U-fi Student Loans is a young company which was established in 2015. U-fi has two very powerful partners: Union Bank and Trust and Nelnet. U-fi provides students with the option for private student loans as well as refinancing options. Despite being a relatively new company, U-fi has already established a reputation for providing excellent customer service, innovative benefits, and competitive interest rates.
U-fi has a plethora of resources online to educate borrowers about refinancing & consolidating, lending, and borrowing money. Online calculators enable students to determine whether they can save money by switching their loans to U-fi. The article section of the website ensures that students learn how to borrow smartly and learn how to manage their loan once it enters repayment. Other resources include additional information and suggestions on how to pay for college and worksheets that can help students budget money and plan for their financial goals.
Who Is Eligible for U-fi Student Loans?
Undergraduate Students: Students must be citizens or permanent residents of the U.S. These loans are open to students living anywhere in the U.S., with the exception of students living in Vermont. Students must be at least 18 years of age to apply for an individual loan, without a cosigner. Furthermore, they must be attending school at least half-time at an accredited institution. Students must earn at least $12,000 per year and borrow at least $1,000. If students do not meet those requirements, they can still apply for a loan with a credit worthy cosigner.
Graduate Students: The eligibility requirements for the graduate students loans are the same as those established for undergraduate students. Graduate students may also apply with a cosigner. While students may apply individually, often times students can get a lower interest rate when they apply with a cosigner.
What Does U-fi Offer?
U-fi provides both the option to refinance existing loans as well as lends new private student loans. Below is information regarding the different loans that the company offers.
Refinancing: Refinancing through U-fi may be a good idea for borrowers who are looking for a low interest rate. The company touts that they have interest rates to met any budget. Current variables rates begin as low as 2.21% while fixed rate loans start as low as 4.14%. U-fi provides an online calculator so that potential applicants can estimate their rate and see their potential savings. Additionally, the company provides clear instructions regarding the documentation and information you will need to have available prior to beginning and application.
Undergraduate Private Loans: Loans for undergraduate students begin as low as 3.81% for variable rates and as low as 5.52% for fixed rate loans. Students must borrow at least $1,000 and cannot borrow more than $125,000. These loans come with several benefits to borrowers. Students can earn cash back as a reward for good grades. A reward of up to 1.5% of each loan can be earned for students who earn at least a 3.0 grade point average. Students must provide proof of grades within 180 of the end of the semester of quarter for which the loan was received.
Students are eligible for an additional cash back reward worth 1.5% of their current loan when they make their first 12 payments on time. Students who opt to pay their loan through the auto debit option are eligible to receive an additional 0.25% interest rate reduction on their loan. Furthermore, there is an option to have cosigners released after 2 years of on-time payments are received. Finally, there are no hidden application fees, fees for loan origination, and no penalty for early payment of the loan balance. Students may also chose from a number of repayment options, which include interest-only repayment, deferred repayment, and immediate repayment.
Graduate Private Loans: Loans for graduate students begin starting from 3.26% for a variable rate loan and from 4.76% for a fixed rate loan. Similar to undergraduate loans, graduate students are eligible for the cash back bonuses for good grades and for paying the first 12 months of the loan on time. In addition, they have the option to release a consigner after 24 months of on-time payments are received.
Flexible repayment options, rate reductions, and no hidden fees are all benefits that are also offered for graduate students. Students must borrow a minimum of $1,000. The maximum amount that can be borrowed varies by the type of degree the student is pursuing. Students who are pursuing a graduate or doctorate degree can borrow up to $150,000. Law students and business students may borrow up to $175,000. Students who are pursuing a graduate degree in a health field may borrow up to $225,000. Students may choose from a 5 year, 10 year, or 15 year repayment term. Several repayment options, including immediate repayment, deferred repayment, and interest-only repayment also apply to graduate loans.
Benefits of U-fi Student Loans
- Up to a six month grace period before loan repayment begins
- Varying repayment options, including immediate, interest-only, and deferred
- Cash back rewards for good grades and for making the first 12 payments on time
- Flexible repayment terms that range from 5 years to 15 years
- Cosigner release
- A discount of 0.25% for students who pay their loan using the auto-pay function
What is the U-fi Student Loan Application Process?
In order to begin the loan application process, applicants will first need to gather relevant demographic information, proof of identification, school information, and information regarding current loans and income. If applicants are applying with a cosigner, the cosigner will also need to collect this information as well. Once borrowers have completed the refinance loan application, the applicant’s credit will be checked. If the loan is approved, the applicant will need to select his or her loan terms and rate type. After accepting the final loan terms, the company will pay off the loans that you are refinancing and your payment of the refinanced loans will begin one month after the loan begins.