Purefy Student Loans Review for 2024

Purefy has worked with student loan borrowers since 2014, partnering with three select lenders: PenFed (Pentagon Federal Credit Union), Citizens Bank, and INvestED. The company is customer-centric, with a small team of personal loan advisors to help if you have any questions or concerns. If you’d rather go through the process on your own, the online application is quick and easy.


You’ll also find a wide variety of loan types for students, parents, and borrowers needing to refinance. Take a look at the details of each one, as well as how to apply through Purefy.

Purefy’s Student Loan Options

Purefy caters to students, parents, and even couples. You’ll find loans to help you pay for college when you enter, as well as refinancing for options for later on in life.

Student Loans

Hopefully, you’ve received some kind of financial aid to help you with your college journey, either through federal loans, grants, scholarships, or work-study. But if you still need help paying for college, you can get a private student loan through Purefy’s lender network.

Parent Loans

For parents who are willing to take on college debt on behalf of their children, Purefy offers parent loans to qualified borrowers. If, as a parent, you have good to excellent credit, you could potentially get better interest rates than if you took out a federal parent PLUS loan. It’s always good to compare your options, but be sure to compare potential benefits beyond APR that may come with federal loans.

Student Loan Refinancing

Refinancing your student loans with Purefy could help you save money on your monthly rate, especially if your credit history has improved over time. You can also consolidate multiple student loans into one payment with a single interest rate.

It’s good to compare rates to your existing private and federal loans. Just know that if you do refinance your federal student loans, you’ll lose access to benefits like income-based repayment, public service loan forgiveness, and payoff upon death or disability.

Refinancing Parent Loans

This is for parents who have high-cost loans either through private lenders or federal Parent PLUS loans. You can request a rate quote to compare your options before deciding whether to refinance. Additionally, you can also refinance parent loans to go into the student’s name if they’re financially capable of handling the payments on their own.

Refinancing Couple Loans

This is an innovative option for married couples who both have student loan debt. You can apply and use both of your incomes to qualify, and the higher credit score of the two applicants. The main borrower will be the person with the higher degree between the two of you. This is a unique loan type not available through most lenders.

Meet Purefy’s Trusted Lender Partners

Purefy connects borrowers with one of three specific lenders. The borrowing requirements vary slightly for each one, as do the terms and conditions. There are, however, a few basics that must be met for each one:

  • Strong credit history
  • At least one outstanding education loan
  • Annual income of at least $42,000 or $25,000 with a cosigner

Take a look at PenFed, Citizens, and INvestED to see what kind of additional criteria they have for student loans and refinancing.

PenFed Student Loans with Purefy

Only U.S. citizens can qualify for a student loan through Purefy’s PenFed partnership.

A cosigner is allowed and refinancing is available if you have a bachelor’s degree or higher. You can choose loan terms lasting 5 years, 8 years, 12 years, or 15 years. There’s a minimum loan amount of $7,500 and a maximum of $300,000.

What can you expect for your APR? It depends on what kind of loan you choose:

Fixed APR: 3.25% to 7.03%
Variable APR: 2.69% to 7.43%

The maximum variable rate is 9% for 5-year and 8-year terms and 10% for 10-year and 12-year terms.

Citizens Student Loans with Purefy

The citizenship requirements with Citizens are a bit more lenient compared to PenFed. You can qualify as a U.S. citizen or permanent resident. You can also qualify as a resident alien with a Social Security number. However, you’re required to have a cosigner who is either a U.S. citizen or permanent resident.

You can’t be enrolled in school any longer to refinance through Citizens. If you didn’t graduate with a degree, you can only refinance if you have a history of on-time payments for 12 consecutive months.

For any loan, the minimum amount you can borrow is $10,000. The maximum is $300,000, although that can vary depending on your degree. Choose from loan terms of 5 years, 10 years, 15 years, or as long as 20 years.

Interest Rates

Citizens’ interest rate ranges are as follows:

Fixed APR: 3.75% to 8.69%
Variable APR: 2.57% to 8.17%

The maximum variable rate on a refinanced student loan is 21% or the prime rate plus 9% — whichever is greater.

INvestED Student Loans with Purefy

Purefy’s partnership with INvestED is exclusively for residents of Indiana. You’ll need at least a bachelor’s degree and proof of income to qualify. The loan range is a bit lower, starting at $5,000 and maxing out at $200,000. The only options you have for your loan term are 5 years, 12 years, or 20 years.

INvestED also offers both fixed and variable rate loans:

Fixed APR: 3.96% to 9.66%
Variable APR: 2.94% to 6.69%

While INvestED has limited offerings based on residency, it could be a viable option for graduates in Indiana seeking lower loan amounts.

Purefy’s Student Loan Process

To apply to any of these lenders, fill out Purefy’s online application, which takes only 15 minutes. When you receive a loan offer, you can compare different interest rates and loan terms to find a monthly payment that works for you.

Once you’re approved, you’ll need to submit a few documents, including copies of your:

  • Driver’s license
  • Pay stub or tax return
  • Verification of graduation (either diploma or transcripts)
  • Payoff statement from current servicer(s)
  • Membership application

You can upload these either through a screenshot or a mobile picture, making it incredibly easy to complete Purefy’s application process. Thereafter, you can review your disclosures to make sure you understand the terms of your new loan. Then you can simply e-sign your loan documents and your funds will be disbursed.

Remember to apply for financial aid before applying for private student loans through Purefy so you only borrow exactly what you need.

Why Choose Purefy: Exclusive Loan Features

Lender network – One application gets you access to potential loan offers from three different lenders.

Payment deferral – After you graduate, you usually have six months to defer your payments. If you can, you’re able to pay interest-only or a flat amount while you’re still attending school. To qualify for a lower interest rate, you could alternatively make your full payment, including both principal and interest.

Discount rates – Some of Purefy’s lender partners offer discount rates ranging between 0.25% and 0.50%. You could qualify if you already have a bank account open with the participating financial institution, or make your payments via autopay.

Cosigners allowed – Cosigners can also help you lower your interest rate. If you’re a student, you may need a parent, friend, or relative to cosign the loan with you. You may even qualify for better interest rates if your cosigner has a strong credit score.

No fees or penalties – None of Purefy’s lenders charge an application fee or any kind of closing cost on your loan. You also don’t have to pay any prepayment penalties, so you could save a lot of money if you decide to pay off the loan early.

Personalized service – You’ll be assigned a personal loan advisor whom you can access via phone, chat, email, or text. Purefy has built a reputation for strong customer service every step of the way.

Referral bonus – Anytime you refer someone who takes out a loan or refinances an existing loan through Purefy, you’ll receive a $200 referral bonus.

Purefy Review Summary: Bottom Line

With its attractive interest rates and exemplary customer support, Purefy stands out as a top choice for those seeking new student loans or aiming to refinance existing ones. The platform’s unique approach to couples’ refinancing and tailored options for parents broadens its appeal, providing diverse solutions for various student loan borrowers.

Whether you’re just beginning your educational journey or looking to manage existing debt more effectively, Purefy’s suite of services caters to a wide range of financial needs and circumstances.

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