Yrefy Review: Yrefy Student Loan Refinancing

Yrefy differs from other student loan companies in that it refinances defaulted student loans.
Cecilia Clark
Last updated on January 27, 2023
Edited by
✅ Fact checked and reviewed
Karen Gaudette Brewer
Edited by
✅ Fact checked and reviewed

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Our Take


NerdWallet rating
The Nerdy headline:

Yrefy is a private student loan company that will refinance defaulted student loans. It is best for borrowers who want to refinance only private student loans and borrowers who have student loans in default.

Jump to:Full Review
Yrefy Student Loan Refinance
Yrefy Student Loan Refinance

Min. credit score
Fixed APR


  • Opportunity to rebuild credit.

  • See if you’ll qualify and what rate you’ll get without a hard credit check.

  • You can refinance without a degree.


  • Repayment terms longer than 10 years may not be available.

  • Borrowers can incur a 5% origination fee on the refinanced amount.

Compare student loan refinancing
Fixed APR
Min. credit score
Variable APR
SoFi Student Loan RefinancingSoFi Student Loan Refinancing
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on SoFi's website
5.24- 9.99%
6.24- 9.99%
Earnest Student Loan RefinanceEarnest Student Loan Refinance
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on Earnest's website
5.09- 9.74%
5.89- 9.74%
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on Earnest's website
LendKey Student Loan RefinanceLendKey Student Loan Refinance
Check rateon LendKey's website
on LendKey's website
5.49- 9.75%
5.52- 8.70%
Check rateon LendKey's website
on LendKey's website
Education Loan Finance Student Loan RefinanceEducation Loan Finance Student Loan Refinance
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on Education Loan Finance's website
5.48- 8.69%
5.28- 8.99%
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on Education Loan Finance's website
Splash Financial Student Loan RefinanceSplash Financial Student Loan Refinance
Check rateon Splash Financial's website
on Splash Financial's website
6.64- 8.95%
7.60- 7.85%
Check rateon Splash Financial's website
on Splash Financial's website

Full Review

Yrefy is a private student loan company that refinances delinquent and defaulted private student loans. You don’t have to be behind on your student loans to refinance with Yrefy, but the company doesn’t refinance federal student loans.

If you are struggling with federal student loans, consider an income-driven repayment plan, forbearance or deferment. Talk to your servicer about student loan rehabilitation if your federal loans are already in default.

Yrefy could be the best option for you if you have private student loans and any of the following apply:

  • Your loans are past due or in default.

  • You didn’t finish college.

  • Your income is low.

  • Your credit score is below 650.

Yrefy doesn’t use your credit score to determine if you’ll qualify, but it does run your credit to assist with other underwriting decisions like determining your interest rate. When deciding who can qualify on their own and who will need a co-signer, Yrefy looks closely at your debt-to-income ratio, or DTI. You or your co-signer must have a DTI of 35% or better, which is a more stringent requirement than that of other refinance lenders.

If your loans are in default, consider your state’s statute of limitations on student loans collection before refinancing. If the statute of limitations has passed, the biggest effects from missed payments and the risk of a court judgment may already be behind you. If you are still within the statute of limitations, Yrefy may offer a way to re-establish a record of on-time payments that bolsters your credit history, but you risk even more damage if you can’t keep up on the new loan.

Yrefy offers two programs to help borrowers who are struggling with payments. One is the SKIP-12 program, which allows borrowers to skip up to 12 payments — up to one every six months — over the life of their loan. The other program allows borrowers to refinance their refinanced loan, stretch out the loan term and lower their payments. However, Yrefy does not offer a traditional forbearance program that allows borrowers to pause their student loan payments for months at a time.

You can also refinance with Yrefy if your loans are in good standing. By prequalifying — which won’t affect your credit score — you can compare Yrefy’s rate to those from other lenders. But you'll want to factor in the cost of Yrefy’s origination fee, which many other lenders don’t charge.

Yrefy student loan refinancing at a glance

  • You can refinance defaulted private student loans.

  • You can’t refinance federal student loans.

  • Borrowers don’t need a degree to qualify.

  • 5% origination fee.

How Yrefy could improve

  • Not charge borrowers an origination fee.

  • Establish a forbearance program that is comparable to those of other lenders.

  • Offer blanket discharge for death and disability.

How much can refinancing save?

Yrefy student loan refinancing details

    • Soft credit check to qualify and see what rate you’ll get: Yes.

    • Loan terms: 3 - 10 years depending on the refinanced amount; 15-year term available at the discretion of Yrefy.

    • Loan amounts: Minimum: $5,000. Maximum: Unlimited.

    • Can transfer a parent loan to a child: No.

    • Application or origination fee: Yes.

    • Prepayment penalty: No.

    • Late fees: The greater of $25 or 5% of the entire payment.

    Compare Yrefy's range of interest rates with other student loan refinance lenders. Your actual rate will depend on factors such as your — or your co-signer’s — credit history and financial situation. To see what rate Yrefy will offer you, apply on its website.

  • Financial

    • Minimum credit score: Does not base approval on credit scores.

    • Minimum income: Calculated based on debt-to-income ratio and loan balance.

    • Typical credit score of approved borrowers or co-signers: 450-800.

    • Typical income of approved borrowers: Does not disclose.

    • Maximum debt-to-income ratio: 35%.

    • Can qualify if you’ve filed for bankruptcy: Yes, after three years. Can apply with a qualified co-signer if bankruptcy was within three years.


    • Citizenship: Must be a U.S. citizen or permanent resident.

    • Location: Not available in New York, Massachusetts, Puerto Rico, California, Colorado, Nevada and Washington, D.C.

    • Must have graduated: No.

    • Must have attended a school authorized to receive federal aid: Yes.

    • Percentage of borrowers who have a co-signer: 50% or more.

  • Many lenders are offering relief related to COVID-19. Check this list of private loan relief options to see what this lender offers.

    • Academic deferment: No.

    • Military deferment: Yes.

    • Economic hardship deferment: Borrowers can skip one payment every six months for up to 12 months skipped over the life of the loan.

    • Forbearance: No.

    • Co-signer release available: Yes.

    • Death or disability discharge: Case-by-case basis.

    • Loan discharge if co-signer dies or becomes disabled: No.

    Repayment Preferences

    • Allows greater-than-minimum payments via autopay: Yes.

    • Allows biweekly payments via autopay: Yes.

    • Loan servicer: Does not disclose.

    • In-house customer service team: Yes.

    • Process for escalating concerns: Yes.

    • Borrowers get assigned a dedicated banker, advisor or representative: No.

    • Average time from approval to payoff: 30 to 45 days.

Before refinancing with Yrefy

Before deciding on a student loan refinance lender, compare multiple student loan refinance options to make sure you’re getting the best rate you qualify for. In addition to comparing interest rates, compare lenders’ repayment options and the flexibility they offer borrowers who are struggling to make payments.

If you aren’t eligible to refinance with Yrefy

If Yrefy denies your refinance application, the lender will let you know why. Depending on the reason, you may want to consider other lenders, including those that allow a co-signer.

NerdWallet recommends prequalifying with multiple refinance lenders before you submit an application. This won't affect your credit score, and it'll let you know which lenders you may be eligible to work with.


Our survey of more than 29 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and the top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.

We consider 41 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

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