Updated January 3, 2017
Purefy provides serious professionals with a Bachelor’s degrees or higher a way to secure lower interest rates on student loan debt through refinancing. If you’re considering a refinance, Purefy has some of the lowest rates around for both fixed and variable loans.
Loan Refinancing Details
Purefy will refinance private, Federal and Parent PLUS loans. (Caveat: You will lose Federal loan benefits like loan forgiveness and income-based repayment once you refinance with a private lender. Make sure you weigh the benefits of a Federal loan against the perks of a low interest rate before making a decision to refinance.)
The minimum amount you can borrow from Purefy is $7,500 and the maximum is $150,000. Loan terms are available for 5, 8, 12 and 15 years. Interest rates at Purefy range from 3.50% to 7.28% APR, fixed.
Purefy Student Loan Refinance Qualifications
You must be a U.S. citizen, permanent resident or resident alien to apply for a loan. In addition, the minimum age requirement is 23 years old. In terms of creditworthiness and income, Purefy has the following standards:
- Before applying you must be employed for at least two years.
- You must show proof of income, and Purefy will analyze the amount of debt that you have relative to your income.
- You must have a strong credit history.
- You must have a good credit score in order to qualify. If your score is above 700, you have an excellent chance of approval.
Even if you qualify on your own, using a co-signer may help you get a better rate. Purefy borrowers with a co-signer on their loan may request a “co-signer release” if after one year (12 consecutive months) of on-time payments is met, and a quick re-evaluation (note: this does not mean the borrower would have to re-apply) is completed on the borrower’s financial and credit profile.
The Inside Scoop on Fees
If you take out a Purefy loan, you’ll benefit from no origination or prepayment fees. The one fee you may run into is the $25 late fee that’s charged if your payment is received 30 days late. A late fee like this one is pretty standard across the board with all student loan refinances.
The Pros and Cons
Purefy will refinance Parent PLUS loans which is fairly unique in the student loan refinance market. And the fixed and variable rates at Purefy are very reasonable. Parents can also transfer the loan to a child willing to take on the payments. Spouses can also refinance loans together.
Customer service is responsive and there’s a convenient chat feature on the website that makes interacting with its representatives a breeze. In regards to benefits, Purefy offers a 9-month forbearance which is reviewed on a case-by-case basis during instances of hardship, illness, or job loss.
A downside to refinancing with Purefy is that its maximum loan term is just 12 years. It does offer attractive rates and a high loan cap at $350,000, but the loan terms may not be ideal if you have a large amount of student loan debt (unless you can make sizable monthly payments).
Alternative Student Loan Refinances
If you’re looking for a refinance that will allow you to borrow a large sum for a longer period, look to Laurel Road Bank (formerly known as DRB) or SoFi. These refinances, and others, have comparable interest.
Laurel Road Bank* offers fixed rates from 3.50% to 7.02% APR and variable rates from 1.99% to 6.65% APR which includes a discount for autopay. It will fund up to 100% of your outstanding private and Federal loans. It also allows you to refinance Parent PLUS loans. Loan terms are available for 5, 7, 10, 15 and 20 years. This refinance includes unemployment assistance similar to Purefy for short-term economic hardship.
All credit products are subject to credit approval. Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.
SoFi* has variable rates from 2.31% to 7.36% APR and fixed rates from 3.46% to 7.36% APR, which also includes a discount for autopay. Loan terms are available for 5, 10, 15 and 20 years. There’s no limit to how much you can borrow at SoFi and you can refinance both Federal and private student loans. A loan with SoFi also includes free unemployment insurance which will cover you if you happen to be out of a job for a reason other than quitting.
Who will benefit the most from this refinance?
The Purefy refinance will benefit working professionals who have debt they can repay comfortably within 12 years. The low interest rates offered will allow you to save significant money if you’re currently paying a student loan with high interest.
Ultimately, applicants with a decent income, high credit score, strong credit history and low debt-to-income ratio will be approved by Purefy. Before making any decisions, shop around for the best refinance terms for your unique situation.
*We’ll receive a referral fee if you click on offers with this symbol. This does not impact our rankings or recommendations. You can learn more about how our site is financed here.
Refinance with Earnest
Refinancing rates from 1.81% APR. Checking your rates won’t affect your credit score.