Can Yrefy refinance my high-interest rate Private education loans, if I have poor credit?

YES!  Yrefy is not your traditional lender, credit decisions are not made solely on credit score.  Yrefy understands that having delinquent or defaulted private education loans can have a negative impact to your credit score.  Therefore, we look at other factors unique to each borrower’s and co-borrower’s financial situation, we finance customers with low credit scores.

• A fixed interest rate remains the same throughout the life of the loan. This means that once you refinance, your new loan interest will not change.
• A variable interest rate may fluctuate over the life of the loan.

100% of Yrefy private refinance loans are fixed interest rate loans, same monthly payment.

What makes me a good candidate for Yrefy Private Education Loan Refinance Program?

Yrefy works with borrower’s and co-borrower’s with delinquent and defaulted Private student loan(s).  Our goal is to help borrowers and co-borrowers who fell behind, rebuild their credit, by paying off their defaulted loan(s).  This establishes a positive credit position, as each payment is made on their new refinanced Private student loan.

Why do I owe more on my private loan today, even though I’ve been making payments?

This is what happens when your monthly payment, doesn’t cover the interest your loan is accruing. This is due to a reduced payment program.  This results in a loans principal going up every month, even while you are making payment.   This is referred to as Negative Amortization, or Neg-Am.

What repayment terms are available?

Yrefy offers a flexible lending refinance product to potential Borrowers based on the loan balance to be refinanced:

• 3-year to 10-year repayment plan with interest accruing at 0.0-8.0% APR.
• 15-year repayment plan is at the discretion of the Yrefy.
• Fixed interest rates will vary based on Borrower’s ability to repay, shorter or longer.

Is there a formal hardship forbearance policy?

Yrefy offer an incentive program, SKIP-12 Program, for borrowers that are experiencing temporary hardship. Borrowers who qualify can skip 1 payment, every 6 months, for the life of the loan.

Another option, Yrefy will work with our borrowers to refinance their loan, extending the payment term, if a lower payment is needed for the borrower success long-term.

Or are called on active military duty?

You can pause payments, due to Military deployment. Yrefy will issue a forbearance based on the Military Lending Act may be granted in 12-month periods. There is no time limit for this forbearance but must be renewed annually.

Are there any application or origination fees?

• No application fee.
• Yrefy will assess Borrowers, nominally, a 5% loan origination fee, at the time of loan payoff on the total Private Education Refinance, based the refinances amount.

Is there a penalty for early loan payoff?

There are no prepayment penalties.

Yrefy has private student loan experts available, to provide you a no cost, no obligation review of your private student loan situation. Call us at 1-888-819-9556.