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ELIGIBILITY CRITERIA

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 provide proof of income.
  • Applicants must be able to meet the borrower credit requirements.

Cosigner Eligibility

  • Cosigners must be a U.S. citizen.
  • Cosigners must be age of majority in your state of residence.
  • 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

  • Purefy has a minimum loan amount of $7,500 and a maximum loan amount of $150,000.

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 3.50% to 7.28% APR [low to high range].

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

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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 cosigner that is a US Citizen 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

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

Loan Limits

  • Citizens has a minimum loan amount of $10,000 and a maximum loan amount of $350,000. 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 $350,000.

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 4.24% to 8.39% APR [low to high range]. Variable rates range from 2.78% to 8.63% 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, 2017, the one-month LIBOR rate is 1.23%. 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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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 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.

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.