U-fi offers private student loans and refinancing loans to borrowers in 49 states. Undergraduate, graduate and refinancing loans are available. The lender specializes in offering flexible repayment options.
- Borrowers can get up to 25 years to pay off the loan.
- The lender offers an interest rate discount for automatic payments.
- Borrowers can make full payments or pay interest only while in school, or defer payments.
- Parent loans are not available.
- The lender doesn’t provide minimum credit score requirements publicly.
U-fi has student loan options for all levels of education and refinancing, including:
- Undergraduate loans
- Graduate loans (including MBA, law and health professions loans)
- Student loan refinancing
U-fi offers both fixed- and variable-rate student loans. Undergraduate loans range from $1,000 to $125,000, and graduate loans range from $1,000 to $225,000, depending on the borrower’s degree type.
Refinancing loans start at $5,000 and can go as high as $225,000, depending on the borrower’s degree type.
The lender offers several repayment terms on all loan types, including five, 10, 15, 20 and 25 years.
U-fi doesn’t charge any origination or prepayment fees and offers a 0.25 percent interest rate discount to borrowers who set up automatic payments.
U-fi offers in-school and refinancing loans to U.S. citizens and permanent residents with a valid Social Security number. Nonresidents can also apply if they have a co-signer who is a U.S. citizen or permanent resident with a valid Social Security number.
For in-school loans, the student must be enrolled at least half-time in an eligible program at an eligible college or university, and can’t have any defaulted student loans. The student or co-signer must have an annual income of at least $12,000.
For refinancing loans, the loans must be in their grace or repayment periods, and the borrower can no longer be enrolled in school half-time or more. Also, the borrower or co-signer must have an annual income of at least $36,000.
Students and co-signers living or attending school in Vermont are not eligible for any U-fi loans.
For in-school loans, U-fi allows students to choose from three repayment options:
- Full principal and interest while in school
- Interest-only payments while in school and during a six-month grace period after graduation or falling below half-time status
- Deferred repayment for up to 78 months while in school at least half-time plus a six-month grace period
If a borrower dies and the lender is able to confirm the death, the entire loan amount will be canceled. If a co-signer dies, however, they will be removed from the loan, and the primary borrower will still be responsible for paying off the debt. The debt may also be canceled in the event of a borrower’s permanent disability.
U-fi also offers a co-signer release feature. To qualify, borrowers must make 24 consecutive, on-time payments and meet the lender’s credit requirements.
U-fi is not rated by the Better Business Bureau. But its parent company, Nelnet, has an A+ rating with the agency. U-fi did not have any complaints registered with the Consumer Financial Protection Bureau in 2018.
- People who want flexible repayment options
- Borrowers who want to avoid origination fees
- People who are looking for a short co-signer release period