Benefits and features:
    • Flexible options: Allows for transferring Parent PLUS loans to the child.
    • Various lenders: Choose between lenders with various terms and conditions.
    • Potential savings: The opportunity to find lower interest rates or more favorable repayment terms, depending on the lender.

This specialized offering through Purefy reflects an understanding of the diverse needs of borrowers, providing options that consider different family dynamics and financial situations.

Pros and cons of using Purefy

Selecting the right refinance student loan can be a complex task, and Purefy seeks to simplify this process. Here’s an analysis of the pros and cons of using Purefy to help you make an informed decision.

Pros

  • Research is done for you

    Purefy conducts thorough research, presenting you with only the best options.

  • Compare several lenders at once

    Multiple lenders’ offerings are listed side by side, enabling easy comparison.

  • Only lenders that have passed Purefy’s criteria are presented

    You’re assured of quality; Purefy only shows vetted lenders.

  • Simple process and platform

    Purefy’s user-friendly interface makes navigation and decision-making smooth.

  • Prequalify without harming your credit

    You can check your eligibility without a hard credit inquiry.

  • No fees

    Purefy doesn’t charge fees, making the process cost-efficient.

Cons

  • Limited to Purefy’s partners

    Your options are restricted to Purefy’s partner lenders, potentially limiting choices.

How have Purefy’s student loans evolved over the years?

Purefy’s path in the student loan landscape showcases adaptability and responsiveness to the financial needs of students and families. Here’s an outline of the significant changes:

  • 2017: PenFed began offering a student loan refinancing product powered by Purefy. This collaboration represented an innovative approach to student loan refinancing. However, as of 2023, this product is no longer available.
  • July 2022: For a period, Purefy’s website only highlighted refinancing, reflecting a strategic concentration on this particular loan solution.
  • August 2022: Shortly thereafter, Purefy broadened its horizons by introducing a student loan marketplace, adding depth to its service range.

By tracing these shifts and transformations, potential borrowers can gain a clear perspective on Purefy’s commitment to innovation and customer-centric solutions in the student loan sphere.

Is Purefy a reputable company?

Purefy is a unique case in the customer review landscape. It has zero ratings on customer review platform Trustpilot, and no information is available on Google or the Better Business Bureau. This absence of reviews can be puzzling for potential borrowers seeking insights into the experiences of previous customers.

What should you make of no reviews? In this scenario, it is important to understand Purefy’s role as a comparison tool for lenders rather than a direct lender itself. Purefy assists you in vetting and comparing multiple lenders, saving time and offering insights into potential refinancing options. 

However, as with any financial decision, conducting your own research and cross-referencing with other sources is crucial. Remember, the reputation of the lender you’re considering through Purefy’s platform is equally, if not more, important. While Purefy provides a valuable service in presenting vetted options, the final decision rests with you. 

The absence of customer reviews for Purefy itself doesn’t reflect on the quality of the lenders it showcases, but it underscores the importance of your personal due diligence in selecting the best refinancing option for your needs.

Does Purefy have a customer service team?

Purefy’s customer service team is dedicated to assisting potential borrowers with information, inquiries, and comparison services. They guide users through the process of comparing and selecting lenders for student loan refinancing. 

It’s worth noting that Purefy does not service the loans internally. Once you sign a loan agreement, the lender you choose will handle repayment management and communication. Purefy’s role is to facilitate the initial comparison and selection process.

You can reach Purefy’s customer service through various channels. The team operates from 9 a.m. to 6 p.m. Eastern, Monday through Friday. Here are the ways you can contact them:

Purefy’s customer service is designed to make the selection process as smooth as possible, providing multiple contact options to ensure prompt answers to your questions.

How to apply for a student loan through Purefy

Applying for a student loan or student loan refinance through Purefy will depend on the lender. You prequalify through Purefy, which is fast and simple. You’ll complete the full application on your chosen lender’s website. Here’s what you can expect for the prequalification process:

  • Complete the prequalification form: Enter basic information including your name, school, graduation, and income. This step generally takes about 2 minutes.

Source: Purefy

  • See a list of lenders and prequalified rates: Browse the list and click “select” to apply for the loan that best suits you. This step takes about 15 seconds.
  • Select a lender and apply: You’ll be redirected to the chosen lender’s website to complete the application, which can take around 15 minutes.

You can apply for a loan through Purefy any time. However, it may take up to 60 days for the lender to disburse funds to your school. Planning ahead is crucial to ensure you meet your tuition due dates.

What if I’m denied a student loan found on Purefy?

If you don’t prequalify or find lenders that meet your needs through Purefy, other opportunities are available. Understanding why the denial occurred is vital, and this information is often available from the lender.

Here’s what you can do if denied:

  • Explore our picks for the best private student loans: Many of our top picks for private student loan lenders match Purefy’s, but you’ll notice a few differences. Reviewing our top choices could result in finding the right student loan company for you.
  • Check out the best student loan refinancing lenders: Our top choices for student and parent loan refinancing could offer the solution you seek.
  • Consider a no-cosigner student loan: Many lenders on Purefy’s website will require a cosigner. If this is a concern, our list of the top no-cosigner student loans could be helpful. 

Remember, one denial doesn’t close all doors. Exploring these different paths can lead you to a solution that aligns with your financial situation and educational goals.

Purefy FAQ

Does Purefy offer private or federal student loans?

Purefy is a platform that allows you to compare various private student loan lenders. It doesn’t directly offer student loans, but it provides access to lenders who might have various private loan options tailored to your needs.

Does applying with Purefy hurt my credit?

Applying with Purefy won’t harm your credit. The platform provides a prequalification process that only requires a soft credit inquiry. This helps you explore different loan options without affecting your credit score.

After prequalification, you will be directed to the lender’s site to apply. Most student loan applications do require a hard credit inquiry, which temporarily impacts your credit. But you can rebound the score through on-time payments.

Does Purefy require a cosigner?

Requiring a cosigner depends on the specific lender you choose through Purefy. Some lenders might require a cosigner, especially if you have a limited or low credit score. 

However, options may be available without a cosigner if you meet the lender’s criteria. A cosigner can help you secure better interest rates.

Does Purefy allow cosigners to be released?

Cosigner release policies vary by lender, not Purefy itself. If you choose a lender that accepts a cosigner, make sure to review that lender’s specific terms and conditions. Some may allow for a cosigner to be released after meeting certain requirements, such as on-time payment history.

What can Purefy student loans be used for?

Purefy connects you with lenders that offer student loans, which you must use for educational expenses. These may include tuition, fees, room and board, books, and other related costs. The exact use of funds might depend on the lender’s guidelines and your school’s cost of attendance.

How long does it take to receive funds from Purefy?

Since Purefy is a comparison platform, the time to get funds depends on the lender you choose. Generally, it can take anywhere from 30 to 60 days for the funds to be disbursed to your school. Make sure to check with the selected lender for exact timelines.

Is Purefy responsible for paying off my current student loans?

Purefy itself is not responsible for paying off your current student loans. When refinancing, the new lender that you choose through Purefy will pay off your loans and consolidate them into one new loan. 

It is essential to understand the terms and work with your chosen lender to ensure a smooth transition.

Can Purefy student loans be forgiven?

Purefy doesn’t offer student loans itself but connects you with private lenders. Private student loans are not eligible for federal forgiveness programs. Check with the lender you select for any unique forgiveness options or repayment assistance it may offer.