Refinancing with Earnest
Refinancing rates from 2.54% APR. Checking your rates won’t affect your credit score.
There are quite a few student loan refinancing companies out there that can help you lower your interest rates and save a ton of money. One of the companies was formerly known as CordiaGrad, which recently changed its name to “Purefy.”
Though Purefy has a new logo and mission, current borrowers won’t lose out on any of the benefits they enjoyed under CordiaGrad.
So what’s the deal with this change? And what does it mean for student loan borrowers? We’ve got the scoop behind the relaunching of CordiaGrad as Purefy and what it means for you.
A commitment to “pure refinancing”
CordiaGrad recently parted ways from the Bank of Virginia and its parent company, Cordia Bancorp. As part of that move, CordiaGrad is relaunching as Purefy in order to emphasize their singular focus on student loan refinancing.
According to a press release, “The name change signifies the company’s commitment to helping college graduates and their parents save money by refinancing their high-cost student loans.” Thus, the name “Purefy” was chosen to represent “pure refinancing.”
“Since its spinoff from Bank of Virginia, Purefy has been able to devote itself 100% to helping student loan borrowers save money,” explained Jack Zoeller, founder and CEO of Purefy.
Zoeller bought the company from the bank and relaunched it to illustrate the company’s emphasis and new direction. “We have no other customers, products, or priorities outside of student loans,” he said.
What does this mean for borrowers?
Though CordiaGrad is now Purefy, the refinancing company still offers the same products and services as before. Zoeller confirmed that borrowers who applied for student loan refinancing through CordiaGrad can continue to close their loans seamlessly and the only difference for borrowers is the name and the look.
The best part? The new name and look reflect the commitment to customer service and a focus on student loan refinancing, without the baggage or constraints of being partnered with a bank.
“Our new name and independence signal that Purefy is focused on a single mission: relieving the burdens of student debt for college graduates and parents. Have a question or need help? Just ask – it’s our only job,” said Zoeller.
According to Zoeller, student loan borrowers can expect the company to unveil new partners and platforms in the coming months to help bring student loan refinancing to a broader audience.
Benefits of refinancing with Purefy
Refinancing your student loans through Purefy can potentially save you money on interest. In its mission to offer “pure refinancing” and be transparent, the company allows prospective borrowers to see their exact interest rate BEFORE they apply or create an account.
Borrowers can use the Find My Rate tool to see what their interest rate would be if they refinanced with Purefy.
Purefy also offers unique repayment terms. Currently, it’s the only lender in the space that offers an 8-year repayment period.
Additionally, it offers couple refinancing, so spouses can merge their debt into one monthly payment if they want. Both spouses’ income and credit scores are considered and the higher credit score is used to determine the interest rate.
Parents who have Parent PLUS loans also have the option to refinance their loans in their child’s name.
Aside from these perks, Purefy also has no fees, so you don’t have to worry about being nickel and dimed.
What to consider before refinancing
If you’re thinking about refinancing your student loans with Purefy or another company, it’s important to ask yourself a few questions before doing so. You’ll want to understand the repayment terms offered, as well as your prospective interest rate (which is super easy to do with Purefy).
In addition, it’s key to understand that by refinancing federal student loans with any private company, you are giving up your federal student loan repayment options such as income-driven repayment, Public Service Loan Forgiveness, and forbearance.
But if you have a good credit score, a stable job, and want to save thousands of dollars in interest, student loan refinancing can help you ditch your debt sooner rather than later and put money back in your pocket. Purefy could be a good option given the unique features described above.
Though CordiaGrad is now reborn as Purefy, student loan borrowers can rest assured they’ll find the same service and offers. Purefy is committed to focusing only on student loan refinancing in order to best serve you.
Interested in refinancing student loans?Here are the top 6 lenders of 2019!
|Lender||Variable APR||Eligible Degrees|
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1 Important Disclosures for SoFi.
2 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.54% APR (with Auto Pay) to 7.27% APR (with Auto Pay). 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 10 years or less. For loan terms of 10 years 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 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of March 18, 2019, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 0318/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at firstname.lastname@example.org, or call 888-601-2801 for more information on ourstudent loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
3 Important Disclosures for Laurel Road.
Laurel Road Disclosures
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.
All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.5% effective February 10, 2019.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.54% – 7.12%3||Undergrad & Graduate|
|2.54% – 7.27%1||Undergrad & Graduate|
|2.67% – 8.96%4||Undergrad & Graduate|
|3.23% – 6.65%2||Undergrad & Graduate|
|2.69% – 7.43%5||Undergrad & Graduate|
|2.98% – 9.72%6||Undergrad & Graduate|