WASHINGTON--(BUSINESS WIRE)--Purefy Inc., a digital financial platform for student loans, announced today that its PenFed Powered by Purefy program was recognized by NerdWallet as “Best Student Loan Refinancing Overall” for 2021. NerdWallet’s “Best-Of” Awards are given annually to guide consumers as they make significant personal financial decisions.
"Now more than ever, consumers need a resource to help them navigate today's challenging economic environment, and the annual Best-Of Awards are designed to highlight our partners that are helping consumers achieve their individual money goals," says Tim Chen, CEO and co-founder of NerdWallet. "We're excited to congratulate this year's Best-Of winners that continue to develop innovative financial solutions to set consumers up for success this coming year."
According to the US Department of Education, 43 million Americans carry student loan debt totaling $1.6 Trillion. Compounded by the global pandemic, the cost of higher education remains at the most elevated level in U.S. history. A low interest rate environment is prompting borrowers to explore refinancing their student loans. NerdWallet applauded Purefy and its credit union partner PenFed for novel refinancing options that ultimately helps borrowers achieve bigger savings. This includes allowing married couples to refinance student loans into a single loan and transparent online tools to obtain refinancing options and accurate rates without a hard 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 pioneered the digital tools that give lenders like PenFed 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 soaring cost of higher education. We created Purefy to help student loan borrowers access better interest rates and loan terms, realize their education goals and get out of debt sooner.”
NerdWallet’s Best-Of Awards are given annually and 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 refinancing and scored them across a range of criteria. This included the degree of transparency when it came to disclosures like rates, fees and underwriting requirements, such as minimum credit scores and income standards. Customer support and flexible payment options were weighted, such as grace periods and available forbearance that are longer than standard.
“Refinancing allowed me to knock a full point off my student loan interest rate, which will save me thousands of dollars over the life of my new loan,” said Benjamin Herr, who received a Doctor of Psychology (Psy.D.) from Wright State University in Dayton, Ohio.
In addition to this 2021 accolade, NerdWallet previously awarded PenFed Powered by Purefy for 2020 Best Student Loan Refinancing Parent Loan and Fast Payoff. Also, in 2019, Purefy’s program earned NerdWallet’s “Best Of” award for Student Loan Refinancing Customer Service.
About Purefy Inc.
Based in Washington D.C. and Richmond VA, Purefy is a digital financial platform that has helped more than 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 loan options and a path to lower borrowing rates, without lender bias. Purefy has built an award-winning team of student loan advisors to guide customers to financial freedom. To compare loan options or become a lending partner, visit Purefy.com.
About PenFed Credit Union
Established in 1935, Pentagon Federal Credit Union (PenFed) is America's second-largest federal credit union, serving 2.2 million members worldwide with $27 billion in assets. PenFed Credit Union offers market-leading certificates, checking, credit cards, personal loans, mortgages, auto 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. PenFed membership is required in order to receive any products.
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