The Top 5 Student Loan Refinancing Questions

Published on Author Bethany Sims

At Purefy, our team chats with all types of people looking to save money on their student loans. Everyone wants to know all of their options and what student loan refinancing option is the best fit for them. We wanted to provide our readers with the top 5 questions (and answers) we get when discussing student loan refinancing.

 

  1. How do I find out what my interest rate will be?

The easiest and fastest way to see your interest rate is to use our Find My Rate tool. This tool lets you see your interest rate at every loan term we offer plus what you can save with a cosigner, your new monthly payment and your lifetime interest savings. It’s a one stop shop for everything you need to know about a Purefy loan.

 

  1. Are there any fees and can I make extra payments?

Nope, no fees. We never have prepayment penalties, application or origination fees. If you want to make extra payments, any extra you make over the monthly payment is applied to your principle balance to help you get out of debt faster.

 

  1. How do I apply?

Our application is done completely online. You can get started by going through our rate calculator so you can review all your options and apply with the lending partner that is the best fit for you.

 

  1. How long does it take to refinance?

The application only takes 15 minutes to complete and you get your approval status in a few minutes once you apply. Once you are pre-qualified, we will ask you to upload 5 documents into your application. The process on your end only takes a few business days but it can take your servicer anywhere from 3-14 days to process our payoff, so keep making your scheduled payments until you see the payoff funds applied to your account. You will receive a refund for any overpayment!

 

  1. How much will I save by refinancing?

Glad you asked! You can see your exact interest savings and new monthly payment by using our rate calculator. We show you your savings at each rate and term. Pay attention to the lifetime interest savings for each loan term to see what you will save over the life of the loan.

We always enjoy hearing your stories and helping you find the best refinancing fit for you. Have a question we didn’t answer here? Tweet us @Purefy and let us know.

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