CordiaGrad, now known as Purefy, is a way to help college graduates deal with the student loan debt problem that occurs after graduation. It is easy to accumulate this debt over the course of college, but sticker shock could occur for borrowers when the loans enter the repayment phase. Purefy loan refinancing is one way to deal with the debt when there are multiple student loans that must be paid off.

Since CordiaGrad became Purefy, the lender is doing something different than what it used to, and that’s creating new student loans. CordiaGrad was just student loan refinancing, but Purefy has taken it a step further by offering loans to current students and graduates.

Purefy Student Loan Refinancing Facts

Purefy has made itself a highly competitive student loan refinancing option because it has simplified the application process and provided a degree of flexibility. The loan is available with a variable or fixed interest rate. The best rates are established when a graduate opens a checking account with Purefy and opts into autopay.

Purefy offers competitive fixed rate and variable rate loans for both undergraduate and graduate students looking to refinance. Typically, the interest rate for an undergrad degree is slightly higher than for a graduate degree. Also, the fixed rate loan is usually higher, but the variable rate can increase significantly over time. Which type of rate is chosen depends on individual circumstances.

As for the amount that can be refinanced, it must be at least $20,000 and no more than $350,000. A graduate has between five and twelve years to repay the loan.

Lastly, there are no fees or penalties to worry about.

Student Loan Facts

The Purefy student loan interest rates are like the refinance rates, and the repayment terms are the same. Repayment begins six months after graduation. Purefy doesn’t recommend a variable rate loan for someone who may not feel secure in the future of their income. The rate can go rather high, increasing the payment beyond what can be afforded. If you know your income will increase, then you may be fine with a variable rate loan.

Parent loans are also available. These loans allow parents to borrow money that will help lessen the financial burden their children are faced with during college. Purefy’s parent loans can offer rates lower than ParentPlus federal loans. A parent must have good credit to qualify for a loan.

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Purefy Application Process

The application process is quite simple. Before committing to the loan, applicants can complete a preapproval form, which helps establish the interest rate. Only five questions must be answered:

  • The highest degree acquired
  • The name of the college
  • Estimated credit score
  • State of residence
  • Email address

Once answered, the estimated interest rate can be found, and the application process can be continued.

To qualify for student loan refinancing, you need:

  • A valid driver’s license
  • Income information, such as your tax return and a pay stub
  • A transcript from the university to verify your degree
  • A statement from the current loan servicer that states the payoff amount
  • An application to become a Purefy member
  • U.S. citizenship
  • Good credit
  • An income of at least $42,000, or $25,000 if you have a cosigner
  • At least one loan that you want to refinance at a lower rate

The qualifications for student loans are very similar except for the income and post-graduation requirements.

When a student doesn’t have credit or their credit rating may not be satisfactory, it may be best to have a cosigner on the loan. If a borrower manages to obtain good credit in the future, the loan can be refinanced to remove the cosigner.

Purefy Benefits

There are some nice benefits with Purefy. For example, you can maintain a bank account with one of Purefy’s backers for a loyalty discount. You also get a lower rate when you have an account and set up autopay.

One of the most significant benefits is the fact that there are no fees or penalties, which isn’t typical of many private student loan lenders. While many lenders don’t charge origination fees, there is usually at least one penalty fee. This is how Purefy is maintaining a competitive edge, although its rates may not be the lowest when compared to some other private student loan lenders.