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ELIGIBILITY CRITERIA

Citizens

Applicant Eligibility

  • Applicants must be US Citizens, permanent residents or resident aliens with a valid US Social Security Number. If a resident alien, must have a co-signer that is a US Citizens or permanent resident.
  • Applicant must be 18 years of age or older.
  • Applicants must be the borrower on at least one outstanding, fully-disbursed private education loan, federal-backed education loan, or Parent PLUS loan.
  • Applicants must be the borrower on the loan application and on the promissory note.
  • Applicants must no longer be enrolled in school.
  • Applicants with no degree, associates degrees or bachelor's degree are eligible to refinance after 12 months of on-time payments. Applicant cannot be making reduced payments or on income based repayment plans.
  • Applicants with a graduate degree or higher have no minimum payment requirement and may apply during the grace period.
  • Applicants must provide proof of income and making $24,000 or more per year.
  • Applicants must be able to meet the borrower credit requirements.

Cosigner Eligibility

  • Co-signers must be a U.S. citizen or permanent resident.
  • Co-signers must be 18 years of age or older.
  • Co-signers must co-sign on both the loan application and on the promissory note.
  • Co-signers must provide proof of income and making $24,000 or more per year.
  • Co-signers must be able to meet the co-signer credit requirements.

Loan Limits

  • Citizens has a minimum loan amount of $10,000 and a maximum loan amount of $300,000. Note, the maximum loan amount depends on your degree type. For applicants with no degree, an associates degree or bachelor's degree the limit is $90,000. For masters and graduate degrees the limit is $225,000 and for professional degrees the loan limit is $300,000.

Terms

  • Fixed Rate Loan Terms: 5 years/60 monthly payments, 10 years/120 monthly payments, 15 years/180 monthly payments or 20 years/240 monthly payments.
  • Variable Rate Loan Terms: 5 years/60 monthly payments, 10 years/120 monthly payments, 15 years/180 monthly payments or 20 years/240 monthly payments.

APR

Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed rates range from 3.59% to 9.99% APR [low to high range]. Variable rates range from 2.46% to 9.24% APR [low to high range].

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

Variable APR: Variable rate, based on the one-month London Interbank Offered Rate ("LIBOR") published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of August 1, 2019, the one-month LIBOR rate is 2.26%. Variable interest rates will fluctuate over the term of the borrower's loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%.

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College Ave

Applicant Eligibility

In order to be eligible to be approved for an Education Loan Program, the applicant must be:

  • On the application and on the Credit Agreement.
  • A United States citizen or a Non-Citizen Permanent Resident.
  • At least 18 years old.
  • The borrower on at least one eligible underlying loan.
  • A graduate of a degree-granting, college or university unless mutually agreed in writing by the Originating Servicer and Lender.
  • Able to meet the Borrower Credit Requirements as defined below.

Cosigner Eligibility

In order to be eligible to be approved for an Education Loan Program, the cosigner must be:

  • On the application and on the Credit Agreement.
  • A United States citizen or a Non-Citizen Permanent Resident.
  • At least 18 years old.
  • Meet the Cosigner Credit Requirements as defined below.

Loan Limits

  • The minimum loan amount is $5,000.
  • The maximum individual loan amount is $300,000 for Eligible Borrowers with a medical, pharmacy, dental or veterinary doctorate degree. All other Eligible Borrowers have a maximum individual loan amount of $150,000.

Repayment Terms

The Eligible Borrower and/or cosigner, if applicable, can choose any single year repayment term between 5 and 20 years. The maximum repayment term is 20 years. There is no pre-payment penalty.

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Earnest

Applicant Eligibility

  • Applicants must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card.
  • Applicant’s enrollment status must be currently less than half-time or the degree must be complete at the end of the current semester.
  • Applicants must currently reside in the District of Columbia or one of the 47 states Earnest lends in (all but Delaware, Kentucky, and Nevada). *Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX.
  • Applicants with a bachelor's degree or higher may be eligible to refinance their student loans.
  • Applicants must be at least 18 years old.
  • Applicants must be the primary borrower on the student loans they would like to refinance, and the loans must have been for their own education.
  • Applicants must have completed their degree, or will complete their degree by the end of the current semester.

Cosigner Eligibility

  • Earnest does not have a cosigner option.

Loan Limits

  • Earnest has a minimum loan amount of $5,000 and a maximum loan amount of $500,000.

Terms

  • Fixed and Variable Rate Loan Terms: Terms are flexible based on the individual and the repayment plan they choose. Terms may be offered in 1-3 month intervals, ranging between 5 and 20 years of repayment.

APR

Earnest's fixed rate loan rates range from 3.47% APR (with autopay) to 7.59% APR (with autopay). Variable rate loan rates range from 2.27% APR (with autopay) to 6.89% APR (with autopay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms of 10 years or less. For loan terms of 10 to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 0.31% and 4.71% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of August 19, 2019 and are subject to change based on market conditions and borrower eligibility.

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INvestEd

Applicant Eligibility

  • Applicants must be a resident of Indiana.
  • Applicants must be the borrower on at least one outstanding, fully-disbursed private education loan or federal-backed education loan.
  • Applicants must be the borrower on the loan application and on the promissory note.
  • Applicants with a bachelor's degree or higher may be eligible to refinance their student loans.
  • Applicants must provide proof of income.
  • Applicants must be able to meet the borrower credit requirements.

Cosigner Eligibility

  • Cosigners must co-sign on both the loan application and on the promissory note.
  • Cosigners must provide proof of income.
  • Cosigners must be able to meet the cosigner credit requirements.

Loan Limits

  • INvestEd has a minimum loan amount of $5,000 and a maximum loan amount of $250,000.

Terms

  • Fixed Rate Loan Terms: 5 years/60 monthly payments, 10 years/120 monthly payments, 15 years/180 monthly payments or 20 years/240 monthly payments.

APR

Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed rates range from 3.69% to 7.44% APR [low to high range]. Variable rates range from 3.04% to 6.68% APR [low to high range].

Fixed APR: Fixed interest rates range from 3.69% to 7.44% (3.69% - 7.44% APR). Rates will not change during the term of the loan and are dependent on credit score, length of term and debt-to-income ratio. Fixed APR examples are based on interest rates for July 1 - December 31, 2019.

Variable APR: Variable interest rates range from 3.04% to 6.68% (3.04% to 6.68% APR). Variable APR examples are based on the quarterly interest rates effective August 1 - October 31, 2019. The variable interest rate that is charged to the borrower is reset quarterly, may increase or decrease, and is based on an Index and Margin. The Index is defined as the daily average of the three-month London Interbank Offered Rate (LIBOR) (currency in U.S. dollars) that was published on the Wall Street Journal’s website (or any generally recognized successor method or means of publication) on each business day during the following periods: December 21st through March 20th, March 21st through June 20th, June 21st through September 20th; and September 21st through December 20th. The daily average of the three-month LIBOR index for the period June 21st - September 20th, 2019 is 2.543%. Variable interest rates are subject to increase after consummation. The maximum variable interest rate is 18.00%.

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PenFed

Applicant Eligibility

  • Applicants must be a U.S. citizen.
  • Applicants must be age of majority in your state of residence.
  • Applicants must be the borrower on at least one outstanding, fully-disbursed private education loan, federal-backed education loan, or Parent PLUS loan.
  • Applicants must be the borrower on the loan application and on the promissory note.
  • Applicants with a bachelor's degree or higher may be eligible to refinance their student loans.
  • Applicants must be able to meet the borrower credit requirements.

Cosigner Eligibility

  • Co-signers must be a U.S. citizen.
  • Co-signers must be age of majority in your state of residence.
  • Co-signers must co-sign on both the loan application and on the promissory note.
  • Co-signers must provide proof of income.
  • Co-signers must be able to meet the co-signer credit requirements.

Loan Limits

  • PenFed has a minimum loan amount of $7,500 and a maximum loan amount of $300,000.

Terms

  • Fixed Rate Loan Terms: 5 years/60 monthly payments, 8 years/96 monthly payments, 12 years/144 monthly payments or 15 years/180 monthly payments.

APR

Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed rates range from 3.48% to 6.03% APR [low to high range]. Variable rates range from 2.86% to 7.60% APR [low to high range].

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

Variable APR: Variable rates are based on the one-month London Interbank Offered Rate ("LIBOR") published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of August 1, 2019, the one-month LIBOR rate is 2.24%. Variable interest rates range from 2.86% - 7.60% (2.86% - 7.60% APR) and will fluctuate over the term of the borrower's loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. The maximum variable rate on the student refinance loan is 9.00% for 5-year and 8-year terms, and 10.00% for 12-year and 15-year terms. The floor rate is 2.00%. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.

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All 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 co-signer [if applicable]. If applying with a co-signer, we use the higher credit score between the borrower and the co-signer for approval purposes. All loans are subject to credit approval.

Purefy Student Loan Refinance Program 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.