Purefy Student Loan Refinancing: An In-Depth Review

If you’re looking to refinance your student loans, it can be overwhelming to see how many lenders want to work with you. Comparing several lenders is always the best way to get the lowest rate. But most lenders run a soft or hard credit check to give you rate quotes.

Purefy shows your exact terms before applying or authorizing a credit check,” says Jack Zoeller, founder and CEO at Purefy. “Just answer five simple questions to see your rate, new monthly payment, and lifetime interest savings.”

Purely also offers competitive interest rates and other features.

This review will walk you through Purefy’s student loan refinancing program, including features, eligibility requirements, and the application process.

About Purefy

Purefy was founded in 2014 with the goal of adding more transparency to the student loan industry.

Zoeller says”Purefy offers immediate transparency at an unprecedented level, by showing the exact rates before starting an application. We get right to the point and earn the business with really low rates and no gimmicks.”

The company works with two partners, PenFed Credit Union and Citizens Bank, to service your student loans. “These two lenders offer unique borrower-focused benefits and align with our philosophy of transparency,” Zoeller adds.

Featured Student Loans

Lending PartnerAPR Range 
Variable: as low as 2.52%*

Fixed:as low as 3.25%*

Variable: 2.56% – 6.73%*

Fixed: 3.37% – 6.99%*

Variable APR: 3.25% – 10.22%*
Fixed APR: 5.74% – 11.85%*

Purefy’s student loan refinance interest rates and terms

Because Purefy doesn’t service your student loans, the rates and terms will differ depending on which lender you choose. See our Purefy review page for current rates.

Some of PenFed’s key terms include:

  • You can refinance between $7,500 and $150,000 worth of student loans.
  • No fees
  • Repayment terms include five years, eight years, 12 years, and 15 years.
  • Cosigner release after 12 months.

Some of Citizens Bank key terms include:

  • You can refinance as little as $10,000 and as much as $350,000 if you have a professional degree.
  • No fees
  • Repayment terms include five years, 10 years, 15 years, and 20 years.
  • Cosigner release after 36 months.

Purefy’s student loan refinancing eligibility criteria

Purefy doesn’t have any specific eligibility requirements, but its lender partners do. For both, you can’t currently be in school. Here’s how each lender’s eligibility requirements break down:


  • Must be at least 18 years old and no longer be enrolled in school.
  • Must be a U.S. citizen.
  • Must have an income of at least $25,000, or $42,000 to apply without a co-signer.
  • Must have a credit score of at least 670, or 700 to apply without a co-signer.

Citizens Bank

  • Must be at least 18 years old and no longer be enrolled in school.
  • Must be a U.S. citizen, permanent resident, or resident alien with a valid Social Security Number.
  • Must have an income of at least $24,000.
  • Must have a credit score of at least 620, or 680 to apply without a co-signer.

What extra features does Purefy offer?

Although Purefy’s partners offer extremely competitive interest rates, there are other features that could make a difference.

Couple Loan

“Our exclusive Couple Loan, in partnership with PenFed, allows for spouses to refinance their loans together and uses the higher of the two credit scores to determine the interest rate,” says Zoeller.

This is a great option for couples where one spouse is a stay-at-home parent and doesn’t have enough income to qualify on their own.

Cosigner release

Convincing a loved one to cosign on your student loan refinancing isn’t always easy. There are certain risks that come with cosigning a loan, and your family member or friend might balk at the idea.

With a cosigner release policy, you can apply to have the cosigner removed from the loan.

At that point, the lender — PenFed or Citizens Bank — will review your credit and financial profile and determine if they can afford to lose the extra security by removing your cosigner.

No credit check to get your rate

Other online student loan companies typically run at least a soft credit check when giving you a pre-approval offer. With Purefy, you can get a rate quote without entering your personal information.

Purefy’s student loan refinancing application process

There are three steps to the application process with Purefy. This section will walk you through each, step-by-step.

1. Get your rate

Purefy student loan refinancing

To get a rate quote, you’ll only need to answer these five questions:

2. Choose your terms

Purefy student loan refinancingPurefy student loan refinancing

You’ll get several different options to consider from both lenders. You can find the right one by using the filters and customizing the offers to your needs. What’s more, Purefy shows you how much each offer would save you over your current monthly payment.

3. Apply

Purefy student loan refinancing

Once you find the right offer, click on “Select” next to it. You’ll then get a summary of what you’re applying for. If you want to move forward, click the “Apply” button and Purefy will redirect you to that lender’s website so you can fill out an application online.

4. Apply

PenFed requires five items during the application and underwriting process:

  1. A pay stub or tax return to verify income.
  2. A government-issued photo ID.
  3. Payoff verification statements from each existing student loan servicer.
  4. A copy or photo of your diploma or transcripts.
  5. PenFed membership application (PenFed’s normal eligibility requirements are waived).

Citizens Bank requires the following during the application and underwriting process:

  1. Social Security Number and date of birth.
  2. Drivers license or state ID number.
  3. Current contact information (e.g., address, phone number, email).
  4. A recent pay stub or other income information.
  5. Billing statements for your current loans.

For supporting documents, Purefy’s partners allow you to submit them electronically.

Should you refinance your student loans with Purefy?

Think twice before refinancing your student loans, especially if you have federal loans.

The Department of Education offers some benefits, like student loan forgiveness and income-driven repayment plans, that you won’t have access to anymore if you refinance. “Once you refinance federal loans, you can’t switch back,” says Zoeller.

If you decide to refinance, do the math before choosing a lender. The good news is that Purefy does that math for you, so you just need to pick the one that saves you the most money and apply.

Once you check your rate with Purefy, check out other top student loan companies to see if they can match Purefy’s rates and features.

“Take time when considering the loan term,” says Zoeller. He adds, “Most borrowers shop loans solely by interest rate, but choosing the right term can often maximize your savings even more over the life of the loan.”

The more research you do, the easier it will be to choose the right lender without feeling buyer’s remorse. If you do it right, you can use refinancing to save money and time while paying down your student loans.

Featured Student Loan Refinance Companies

Lending PartnerAPR Range 
2.35% – 6.84% APR
3.25% – 7.50% APR

Variable: 2.58% – 6.32% APR

3.15% – 7.26% APR

Variable: 2.76% – 7.03%*

Fixed: 3.18% – 7.25%*

Variable APR: 2.57% – 6.19%*
Fixed APR: 3.25% – 6.39%*