Frequently Asked Questions (FAQs)

Ignyte by Yrefy is a division of Yrefy, a leader in the student loan refinancing space. For nearly a decade, Yrefy has helped borrowers refinance high-interest private student loans. Ignyte builds on that legacy by offering private student loans designed to be more accessible and affordable for students.

Unlike traditional lenders, Ignyte doesn’t focus solely on your credit score. Instead, we evaluate your ability to repay the loan. A lower credit score doesn’t mean a higher interest rate.

Ignyte by Yrefy offers private student loans. These are not affiliated with federal student loan programs.

We work with students from all credit backgrounds. However, your school must be partnered with Ignyte for you to be eligible to apply.

Yes. Your school must have an active partnership with Ignyte for you to apply for financing.

Currently, you must be a U.S. citizen or permanent resident to apply.

We don’t have a minimum credit score requirement. We welcome students with all credit backgrounds, including those with FICO scores below 500.

Yes! Ignyte is designed to help students who may not have strong credit histories. We focus on your income and ability to repay, not your credit score.

Yes. Depending on your loan amount, you'll need to demonstrate that you can afford the monthly payments.

Many applicants do not need a cosigner thanks to our unique application process. However, if you don’t meet certain requirements, a cosigner may be necessary.

Yes! Once you’ve established a sufficient history of reliable payments, we may agree to release your cosigner from the loan. This means they'll no longer be liable for it.

Applying is easy—just use this link:

You’ll know if you pre-qualify right away, and full approval can take less than one business day.

If you're a W-2 employee, you'll need:

•  At least one month of recent pay stubs

• A valid ID or driver’s license

• A completed application

If you’re self-employed, additional documentation will be required.

No. We only perform a hard credit check after you've signed your final disclosure and committed to your loan terms.

No, applying for an Ignyte by Yrefy loan is completely free.

Your loan amount will depend on your program's tuition costs and your financial needs. We work with you and your school to determine the right amount.

We support students in skilled trades, healthcare, technology, cosmetology, college programs, and more. If your school is an Ignyte partner, ask about which programs qualify.

Currently, Ignyte loans can only be used to cover tuition and fees as determined by your school.

Interest rates range from 3.99% to 5.99%, depending on your loan terms.

All Ignyte loans come with fixed interest rates, so your rate won’t change over time.

A fixed rate means your interest rate stays the same for the life of your loan. Your monthly payment won’t change, making it easier to budget.

Your rate is based on your loan terms, not your credit score.

We offer flexible repayment terms designed to fit your budget. Your specific term options will be presented during the application process.

No hidden fees. We believe in transparency. All costs, including your interest rate and any applicable fees, will be clearly explained before you sign your loan agreement.

Repayment begins after your loan is disbursed.

Payments are due either on the 1st or 15th of each month and are automatically withdrawn via ACH transfer.

Your monthly payment depends on your loan amount, interest rate, and repayment term. We’ll show you your exact payment amount before you sign anything—no surprises.

Yes! You can make additional payments or pay off your loan early without any penalties.

You can update your information at any time through your online portal or by contacting our support team directly.

Life happens. If you’re experiencing temporary financial hardship, the SKIP-12 program lets you skip one payment every 6 months for the life of your loan. You must qualify for this benefit, and we’re here to help you through the process.

Contact us immediately. We have options to help. The sooner you reach out, the more we can do to support you.

Once your loan is approved, we pay your school directly on your behalf. You don’t have to worry about transferring funds—we handle that part.

If you withdraw, your school's refund policy applies. Any refund you’re entitled to will be applied to reduce your loan balance.

Ignyte handles all loan communications, payments, and account management. Your school is not involved in your loan payments or servicing—that's our job.

Yes! If you have an existing payment plan or retail installment contract with your school, you may be able to refinance through Ignyte by Yrefy. Contact us to see if you qualify.

You can reach our student support team by emailing us at ignytestudents@yrefy.com