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Student Loans Student Loan Repayment

Purefy Student Loan Refinancing Review

Updated Apr 06, 2023   |   6 mins read
Reviewed by Jeff Gitlen, CEPF®  
Updated Apr 06, 2023

Purefy
Learn More
on Purefy’s secure website
Editorial Rating

Editorial Rating

What we like:

Spouse refinancing available

Fixed Rates3.75% – 7.03%
Variable Rates3.14% – 7.88%
Loan Terms5, 8, 12, or 15 years
Loan Amounts$7,500 – $300,000
See how Purefy’s student loan refinancing product stacks up with other options
Student Loan Refinancing Options

Key points:

  • Purefy, formerly known as CordiaGrad, allows you to compare rates and apply for private student loans and student loan refinancing online.
  • You can apply online in minutes and receive approval in as little as one business day.
  • You can refinance both private and federal student loans through Purefy.

Refinancing your student loans can help you secure a lower interest rate, longer repayment timeline, or both. You have several options when it comes to refinancing your loans, and Purefy is one to consider. 

Formerly known as CordiaGrad, Purefy is a financial services company based out of Washington, D.C., that allows borrowers to compare student loans and refinancing rates its partner lenders, which include Pentagon Federal Credit Union (PenFed), Earnest, College Ave, and more.

This Purefy review will cover everything you need to know to decide if it’s the best student loan refinancing company for you.

In this review:

Purefy Student Loan Refinancing: At a glance

Purefy Student Loan Refinance
Loan amount$5,000
Term length5 – 20 years
Fixed APRs3.16% – 7.78%
Variable APRs1.99% – 7.16%

Students with current private or federal student loan debt may choose to take out a new, single loan to refinance through Purefy.

Whether the goal is to receive more favorable repayment terms, a lower interest rate, or both, Purefy offers student loan refinancing for borrowers with strong credit profiles and verifiable income.

What types of refinancing does Purefy offer?

Borrowers can refinance both private and federal loans, including Parent PLUS loans, up to the maximum loan amount, and receive lower interest rates if they qualify based on credit history and income. If you’d like to refinance Parent PLUS loans, learn more about your options here.

Purefy also offers a Couple Loan option for married couples who want to combine their student debt to save money or get a lower monthly payment.

As mentioned above, Purefy allows you to obtain refinance loans through one of several partner lenders. Each refinance lender has different eligibility criteria, cosigner release options, repayment plans, student loan interest rates, and maximum loan amounts

PenFed via Purefy: rates & terms

PenFed is just one of Purefy’s partners, but we’ll take a closer look to illustrate the rates you may receive.

Through Purefy, PenFed offers student loan refinancing to borrowers who meet the qualification requirements listed lower in this review. For eligible borrowers, the rates and repayment terms as of Nov. 1, 2018, are as follows:

  • Fixed-rate loans from 3.75% to 7.03% APR
  • ​Variable-rate loans from 2.91% to 7.65% APR
  • Repayment terms are 5, 8, 12, and 15 years

You can learn more about PenFed on its own in our full PenFed Student Loan Refinance review.

Pros & cons of refinancing with Purefy

Pros

  • Purefy makes the application process simple through its online platform.
  • The platform allows borrowers to look at two different lenders in a single place, as opposed to searching for multiple lenders with different repayment terms and interest rates.
  • Purefy and the lenders it partners with do not charge application fees, loan origination fees, or prepayment penalties on any of their refinance loan products.
  • Borrowers can check their potential rate online without pulling a credit report, as well as receive a pre-approval for one or both lenders in a matter of moments.
  • Borrowers also have the option of included private, federal, or a combination of both types of student loans in a refinance application.

Cons

  • Borrowers must qualify for the loan by meeting minimum credit score and income requirements.
  • Without good enough credit, a cosigner is required. But some of Purefy’s partners, such as Earnest, do not allow cosigners, so your options may be more limited.
  • Lenders may offer looser qualification requirements if you apply on their own website.

Are you eligible for refinancing with Purefy?

Generally, student loan borrowers need to have graduated from an eligible Title IV accredited college or university with a bachelor’s degree or higher. Additionally, students need to be at least 18 years old, have verifiable income, and have a strong credit history to qualify.

Different lenders have their own eligibility guidelines, so you may not qualify for a loan with all of Purefy’s lenders, but there’s a good chance you’ll qualify with at least one.

Eligibility for PenFed

Again, we’ll take a look at a PenFed Refinance loan through Purefy to illustrate what you may need to qualify. For PenFed student loan refinance options through Purefy, borrowers need to meet the following criteria to qualify on their own:

  • Income over $25,000
  • ​A credit score of at least 670
  • ​Be a United States citizen
  • ​Be a college graduate
  • ​Provide documentation on income, such as a paystub
  • ​Have an active PenFed membership or have submitted an application for membership
  • ​Provide a photo ID
  • Have graduation verification documentation, including a diploma or transcripts
  • Have a payoff verification statement from each existing loan to be refinanced

If these requirements, specifically the income and credit score, are not met, an applicant may also provide information for a cosigner. The cosigner must also be able to meet the requirements for qualification based on PenFed’s credit score and income criteria listed above.

Note that if you borrow from PenFed, your loan amount must be no less than $7,500 and no more than $300,000.

How to apply

Those wanting to refinance with the help of Purefy and its two lender partners can do so easily through the company’s online platform. Application submission takes only a few minutes, and approval can be received in as little as one business day.

Purefy asks for the following information during the application process:

  • Personal information name, Social Security number, date of birth)
  • Address (mailing address and permanent address)
  • Phone number(s)
  • Email address
  • Employment information, if applicable employer name, phone, annual income)
  • Personal reference name, address, phone)
  • School information name of school, grade level, expected graduation date)
  • Loan information (amount needed and when)
  • Income information (if applicable); on a cosigned loan, this is usually not required of the student but is of the cosigner

Bottom Line: Is Purefy right for you?

For individuals with current private or federal student loan debt that they want to refinance, Purefy may be a good choice if they meet the eligibility requirements or have a strong cosigner.

Here, borrowers can find several repayment options, variable or fixed interest rate options, and cosigner release options after a certain number of on-time payments for both Purefy lending partners.

However, the lowest advertised interest rates may be higher than other student loan refinance companies. It is important for student loan borrowers to weigh the pros and cons of a Purefy refinance before signing on the dotted line.

>> Read More: List of student loan companies