With U-fi, you can get private student loans with flexible repayment options. U-fi allows borrowers to have a co-signer. To qualify for a U-fi loan, you’ll need a minimum credit score of 680, regardless of whether or not you have a co-signer. U-fi is available in all U.S. states except Vermont.
2024 U-fi Student Loans Review
Updated: November 6, 2024
Advertising & Editorial Disclosure
At a Glance: U-fi Student Loans
- U-fi
- 3.34%–11.66%Fixed APR Range
- 1.26%–10.09%Variable APR Range
- $1,000–$500,000Loan Amounts
- Six monthsGrace Period
- OptionalCo-signer
U-fi from Nelnet is one of the largest student loan providers in the country. U-fi offers private student loans for both undergraduate and graduate degrees. You may also be eligible if you’re pursuing medical, law or MBA degrees. It’s also possible to refinance your student loan with this lender.
You’re also welcome to add a co-signer to your student loan. You or your co-signer must have a minimum annual income of $36,000 and a credit score of 680 or above to qualify with U-fi. Once you’re able to make 24 consecutive payments on time, it’s possible to release your co-signer.
With U-fi, you can get a 0.25% auto payment discount. You also have a grace period of six months after graduation before you need to make payments.
Take note that the maximum loan amount for graduate, MBA, law or doctorate degrees is $175,000, and the limit is $500,000 for a health professions degree.
Pros
- Allows co-signers
- Rates available online
- Flexible repayment terms
- 0.25% auto payment discount
- No hard credit check
Cons
- Borrower or co-signer must have a minimum credit score of 680
- Not available in Vermont
- Required annual income of $36,000
- Fixed APR Range: 3.34%–11.66%
- Variable APR Range: 1.26%–10.09%
- Loan Amounts: Undergraduate: $1,000–$125,000, Graduate: $1,000–$500,000 (depends on the degree)
- Grace Period: 6 months after graduation
- Co-signer: Optional
MoneyGeek Breakdown: U-fi Student Loan Details and Requirements
U-fi Details
Fixed APR | 3.34%–11.66% |
Variable APR | 1.26%–10.09% |
Loan Types | Undergraduate, graduate, MBA and professional degrees |
Loan Amounts |
|
Repayment Terms | 5–15 years |
Grace Period | Six months |
Co-signer Required | A co-signer is optional and can be released after 24 consecutive on-time payments |
Time to Receive Funds | N/A |
Late Fees | Late fees are 5% of the payment that wasn’t paid in full when due or $25, whichever is less |
Prepayment Penalty Fees | No |
Perks | U-fi is transparent about rates and borrower requirements |
Mobile Application | No |
U-fi Student Loan Application Requirements
- 1
Borrower or co-signer must be a U.S. citizen or permanent resident
- 2
Social Security number
- 3
Minimum half-time enrollment at a U-fi eligible school for the loan period
- 4
Annual income of at least $36,000 and proof of income
- 5
No previous defaults on a student loan
- 6
No bankruptcy on file in the past seven years
- 7
Minimum credit score of 680
Is U-fi Right for You?
The best student loan for you depends on your financial needs and individual situation. When shopping around for a lender, consider their rates, fees and terms.
Type of Student U-fi Is Perfect For
U-fi is a great option for a wide range of students as they offer loans for undergraduate, graduate, doctorate, law and MBA degrees. Borrowers with above-average credit scores and a minimum annual income of $36,000 should qualify for U-fi loans.
If you want flexible repayment terms and personalized loans, U-fi is a good fit. U-fi is also ideal for students if they want a co-signer or if they need to refinance their existing student loans. Students looking for potential savings may also apply since U-fi has relatively low interest rates and no application fee.
Who Should Not Choose U-fi
Not every student loan lender will fit your exact needs. For example, U-fi has a maximum loan amount of $125,000 for undergraduate students. Other student loan companies may offer higher loan amounts.
U-fi also has a repayment term of up to 15 years. If this is too short for you, you might want to consider another lender. Borrowers who prefer using a mobile app should also consider other student loan companies, as U-fi does not currently offer an app. If you or your co-signer have filed for bankruptcy or have defaulted on a previous student loan, you won’t be eligible for a U-fi loan.
How to Apply for a U-fi Student Loan
You’ll need to go through an application process to get a student loan from U-fi. Here’s MoneyGeek’s step-by-step guide for U-fi student loan applications.
- 1
Prequalify
On the U-fi website, click on “Get Started.” Enter the name of the school where you’re currently enrolled to check for eligibility. Afterward, create an account and provide your name and email address.
- 2
Fill Out the Application Form
In this step, you can add a co-signer (if needed). When filling out your application form, U-fi might ask you several questions to see if you qualify. For instance, you’ll need to provide your or your co-signer's credit score.
- 3
Review Loan Agreement
Read through the fine print for small yet important details. If you agree to all the terms, you can sign your student loan agreement.
- 4
Sign Loan Agreement
U-fi will send your application to your school for verification.
- 5
Receive Funds
Once U-fi receives certification from your school, the lender will direct your funds.
- 6
Make Payments
There are three different payment options with U-fi.
- Immediate: Pay your principal and interest promptly.
- Interest-only: Pay interest while you’re in school and make full payments after graduation.
- Deferred: Start making payments six months after graduation.
What to Do if You Are Rejected From U-fi
There are instances when U-fi might deny your student loan application. But don’t worry — there are steps you can take moving forward.
To start, you can ask U-fi for the exact reason why your loan was denied. It’s possible that your loan was denied because you have a poor credit history, insufficient income, no credit score or incomplete documents. Once you figure out what that factor is, you may be able to negotiate your student loan. Try asking U-fi if you can shorten your repayment term or adjust rates to make your application acceptable.
Another option is to talk to your school’s financial aid advisor or office to learn more about student loans. They might be able to provide useful and reliable resources to help you in the process.
You can also try different student loan lenders that better suit your unique situation. But, if U-fi is your best option, try getting an eligible co-signer to increase your chances.
Frequently Asked Questions About Student Loans
To help you decide if U-fi is the right student loan company for you, MoneyGeek created this U-fi student loan review and answered the most commonly asked questions about U-fi’s loans.
What can I use a U-fi student loan for?
You can use your U-fi loan to help finance your undergraduate, graduate, doctorate, law or MBA degree. You can also refinance your existing student loan.
What credit score do I need for a U-fi student loan?
You or your co-signer needs a minimum credit score of 680.
How long does U-fi take to approve a student loan?
It varies based on your loan application, but you can get pre-approved almost immediately. The release of funds will depend on the timeline your school will set.
Does U-fi have a mobile app?
No, U-fi doesn’t have a mobile app.
What is the maximum amount I can borrow from U-fi?
Undergraduates can borrow up to $125,000. Students in a graduate, MBA, law or doctorate program can borrow as much as $175,000. Meanwhile, students in a health professional program may be eligible for a maximum loan amount of $500,000.
Will applying for a U-fi student loan affect my credit score?
No, U-fi doesn’t conduct hard credit inquiries, so your credit score isn’t affected.
Does U-fi accept co-signers on student loans?
Yes, U-fi lets borrowers have a co-signer on their student loans.
Can I use U-fi student loans at my college?
You can if your school is eligible. You can check this on U-fi’s website by clicking “Get Started” and inputting the school you’re currently enrolled in.
About Christopher Boston
Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.
Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.
sources
- Nelnet. "Disclosures." Accessed November 6, 2024.
- U-fi. "About U-fi From Nelnet." Accessed November 6, 2024.
- U-fi. "Additional Terms." Accessed November 6, 2024.
- U-fi. "U-fi applicationa and solicitation disclosures." Accessed November 6, 2024.
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Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings for our coverage of credit card products. MoneyGeek and CardRatings may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.