PENFED CREDIT UNION’S STUDENT LOAN REFINANCE PROGRAM
From Zero to $1.8 Billion in 4.5 Years
Purefy launched its co-branded student loan refinancing
partnership with PenFed in 2017. Since then, the program has
surpassed $1.8 billion in loan originations and continues to grow.
About PenFed Powered by Purefy
PenFed Credit Union has a long legacy in the financial industry. The non-profit, member-based credit union was established in 1935 and currently has over 2 million members worldwide — making it one of the largest and most trusted credit unions in the country.
PenFed’s student loan refinance program — Powered by Purefy — is now a leader in the student loan refinance market offering competitive interest rates, helpful benefits, and unique loan options.
Program Timeline
2017
Purefy and PenFed Credit Union launched a white-label student loan refinance program — PenFed Powered by Purefy — which represented the financial institution’s first venture into the student loan refinance market.
2018
The partnership quickly grew into one of the best and most trusted student loan refinance programs in the country thanks to:
•A seamless customer experience and online portal
•Competitive rates and effective perks
•An easy and user-friendly online application
•Fast and accurate loan processing
•An award-winning customer support team of student loan experts
•Unique loan options – such as spouse loan refinancing – that aren’t offered by others in the market
2019
PenFed Powered by Purefy’s was recognized by NerdWallet as “best-in-class” for student loan refinancing customer service in their annual Best-Of Awards, which honors outstanding products in the financial services industry.
2020
Again NerdWallet awarded PenFed Powered by Purefy industry honors for Best Parent Loan Refinancing and Best for Fast Payoff.
2021
PenFed Powered by Purefy continued its streak at the NerdWallet Best-Of Awards — this time winning the most coveted student loan prize, the Best Student Loan Refinancing Overall award.
Today
Purefy’s student lending solution for PenFed has surpassed $1.8 billion in refinance originations — that’s over 30,000 loans, and counting.
Customer Portfolio
Purefy’s student loan refinance program added a significant number of new members to PenFed’s customer portfolio, including super-prime millennials and parents of college graduates.
Below is a snapshot of the average Purefy student loan refinance borrower across all Purefy partner programs:
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