What to Expect When You Refinance

Published on Author Kelsey Radcliffe

So you’ve made the decision to simplify your life, lower your interest rate, and refinance your student loans through Purefy. Congratulations, you’ve taken the first step! But what’s the process like once you submit your application? Let’s dig in.


If you meet our criteria and your application is approved, you will be able to start submitting documents. You will receive an email outlining the documents you need to submit. Once you gather all of your documents, they can either be uploaded directly to your profile or sent to your Purefy representative via email. You can even snap a photo of the document with your phone and send it to us that way, or take a screenshot – no scanning necessary!

Here is what you will need:

  • Your Government ID
  • Copy of your diploma (or transcript, as long as it lists your name, graduation date, and degree received)
  • Paystub dated within the last 60 days – we generally request the most recent stub
  • 10-day payoff statement from your current lender

We may also need W-2’s or an offer letter to prove that you have been employed for two years, if that information isn’t reflected on your credit report or paystub. If you’ve gotten married or changed your name since you took out your student loans, we’ll need proof of that, too.

What is a payoff statement and how do I get one?

A payoff statement is the amount of money we would owe your current lender to completely close out your loan. This is different from your monthly statement because it takes daily interest into account.  We request a payoff statement between 10 and 30 days into the future to account for processing time.

Some lenders have an option on their site to request a payoff statement; other lenders have a payoff calculator. If you can’t get an official payoff statement, we can accept screenshots of the payoff calculator, as long as your name and account number are visible. If there is no option for either method on your lender’s site, you will need to contact them directly to request a payoff amount.

My docs are in, now what?

Once you upload or email your documents, it’s time to relax for a day or two while everything is processed. If any of the documents are insufficient or if something else is needed, we will reach out to you.  If you’ve uploaded your documents directly to the site but don’t see them right away, don’t worry. It sometimes takes a day or two for everything to be reflected on your profile. You will receive an email confirmation once everything has been processed, and you will then be able to log into your account and select your rate and term.

Can I get an additional discount on the rates I was offered?

We’re glad you asked! The rates can be discounted an additional .50% if you sign up for a free Purefy checking account and set up automatic payments. Our free checking account has no minimum balance, no monthly fees, and you can use any ATM in the United States free of charge! You can sign up for the account online and the whole process takes about 10 minutes.

If you’d rather make ACH payments from your existing checking account, we can still offer you a .25% discount.

Still have questions?

You can call, text, or e-mail your Purefy representative, and they will answer any questions you may have. We’re here to help make this process go as smoothly as possible!

What are you waiting for? Get started here.

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