PenFed Student Loans by Purefy Reviews

PenFed Student Loans by Purefy
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About PenFed Student Loans by Purefy

PenFed was officially established way back in 1935, but today it is one of the most stable financial institutions in the USA. It has more than 1.6 million members and over $24 billion in assets.

PenFed is powered by the Purefy Inc, which is a financial technology and services business that specializes in student loans. The company provides its services throughout the USA, as well as in Guam, Puerto Rico and Okinawa.

It offers competitive rates for student loans, followed by unique loan programs, such as spouse loan, for example, which allows couples to consolidate their loans and refinance them under the preferable terms and adjusted refinance rates.


PenFed Student Loans by Purefy include student loan refinancing since 2014. It helps borrowers get lower rates on their existing federal and private student loans and allows various combinations in order to find the best possible solution for the client and company alike.

In a nutshell, refinancing a student loan means replacing one or more of your student loan with a single loan that you will pay off under a single lower interest rate.

How Does It Work?

In most of the cases, borrowers wish to save on their interest costs and that is the main reason they choose to refinance their student loans. You can choose to shorten your loan term, or to extend it, depending on your financial power and the structure of your loans you wish to refinance.

PenFed agrees to refinance the following types of loans: federal, private and Parent PLUS student loans. They will consolidate all of your debts in one and calculate a single monthly payment for it.

As we have said earlier, spouses may decide to refinance their loans together, by joining them in one, or one spouse may decide to take over its partner’s loan, by signing an affidavit provided by PenFed.

In addition to that, you are also able to apply with a cosigner, if your credit score is below the requested minimum for the amount you wish to borrow. This means that you will jointly apply for a new loan and be jointly liable for its payment.

In order to refinance with PenFed, you need to become their member. However, the application process is very quick and easy, so you don’t have to worry about that. Once your membership is approved, you will have access to all of the company’s product and services.

You are eligible for the refinancing process if you meet the following conditions: you are a U.S. citizen, you have graduated from an approved school, you have at least 670 credit score and at least $25,000 income, depending on the type of arrangement and the amount of debt you have.

Cost and Price Plans

The company’s minimum loan is $7,500 and the highest amount you can count on is $300,000. However, for loans up to $150,000 you will need the annual income of at least $42,000 if you are borrowing money yourself, or $25,000 with a cosigner. Keep in mind that your cosigner has to have at least $42,000 annual income to guarantee for your payments.

If your loan is exceeding $150,000, your annual income must be at least $50,000 for solo application, or $25,000 with a cosigner. In this case, though, your cosigner must earn at least $50,000 annually for your loan to be approved.

With PenFed there are no prepayment fees and penalties. In addition to that, there are no origination or application fees either.

Online Reviews/Complaints

Refinancing your student loan might be a great option if you have high interest rates or you are a working graduate who is able to pay on time but needs to lower its monthly payments.

However, you should be careful when choosing this option for your student loan repayment. It is not right for you if you have a poor credit score and uncertain job situation. In addition, if you have federal loans, we would advise you to pursue an income-driven repayment plan or loan forgiveness program instead.

Competitors and Alternatives

If you are looking to refinance your loan, you should check some of the other options too, to determine which one corresponds best with your unique needs.

For example, you can compare PenFed vs. Ally to see the benefits for you. Its website and mobile app are pretty straightforward and easy to use, for starters. In addition to that, it offers relatively high yields for checking, savings and money market accounts.

However, there is a limited number of financial products it provides and you are not able to receive financial advising for complex financial situations.

On the other hand, if you compare it vs. Alliant Credit Union, you will find out that you are not able to borrow more than $60,000 over the total course of the loan with them.

Lastly, before you make a decision, check out the terms and conditions Credible offers as well. One of the advantages is you will get to see your options in 2 minutes, with no hard credit check. In addition to that, you can get $200 when you refinance through them.

Where to Buy?

If you wish to send an application, you are able to do so on the company’s official website However, if you need some additional consultations, contact the customer support team for more information.


If you have a good credit score and a steady income, consider refinancing your loans through PenFed, as it is federally insured with NCUA and allows you to borrow up to $300,000 through them.

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