PenFed Powered By Purefy Student Loan Refinancing Review
Updated On December 18, 2021
Editorial Note: This content is based solely on the author's opinions and is not provided, approved, endorsed or reviewed by any financial institution or partner.
Company Overview: PenFed Powered By Purefy
Established in 1935, PenFed has over 1.5 million members and over $21 billion in assets. Purefy, formerly known as CordiaGrad, is a national online lender founded in 2014 and is based in Washington, D.C. and Richmond, VA. Purefy grew out of a community bank and its goal is to help college graduates and parents get out of student faster. Purefy originates its loans through PenFed Credit Union.
How PenFed Compares: Key Benefits For Student Loan Refinancing
- Significant Savings: The average PenFed powered by Purefy borrower saves $20,221 when they refinance their student loans.
- Federal & Private: PenFed allows you to refinance and consolidate both federal and private student loans into a new, single student loan.
- Couples Loan: PenFed allows married couples to refinance their individual student loans into a single loan known as a Couple Loan. PendFed also uses the couple’s combined incomes as well as the higher of the couple’s credit score to help determine the new interest rate. The spouse who earned the higher degree should apply as the main borrower.
- Parent PLUS Refinance: If you are a parent and want to refinance student loans that you borrowed for your child’s college, PendFed offers Parent PLUS Refinancing. Parents can also refinance a Parent PLUS loan in their child’s name.
- Deferment and Forbearance: PenFed may, on a case-by-case basis, allow borrowers to pause their student loan payments through a forbearance if they face economic hardship.
To apply for PenFed powered by Purefy student loan refinancing, you need to meet the following eligibility criteria:
Requirements To Apply For PenFed Powered By Purefy Student Loan Refinancing
Minimum Age: At least age of majority in your state
Citizenship/Residency: U.S. citizen or permanent resident (applies to co-signer too, if any)
Employment: You must be employed with at least two years of work experience.
Eligible Schools: You graduated from a Title IV accredited university or graduate program
Bottom Line: Is PenFed powered by Purefy right for you?
PenFed powered by Purefy has an excellent reputation in the student loan refinancing industry.The average PenFed powered by Purefy member earns enough income to pay student loans, other debt obligations and monthly living expenses. The minimum income required is $42,000 for an individual or couple (or $25,000 with a co-signer). Through PenFed powered by Purefy, you also may be able to gain access to a checking account with bill pay, mobile deposits, online banking, free ATMs and a mobile app.
PenFed powered by Purefy also makes the online application easy because you upload a photo or screenshot directly, which saves the hassle of mailing or faxing documents.
If you have a good credit rating, stable employment and want to lower your interest rates, then Purefy student loan refinancing may be right for you.
Next Steps: How To Apply To PenFed Powered By Purefy
You can apply for PenFed powered by Purefy student loan refinancing in 3 easy steps.
Step 1: Check your personalized personal loan rate in just 2 minutes.
Step 2: Complete application and upload documents.
Step 3: Accept loan terms and get funded.
The good news is that you can check your personalized student loan rate online with PenFed powered by Purefy in 2 minutes. This way, you’ll know whether you can be approved for PenFed powered by Purefy student loan refinancing before you complete the full application. Therefore, PenFed powered by Purefy will provide you with a student loan refinancing rate estimate. The pre-approval is only a soft credit pull so there is no impact to your credit.
If you have been pre-approved, you’ll need at least the following documents to complete the online application (which only takes about 10-15 minutes):
If you have been pre-approved, you’ll need at least the following documents to complete the online application:
- Your most recent pay stubs or tax return
- Payoff statement from current student loan lender
- Driver’s license or passport (or other form of government-issued identification
- Transcript or diploma to verify your degree
Top Picks For Student Loan Refinancing