Am I eligible to refinance my student loans?

PenFed powered by Purefy Student Loan Refinancing

Purefy student refinance logoSince its online launch in 2014, Purefy has been dedicated to being pro-consumer and transparent and to doing things a little differently than the rest of the student loan market. With a commitment to honest and personalized customer service, Purefy provides the information and tools borrowers need to save money and get out of debt faster.

Features & Benefits

Here are some of the many distinct features of the Purefy student loan program:

  • Transparency: See your rate, term options and new monthly payment before applying or a credit check.
  • Get out of debt faster and choose from our 5, 8, 12, or 15 year repayment terms.
  • Superb savings: Our borrowers lower their interest rate by 2.12%3 on average.
  • No fees (ever) or prepayment penalties.
  • Spouses can refinance their loans together. Parents can refinance their loans too.

Minimum Eligibility Requirements

  • Minimum loan amount of $7,500
  • Must be a U.S. Citizen or permanent resident
  • Must have graduated or no longer be enrolled in school

Please visit our Eligibility & Disclaimer page for more information.


1Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments.

Variable APR: The Rate may change quarterly based on the Prime Rate as published in the Wall Street Journal [3.50% as of 01/01/2016]. The Prime Rate will be updated at the start of each quarter (Jan, Apr, Jul, Oct), and it's based on the Prime Rate as listed on the last business day of the prior quarter. The loan payment will be re-amortized and may change quarterly. APRs for variable rate loans may increase after origination if the Prime rate increases.

Fixed APR: The Rate will not change during the term.

2All estimates are based on information provided by you and are for informational purposes only, accuracy is not guaranteed and may not reflect actual rates or savings and do not constitute an offer of credit. Your actual rate, payment and savings may be different based on credit history, actual interest rate, loan amount, and term, including your cosigner [if applicable]. If applying with a cosigner, we use the higher credit score between the borrower and the cosigner for approval purposes. All loans are subject to credit approval.

Your interest rate will be based on the lender's requirements. In most cases, lenders determine the interest rates based on your credit score, degree type and other credit and financial criteria. The information obtained on our website is based on what our lenders have provided to Purefy. We do our best to make sure our rates are up to the minute, but your final rate, if eligible, will be confirmed when you apply for a loan with a lender. Lender eligibility criteria and rates may change at anytime.

Please note that Purefy may be compensated by lenders if you complete the loan process.

Purefy is not a lender and we strongly encourage you to check the terms and eligibility requirements on our lender's websites. The final loan you receive is based on the lender's criteria.

Purefy is not offered or endorsed by any college or university. Purefy is not affiliated with and does not endorse any college or university listed on this website.

You should review the benefits of your federal student loan; it may offer specific benefits that a private refinance/consolidation loan may not offer. If you work in the private sector, are in the military or taking advantage of a federal department of relief program, such as income based repayment or public service forgiveness, you may not want to refinance, as these benefits do not transfer to private refinance/consolidation loans.

Purefy reserves the right to modify or discontinue products and benefits at any time without notice.

3Average Interest Savings: this calculation of 2.12% is based on all borrowers who refinanced their student loans between 1/1/2017 - 5/31/2017 with Purefy. The calculation is derived by taking the average difference between each borrower’s weighted average interest rate before refinancing and the new interest rate after refinancing.

Am I eligible to refinance my student loans?