NerdWallet recently released the 2021 recipients of its yearly Best-Of Awards, recognizing outstanding products in the financial services industry.
Purefy was a standout among other student loan refinance companies and was named a 2021 winner for Best Student Loan Refinancing Overall. In addition, Purefy took home the award for Best Student Loan Refinancing for Fast Payoff.
Purefy was the only company to receive two awards in the student loan refinance category.
Here’s what makes Purefy stand out from other student loan refinancing companies.
What are NerdWallet’s Best-Of Awards?
NerdWallet, a major personal finance site that receives over 160 million unique visitors per year, has officially announced the winners of its Best-Of Awards for 2021. Recognizing excellent financial products in auto insurance, baking, credit cards, investing, mortgages, personal loans, taxes, travel rewards, and student loans, NerdWallet’s Best-Of Awards are a major distinction within the personal finance industry. Winners are chosen by a rigorous evaluation performance completed by industry experts.
In the student loan category, Purefy was selected as a 2021 winner for Best Student Loan Refinancing Overall, as well as Best Student Loan Refinancing for Fast Payoff.
Purefy’s Winning Formula: Best Student Loan Refinancing Overall
To identify the best overall student loan refinancing company, NerdWallet evaluated 34 different banks, credit unions, and online lenders that offer student loans and student loan refinancing.
Each lender was evaluated on its repayment options, disclosure of underwriting requirements and fees, availability to different borrower types, hardship options, and customer support.
PenFed Powered by Purefy was selected as the best overall refinancing company based on the strength of its fast payoff features, spouse loan consolidation benefits, and outstanding customer support.
Purefy’s Winning Formula: Best Student Loan Refinancing for Fast Payoff
In the best student loan refinance company for fast payoffs, NerdWallet researched 34 lenders. The financial institutions with the highest scores for fast repayment features, such as the ability to make extra payments or biweekly payments via autopay, were considered for the award, and the lender with the highest overall score was chosen.
What sets Purefy apart from other top student loan refinancing companies
Purefy – which operates PenFed Credit Union’s student loan refinancing program – offers unique and valuable features to student loan borrowers.
Here’s what separates PenFed Powered by Purefy from the refinancing competition.
1. You can consolidate your loans with your spouse’s debt
PenFed Powered by Purefy is the only lender that offers spouse student loan consolidation, where you and your partner can refinance your loans together. Instead of having to manage your loans separately, spouse student loan consolidation allows you to combine your loans into one, and you’ll have one interest rate and just one monthly payment to remember.
2. PenFed Powered by Purefy has a higher loan maximum than some other lenders
Many refinancing lenders have strict loan limits, capping how much of your debt you can consolidate. If you have over $200,000 of student loan debt — a common issue for students who went to graduate school, medical school, or law school — you may struggle to find a lender willing to work with you.
PenFed’s loan maximum is $300,000, allowing you to consolidate all of your existing federal and private student loan debt.
3. PenFed Powered by Purefy has transparent eligibility requirements
Some lenders are vague about their requirements for borrowers. The only way to find out if you qualify for a loan — and see what interest rates you’d get — is to fill out a full application and undergo a hard credit check, which can affect your credit score.
By contrast, PenFed’s eligibility requirements are clearly stated, with public minimum credit scores and incomes for both primary borrowers and cosigners.
4. You can apply for a cosigner release after just 12 months
While a cosigner can help you qualify for a loan and get a lower interest rate, acting as a cosigner is a big responsibility. The cosigner is obligated to repay the loan if you fall behind, and it can affect their ability to get other forms of credit.
With a cosigner release, you can apply to have the cosigner removed from the loan. If you meet the lender’s requirements, the cosigner is no longer responsible for payments.
Not all student loan refinancing lenders offer cosigner releases, and many require you to make payments for several years before you can apply.
With PenFed Powered by Purefy, you can apply for a cosigner release after just 12 months.
5. Customizable autopay options
PenFed Powered by Purefy has multiple payment options to help you accelerate your repayment. Beyond an autopay discount, PenFed also allows you to set up automatic payments for more than the minimum due. You can also set up biweekly payments via autopay, helping you pay off your loans faster.
Refinancing your student loans through Purefy
As the experts with NerdWallet found, Purefy is an industry-leading student loan refinancing company.
With competitive rates, flexible repayment terms, and added loan benefits, refinancing through PenFed Powered by Purefy can help you save money and pay off your loan faster.
With Purefy, you can also quickly and easily compare rate quotes from multiple top refinancing lenders – like PenFed and other highly rated companies – so you can be assured that you have the best deal, no matter the company you choose.