Ignyte by Yrefy has launched a private student lending program designed to expand financing access for students pursuing careers in the skilled trades, health care, technology, cosmetology and other career-focused fields.

The specialty lending service from Yrefy is partnering with trade schools across the country to provide private loans to students who may have poor or no credit history. Ignyte currently works with schools in 42 states.

Lending Program Targets Trade School Financing Barriers

Ignyte evaluates applicants based on their ability to repay rather than automatically assigning higher interest rates to students with lower credit scores. Loan amounts are determined using the participating school's tuition costs and the student's financial needs.

Interest rates are fixed and range from 3.99% to 5.99%, depending on loan terms. Typical repayment periods are four to six years.

“America is facing a growing shortage of skilled workers, a challenge made worse by an aging workforce and outdated student lending practices,” said Norman Rodriguez, Director of School Lending for Ignyte by Yrefy and a trade school owner. “The structure of traditional student loans, combined with recent federal legislation, has made it increasingly difficult for aspiring electricians, plumbers, mechanics, health care workers, and others pursuing essential careers to afford the education and training they need. Ignyte by Yrefy provides a financing solution that helps remove those barriers, and we’re excited to partner with more schools across the country to expand access to this program and help more students prepare for in-demand careers.”

Program Includes Flexible School Participation

The program is designed to give trade schools another financing option for current and prospective students without adding participation fees or minimum enrollment requirements.

There is also no recourse for participating schools if a student defaults on loan payments. Both accredited and non-accredited trade schools are eligible to partner with Ignyte by Yrefy.

For schools serving students who may have difficulty qualifying for conventional private education financing, the program provides another potential path to funding career-focused training.

Financing Supports In-Demand Career Training

Ignyte's lending program covers education and training leading to certificates and degrees in fields including plumbing, electrical work, mechanics, health care, technology and cosmetology.

Yrefy said the program is intended to address financing barriers that can prevent prospective students from pursuing training for careers where employers continue to seek qualified workers.

By partnering directly with trade schools, Ignyte is expanding its lending network while giving schools a financing resource they can offer to students evaluating the cost of career training.

Ignyte Expands Nationwide School Network

Ignyte by Yrefy is currently partnered with trade schools in 42 states and is seeking additional school partnerships across the country.

The company said its model is intended to make private education loans more accessible to students whose credit history could otherwise limit their financing options, while providing schools with a financing program that does not require student minimums or participation fees.

To learn more visit yrefyignyte.com.