10 Benefits of a Student Loan Rescue
Are you struggling with debt from private student loans? As you weigh your student loan relief options, we encourage you to look into student loan rescue programs and learn how they can help.
The Yrefy student loan rescue program is specifically designed to assist borrowers who are straining to keep up with their private student loan payments. A Yrefy rescue comes with a number of program benefits, all aimed at making your student loan debt manageable.
What Is a Student Loan Rescue?
A student loan rescue is a special program designed expressly to help borrowers who have fallen behind on their private student loans or even gone into default.
The Yrefy rescue program consolidates and refinances your private student loans, replacing your unmanageable student debt with a low-interest rescue loan and an affordable monthly payment.
Unlike a typical student loan refinance, which generally requires strong credit and that you be current on your student loan payments, a Yrefy rescue has no minimum credit-score requirements and can refinance both delinquent and defaulted private student loans.
How Can a Student Loan Rescue Help Me?
At Yrefy, our goal is to make your private student loans affordable, no matter what your credit score is. Our program is specifically intended to help borrowers who are facing overwhelming student debt and unmanageable monthly payments.
If you’ve been struggling to just keep up with your student loan payments, a Yrefy rescue can pay off your private student loans and even help you get out of default.
A Yrefy student loan rescue refinances your private student loans — whether they’re delinquent or defaulted — into a low-interest rescue loan. Our Yrefy advisers work with you one-on-one to come up with a monthly payment plan that you can actually afford.
When you come to Yrefy for a student loan rescue, we’ll work to give you a customized student loan solution that’s manageable for your budget, so you can pay back your student loans without breaking the bank and get back on the road to financial success.
What Are the Benefits of a Student Loan Rescue?
If you’re behind or in default on your private student loans, a Yrefy student loan rescue may be able to help where a standard refinance can’t.
Even if you’ve been turned down by other refinance lenders, Yrefy could still be an option for you. We’ll work to refinance and rescue your private student loans, regardless of your credit score.
Our student loan rescue solutions offer a number of program benefits to help you pay back your loans, get your student loan payments under control, and get back on track with your finances.
1) Get Out of Default
You may have been told that because you’re in private student loan default, you don’t qualify for a student loan refinance. That’s not true!
Here at Yrefy, we specialize in providing rescue refinancing to people with defaulted private student loans. When you enroll in a Yrefy student loan rescue program, we work with you to pay off your defaulted loans and provide you with a new, affordable rescue loan.
Once your original loans are paid off, you’ll no longer be in default — simple as that.
And in place of your previously defaulted private student loans, you’ll have a new rescue loan that shows you as up to date on payments and that’s been custom-tailored to your budget, to help make it as easy as possible for you to stay that way.
2) Consolidate Your Troubled Student Loans
A Yrefy student loan rescue isn’t just a single-loan solution. If you’re behind or in default on multiple private student loans, we’ll work to rescue all those loans.
Your Yrefy program will consolidate and refinance all your eligible private student loans into a single rescue loan.
In addition to getting the refinance benefit of a new, low interest rate, you’ll have the convenience of a single, affordable monthly payment — no more multiple lenders and multiple monthly bills to keep track of.
3) Start to Rebuild Your Credit
When you have a student loan default on your credit report, it can be incredibly difficult —if not impossible —to qualify for any other type of credit you might need. You may not be able to get a home or car loan; you may even have trouble trying to rent an apartment or getting a job.
But with your delinquent and defaulted student loans paid off in a Yrefy rescue, you have the opportunity to start to rebuild your credit.
Our Yrefy rescue loans are designed to work with your budget, so you won’t be struggling to make your payments each month. Each payment you make on your Yrefy rescue loan goes toward building a new, on-time payment history that could help your credit start to recover.
4) No Minimum Credit Score Required
Unlike a standard student loan refinance, a Yrefy student loan rescue doesn’t have any minimum credit-score requirements. In fact, our rescue programs are intended especially to help the borrowers who are struggling the most.
Whether you’re delinquent or defaulted on your private student loans, even if you’ve been turned down by every other student loan refinance lender, a Yrefy rescue program could still be an option for you.
When you reach out to us, a Yrefy adviser will go through your student loan situation with you and let you know how we might be able to help. In as little as 15 minutes, you can find out if a Yrefy rescue is right for you.
5) Low, Fixed Interest Rate
All Yrefy rescue loans come with a low, fixed interest rate. When you enroll in a Yrefy student loan rescue program, you lock in an interest rate that will stay the same for the entire time you’re in our program.
No more rising interest rates, no more monthly payments that can change from month to month, making it hard for you to budget.
And with an interest rate that’s usually significantly lower than your current student loan rates, your Yrefy rescue loan could potentially save you thousands of dollars in interest over the life of your loan.
6) Affordable Monthly Payments
Your low, fixed interest rate on a Yrefy rescue loan comes hand in hand with an affordable monthly payment. Because we keep our interest rates low, we’re able to offer you payments that keep your rescue loan manageable.
7) Custom Payment Plan
Every Yrefy student loan rescue program is custom-tailored, individually designed for your student loans and your finances.
Our Yrefy advisers will work with you to understand your financial situation and set up a monthly payment plan that makes sense for your budget. Your monthly payments will be personalized to your finances, so you can stay on track and have the best chance for repayment success.
8) Co-Borrower Release
If you have a co-borrower with you on your Yrefy student loan rescue program, there’s a co-borrower release benefit available to you.
Once you’ve established a sufficient history of reliable payments, we may agree to release your co-borrower from your rescue loan. This means your co-borrower would no longer be financially responsible for your loan.
To learn more about the co-borrower release benefit, ask your Yrefy adviser when you call to speak with us.
9) No Tax Penalties for Settled Debt
If you’re seriously delinquent or in default on your private student loans, you may also be considering student loan settlement as a possible relief option.
In a successful student loan settlement, any student loan debt that your lender agrees to negotiate away is considered “forgiven” or “cancelled” debt. The IRS generally regards cancelled debt as taxable income. Even when you have student loan debt forgiven in a settlement, you may still have to pay federal and state taxes on that debt.
With a student loan rescue, on the other hand, there are no additional tax penalties. Your existing loans are simply paid off, and you have a new Yrefy rescue loan with a new, low interest rate and a new, affordable payment plan. No cancelled debt, and no extra taxes.
10) “Skip 12” Anytime Forbearance
Every Yrefy student loan rescue comes with our “Skip 12” anytime-forbearance benefit that’s designed specifically to support you during those times when you just need a little financial help.
Our Skip 12 benefit offers you a one-month forbearance that you can request at any time. Your Skip 12 forbearance lets you skip a payment when you need to — no penalties, no late fees, no questions asked.
You’re allowed a total of 12 skipped payments over the life of your Yrefy rescue program, but no more than one skipped payment every six months.
Just keep in mind, though, that your Yrefy rescue loan will still continue to accumulate interest during your Skip 12 months, and that interest will be added to your loan balance and capitalized for you to pay back.
Get Started With a Student Loan Rescue
Interested in all the benefits of a student loan rescue? It’s easy to get started!
Call us at (888) 819-9556 to talk to a Yrefy adviser.
All it takes is 15 minutes. We’ll review your situation and let you know how a student loan rescue might be able to help you.