Purefy-issued loans are funded by multiple lenders. This review focuses on Purefy’s partnership with Pentagon Federal Credit Union, known as PenFed.
PenFed student loan refinance borrowers range from police officers and teachers to doctors and lawyers. You don’t need to be an especially high earner to qualify to refinance with PenFed as long as you’re employed, have good credit and have a manageable amount of debt relative to your income.
PenFed also stands out because it’s one of the only lenders that allows married couples to refinance student loans together. But unlike most refinance lenders, it doesn’t offer a structured deferment or forbearance program, which would let borrowers pause payments if money got tight.
PenFed student loan refinancing at a glance:
- Married couples can refinance together.
- Borrowers can refinance their parents’ PLUS loans.
- No option to get personalized rate estimates via a soft credit check.
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Reviewed loan | Student loan refinancing |
Interest rates | Fixed: 3.75% - 7.03% Variable: 3.12% - 7.86% |
Loan terms | 5, 8, 12 or 15 years |
Loan amounts | $7,500 to $300,000 |
Co-signer release available | Yes, after 12 months of consecutive on-time payments. |
Can transfer a parent loan to the child | Yes |
How PenFed scores
cheatgame.info student loan experts evaluated more than 50 data points across five categories to see whether PenFed ranks below average, average or above average compared with other student loan refinance lenders.
Enables faster repayment:
Below average
Lenders score highly if they offer a variety of term lengths and make extra payments easy.
Discloses requirements, limits costs:
Average
Lenders score highly if they limit fees and interest rates, are transparent about their underwriting criteria and allow borrowers to get personalized rate estimates before applying.
Serves range of borrowers:
Above average
Lenders score highly if they cater to customers in varying locations, in different financial situations, and with varying citizenship statuses.
Offers payment flexibility:
Below average
Lenders score highly if they offer longer than 12-month forbearance periods, in-school and military deferment, and any other flexible policies that help borrowers during tough times.
Supports customers:
Above average
Lenders score highly if they assign borrowers an advisor, offer multiple ways to get in touch, and have in-house customer service. Websites should display full APR ranges, fees and forbearance policies.
How PenFed could improve
PenFed could improve by:
- Offering a specific forbearance policy for borrowers experiencing a financial hardship.
- Providing academic deferment for borrowers returning to school.
- Conducting soft credit checks to give borrowers personalized rate estimates without affecting their credit.
» MORE: Top credit union student loan refinance lenders
PenFed student loan refinancing details
How to refinance with PenFed through Purefy
Before deciding on a student loan refinance lender, compare multiple student loan refinance options to make sure you’re getting the best rate you qualify for. In addition to interest rates, compare lenders’ repayment options and the flexibility they offer borrowers who are struggling to make payments.
» MORE: How to refinance student loans in 6 steps
If you’re ready to refinance with PenFed, you can apply on Purefy’s website.
Student loans ratings methodology
cheatgame.info believes the best student loan is one you can repay at the lowest interest rate you can get. That’s why cheatgame.info’s student loan ratings reward lenders that offer a variety of loan terms, limit their fees and penalties, and extend borrowers multiple options to avoid default. Points are also awarded for soft credit checks, underwriting transparency and other consumer-friendly features. Use these ratings as a guide, but we encourage you to shop around for the lowest interest rate you can qualify for. cheatgame.info does not receive compensation for its reviews. Read our editorial guidelines.
— Among the very best for consumer-friendly features
— Excellent; offers most consumer-friendly features
— Very good; offers many consumer-friendly features
— Good; may not offer something important to you
— Fair; missing important consumer-friendly features
— Poor; proceed with great caution