Student Loan Refinancing
How to Pay off Student Loans Fast
Managing Your Student Loan Debt
Parent PLUS Loan Refinancing
Why Parents Should Refinance Student Loans
How to Refinance Parent Student Loans
Parent’s Guide to Student Loans
When to Apply for Private Loans
How to Pay for College Tuition
Applying for Student Loans Guide
Student Loan Process Checklist
Student Loan Refinance 101
Student Loan Glossary
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If you are considering refinancing your student loans, you may be worried — is there a fee to refinance student loans. No wonder! It seems like there is extraordinarily little in this world that doesn’t come with some kind of charge or cost.
It’s crazy that something complex like refinancing a loan would be cost free.
At Purefy, there is never a fee to refinance your student loans through one of our top-rated lending partners.
No, they’re quite different.
If you are refinancing a mortgage for a house or condo, you can expect to pay on average over $4,000. There will be an application fee ($235 on average), an origination fee (1% of the total loan amount), title searches and insurance ($400-$900), and so on. In most mortgage refinances, the fees are rolled into the principal of the loan increasing your total mortgage and costing you additional interest.
With student loan refinancing at Purefy, we only work with lenders that don’t charge fees for loans and don’t include prepayment penalties. We believe that if you want to pay your loan early, there shouldn’t be an added cost.
If you were to refinance through your local bank or credit union, you may run into various fees, like application fees or a fee to run your credit report.
However, today’s student loan refinance industry is highly competitive, and you will find that most national lending companies don’t charge any initial fees to consolidate your federal and private loans.
Our Top-Rated Picks for 2022 Offer Low Rates and No Fees
To be fair, there may be some hidden costs that you should at least be aware of, including:
The downside, however, is these loans reset annually and can creep up by around 1% per year based on the economy and the prevailing interest rates being charged. Some even have a maximum of up to 25.00%. This represents a cost that you may not have anticipated over the life of the loan.
As long as the economy is being supported by the Central Bank (the Fed), rates will stay low. When the economy is heating up is when you will see the Fed increase interest rates to ward off inflation. This is when variable rate loans start to rise.
The good news is you can always refinance again at a later date and opt for a fixed rate loan. That’s also a good way to take advantage of the variable rate early on while it is low and then plan to refinance later to a fixed rate as your financial situation allows.
No, you pay $0 fees with a student loan refinance through Purefy. The lenders we work with never charge application fees or origination fees.
The market is extremely competitive for banks and credit unions that refinance student loans. They are anxious to do business with you and over the last few years application fees and origination fees have been reduced to zero as a way to incentivize people to actively pursue refinancing.
What you do need to have is a great overall financial persona, including:
Not only are there no fees attached to the refinance process, but there is also money to be saved over the long term.
Depending on your current interest rate and loan terms, a new loan could save you on your monthly payment as well as on total interest. Consider these options with no-fee refinance loans:
When you take out any type of loan, the lender you work with will often attach a clause in their contract allowing them to charge a prepayment penalty in the event you pay your debt off early. It’s a way for the lender to recoup some of the revenue lost when you stop making monthly interest payments.
Today, prepayment penalties have become rare in the student loan refinance industry although there are lenders who still stand by the practice.
At Purefy, we only work with lenders that forego prepayment penalties. If you want to save money by paying your student loan early, Purefy supports that and won’t ever quote loans with those types of fees or penalties.
Student loan refinancing combines your current loans into a single loan with a new rate and term. See how much you can save by entering your loan information below, or by getting quotes from multiple lenders using Purefy’s rate comparison tool.
Lifetime Interest Savings
New Monthly Payment
Like what you see? Check your actual prequalified rates from the industry’s top lenders in just 2 minutes or less.
Our business model is based on providing outstanding service to our site users through simple, fast, and accurate lending quotes, state-of-the-art security and encryption, and excellent customer service.
Launched in 2014, Purefy offers a time-saving way for you to find the best rates available based on your specific information.
We are committed to providing a transparent, free service that matches qualified people interested in refinancing their student loan debt with industry-leading lenders with the top ratings. Once an application has been approved and there is a newly established business relationship, Purefy is compensated for the introduction or referral.
There are a number of comparison sites available today — each with the ability to support you in your refinancing journey. So, besides no fees, what sets Purefy apart?
Refinancing is a big decision, and you want to be sure that you get the best interest rate available. Trust Purefy to find you the best lender for your refinanced loan and use the tools available to help illuminate the entire process.
That’s a good question! There are a lot of lenders out there today and it is very competitive. With Purefy, you can trust that you are looking at quotes from the most reputable and trustworthy lenders in the marketplace. So, let’s talk about where to begin.
First, you want to determine your goals and overall financial outlook. Consider these points when you look at refinancing your student loans:
How you structure your new refinanced student loan will determine these things.
Next, collect your personal information, including:
Now you’re ready and armed with the right information — let’s go!
Purefy has been committed to helping people restructure their loan debt with no cost to refinance student loans since 2014. In that time, Purefy has developed a process and support system that fully engages you as the potential debtor.
The first step is to take advantage of their state-of-the-art Comparison Rate Tool. To do that, simply fill in some personal information, including:
You will receive a quote report showing you prequalified offers from up to four different lenders. These offers will include fixed and variable (if offered) rates, term options, and any special offers or deals that the lender may have. What you won’t see is a cost to refinance student loans.
From here, you should have the information you need in a sortable format. You can take time to review your options and select the best lender for you based on valid offers, not estimates or ‘introductory’ rates.
Once you have selected the lender you would like to work with, you are ready to fill out and submit an application. This is where the lender will ask for a bit more detail in terms of your financial situation and any money owed. They will also pull a hard credit report before making a final decision.
At any point, Purefy’s expert student loan advisors are available to answer questions, explain details, or just walk you through the entire process. All you have to do is set up an appointment for a consultation, and you have your own personal advisor who’s knowledgeable and understands the complexities of financing and loans.
Upon receiving approval, the process moves seamlessly. Your new lender will pay off your current loans and notify you of your new obligations. It’s important to keep paying your existing loans until you receive word that they are paid in full. You don’t want to jeopardize your credit history by missing a payment.
You shouldn’t have to pay fees or penalties when refinancing your student loans, nor should you have to worry about hidden fees down the road.
Today’s student loan refinance market is competitive. All you have to do is search the internet and you find what seems like an endless list of potential student loan refinance lenders. It’s difficult to know who to approach and what to expect.
You want to work with a lender that has a reputation for trustworthiness and reliability, as well as a lender with the financial strength to offer the best interest rates and terms.
At Purefy, you receive actionable prequalified quotes from lenders who don’t charge origination or application fees and who never have a pre-payment penalty. You also can count on the fact that each lender is fully vetted and is a leader in their industry. Try the Purefy Comparison Rate Tool today and see how easy it is to make the best student loan refinance decisions with no hidden costs.
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