A student loan refinancing company, Yrefy, with a history of accusations regarding misleading investment claims, has reportedly been paying Turning Point USA for speaking opportunities at its campus events to present its financial products to college students and their families. Watchdogs are expressing alarm that this sponsorship arrangement could transform the conservative nonprofit into a platform for potentially deceptive financial deals.
Yrefy previously faced $750,000 in state sanctions as part of a settlement concerning allegations of deceptive marketing and investment materials. The company did not admit or deny these accusations. Alan Collinge, founder of the consumer protection group Student Loan Justice, described Yrefy as a "shady company" and noted the irony of its association with Turning Point USA, an organization that promotes fiscal responsibility.
Yrefy co-founder Laine Schoneberger stated that the company has revised its investment marketing materials and resolved its regulatory issues in Massachusetts. Founded in 2017, Yrefy, based in Phoenix, specializes in purchasing distressed private student loans from original lenders and refinancing them. While these new loans often feature lower monthly payments, they can include origination fees and other potential costs for borrowers.
Consumer advocates caution that Yrefy may target individuals who are desperate or uninformed, leading them to accept financing terms they might otherwise reject. Some borrowers have reportedly defaulted on their loans to become Yrefy customers. Schoneberger, however, maintains that the company has a strict policy against encouraging loan defaults and emphasizes Yrefy's low, fixed-interest rates and customizable repayment terms.
The financial terms of Yrefy's sponsorship with Turning Point USA are not publicly detailed, but the arrangement has provided Schoneberger with prime speaking slots at numerous campus events. In addition to pitching refinancing options, he has encouraged young attendees, along with their parents and grandparents, to become private investors in Yrefy.
Massachusetts regulators found in 2025 that Yrefy made misleading claims to investors, including failing to disclose that advertised fixed returns of up to 10.25 percent were variable and that celebrity endorsers were paid. The company also allegedly claimed investors' principal was protected from loss, despite charging for early withdrawals. Yrefy entered a consent decree with regulators, agreeing to pay without admitting wrongdoing.
Anna Anderson, an attorney with the National Consumer Law Center, warned that companies sanctioned by states should be viewed with skepticism, labeling the Massachusetts penalties a "red flag." Schoneberger has frequently spoken at Turning Point events, advocating for capitalism and private lending. He has also invoked the late Charlie Kirk, founder of Turning Point USA, in his presentations, describing Kirk's alleged near-death experience and his supposed support for Yrefy's mission.
Schoneberger's appearances have occurred at major Turning Point USA events nationwide, often before speakers such as Vice President J.D. Vance and members of the Trump family. Collinge expressed surprise at the affiliation, given Turning Point's emphasis on fiscal responsibility, and speculated about deeper financial ties between Kirk and Yrefy.
Refinancing student loan debt is a significant industry in the U.S., with approximately 45 million borrowers owing around $1.8 trillion. Experts advise borrowers to be cautious of refinancing claims promising easy solutions and to avoid defaulting on loans if possible, citing potential consequences such as credit damage, collections fees, and lawsuits.
Betsy Mayotte, president of the Institute of Student Loan Advisors, suggests that distressed borrowers first attempt to work with their current lenders. However, for those already in default, she acknowledges that refinancing companies like Yrefy may represent one of their limited options.