WASHINGTON–(COMMERCIAL THREAD) – Purefy Inc., a digital financial platform for student loans, today announced that its PenFed Powered by Purefy program has been recognized by NerdWallet as “Best Overall Student Loan Refinancing” for 2021. The awards ” Best-Of ”from NerdWallet are awarded annually to guide consumers when making important personal financial decisions.
“Now more than ever, consumers need a resource to help them navigate today’s tough economic environment, and the annual Best-Of Awards are designed to showcase our partners who help consumers. to achieve their individual financial goals, ”said Tim Chen, CEO and co. -Founder of NerdWallet. “We are delighted to congratulate this year’s Best-Of winners who continue to develop innovative financial solutions to prepare consumers for success this year. ”
According to the US Department of Education, 43 million Americans have student loan debts totaling $ 1.6 trillion. Worsened by the global pandemic, the cost of higher education remains at the highest level in US history. A low interest rate environment prompts borrowers to consider refinancing their student loans. NerdWallet praised Purefy and its credit union partner PenFed for their new refinancing options which ultimately help borrowers achieve greater savings. This includes allowing married couples to refinance student loans into a single loan and transparent online tools to get accurate refinancing options and rates without a credit check.
“We are honored to be recognized by NerdWallet for the third year in a row,” said Jack Zoeller, Founder and CEO of Purefy. “Purefy has pioneered digital tools that provide lenders like PenFed with new channels to reach consumers. Since joining forces in 2017, PenFed and Purefy have made more than $ 1.5 billion available to consumers to cover the growing cost of higher education. We created Purefy to help student borrowers access better interest rates and better loans, meet their education goals, and get out of debt faster.
The NerdWallet Best-Of Awards are presented annually and the winners are chosen through a rigorous evaluation process. For this award, NerdWallet reviewed 34 banks, credit unions, and online lenders offering student loans and student loan refinances and rated them on a series of criteria. This included the degree of transparency around disclosures such as rates, fees, and underwriting requirements, such as minimum credit scores and income standards. Customer support and flexible payment options have been weighted such as grace periods and available forbearance which are longer than the norm.
“The refinancing allowed me to reduce the interest rate on my student loan by one point, which will save me thousands of dollars over the life of my new loan,” said Benjamin Herr, who received a Wright’s Doctor of Psychology (Psy.D.). Dayton State University, Ohio.
In addition to this 2021 accolade, NerdWallet previously awarded PenFed Powered by Purefy for the best student loan refinance parent loan 2020 and fast payout. Additionally, in 2019, Purefy’s program won NerdWallet’s “Best Of” award for student loan refinancing customer service.
About Purefy Inc.
Based in Washington DC and Richmond VA, Purefy is a digital financial platform that has helped over 205,000 borrowers navigate the often difficult task of obtaining and refinancing student loans. Purefy partners with leading financial institutions to present a wide selection of lending options and a path to lower borrowing rates, without bias for lenders. Purefy has assembled an award-winning team of student loan advisors to guide clients to financial freedom. To compare loan options or become a lending partner, visit Purefy.com.
About PenFed Credit Union
Founded in 1935, the Pentagon Federal Credit Union (PenFed) is the second largest federal credit union in the United States, serving 2.2 million members worldwide with $ 27 billion in assets. PenFed Credit Union offers market leading certificates, checks, credit cards, personal loans, mortgages, car loans, student loans and a wide range of other financial services. Our mission is to empower members of our community to achieve their financial well-being. PenFed Credit Union is federally insured by the NCUA and is an equal housing lender. To learn more about PenFed Credit Union, visit PenFed.org, like us on Facebook, and follow us @PenFed on Twitter. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an equal employment opportunity employer. Membership in PenFed is required to receive products.
NerdWallet’s mission is to clarify all of life’s financial decisions. As a personal finance website and app, NerdWallet provides consumers with personalized and actionable information so they can make smart money movements. From finding the best credit card to buying a home, NerdWallet is here to help consumers make confident financial decisions. Consumers have free access to our expert content and price comparison marketplaces, as well as a data-driven membership experience, which helps them stay on top of their finances and save time. and money, giving them the freedom to do more. For more information, visit NerdWallet.com.
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