U-Fi is a registered trademark of Nelnet for all the products and services offered by Nelnet. In this article, we will discuss what a borrower can expect from U-fi student loans.
U-fi is a good option for borrowers who need to apply with a co-signer and need good flexibility on payments in the future. U-Fi is an organization that offers private student loans and student loan refinancing options to graduate & undergraduate students. U-fi offers private student and refinancing student loans in 49 states. The lender specializes in offering flexible repayment options.
Table of contents
- Student loan review
- Repayment options
- Application process for U-fi refinancing
- Refinancing review
- Customer service
U-fi Student Loan Reviews
The student loans are offered with the intention to ease the borrowers from the burden of debt. The refinancing options offered by U-fi is also done in a simple way. With more options like a release from co-signer, good grade discounts and cash backs make it more friendly from the point of borrowers.
U-fi accepts applicants with credit scores as low as 640 if they apply with a co-signer who has a score of at least 680. It also offers longer-than-average forbearance periods, allowing borrowers to postpone payments for up to 24 months throughout their loan term.
U-fi has a partnership between veteran student loan servicer Nelnet and Union Bank and trust company.
Pros and Cons of U-Fi Student Loans
Since Ufi provides multiple facilities for the users, you can carefully weigh your options and decide if it is good for you. With the pros and cons listed below a borrower can get an overall idea of what is in store when you choose U-fi as your lender -
These are the pros a borrower can expect with a student loan from U-Fi -
To pay back the loan, up to 25 years of time is being offered to them
For automatic payments, the lenders provide a discounted rate to the borrowers
It depends upon the borrower to pay out the full loan or only interest while in school or they may go for deferred payment options.
You can see if you’ll qualify and what rate you’ll get without a hard credit check.
There are some points in which other options are better than U-Fi, they are as follows-
U-Fi does not offer Parents loans
U-Fi does not disclose their minimum credit score requirement
Below-average customer support compared with other lenders
Loans aren’t available in Vermont
No options to temporary pause payments through forbearance
U-fi at a glance
Generous forbearance policy
Co-signer release option
No option to get personalized rate estimates without affecting credit
Drawbacks of U-fi
U-fi has room for improvement, here are some key areas they could focus on to help the borrowers associated with them -
Parent loans are not available
The lender does not provide the minimum credit score publicly.
Requirements for U-fi student loans
In order to avail the U-fi services following are the conditions:
Minimum credit score 680
Minimum income $36,000
Typical credit score of approved borrowers or co-signer - Not disclose
Typical income of approved borrowers - Not disclose
Maximum debt-to-income ratio is 45%
Can qualify if you’ve filed for bankruptcy - Yes, after 7 years
Must be a U.S. citizen or permanent resident, or apply with a co-signer who is a U.S. citizen or permanent resident
Must have graduated - No
Must have attended a school authorized to receive federal aid - No
Percentage of borrowers who have a cosigner - Not disclosed
Features of U-fi Student Loans
U-Fi student loans work on a few parameters to attract the borrowers and their simple & accessible way of working makes the borrower satisfied with their services.
Following are the features offered by U-Fi-
Offering different repayment options is one of the major traits which makes them stand out
No origination fee
Shorter cosigner release
U-fi Student Loan Options
U-Fi offers the following loan options -
Refinancing of student loans
These loans aim to provide students in getting stability with their career and even in work life. U-Fi loans have simple application procedure, only the basic information of the borrower is required- name, address, government-issued ID proof, date of birth, social security number, employer’s name, contact details and annual income (gross).
Worried about your college tuition? Learn more about student loans
Loan terms, fees & discount
The loan rates for both graduate or undergraduate students are fixed with a predefined set range. For undergraduates, the loan lies from $1,000 to $125,000 and graduate loans lie from $1,000 to $225,000 depending on the type of degree.
When they talk about refinancing, it ranges from $5,000 and goes up to $225,000 again depending on the type of degree
The term for repayment plans is like 5, 10, 15, 20 and 25 years which are offered by the lenders. Also, they don’t charge any origination fees and prepayment penalties. A 0.25% discount is offered when the borrower opts for Autopay.
Forbearance and Discharge
If the borrower is dead and the lender confirms the information then the entire loan is discharged. In the case of a cosigner, if the same situation occurs then the borrower will solely be liable for the debt against the loan.
Releasing a loan is also offered by U-Fi only after making 24 consecutive on-time payments and other requirements of the lender.
Interests rates, fees, and other terms
A borrower can expect the following terms with U-fi -
Soft credit check to qualify and see what rate you’ll get: No
Loan terms: 5, 10, 15 or 20 years & 25-year terms available for variable-rate loans
Loan amounts: $5,000 – $225,000
Can transfer a parent loan to the child: No
Application or origination fee: No
Prepayment penalty: No
Late fees: Yes; a fee equal to 5% of the late payment or $10, whichever is less, applies after a payment is 15 days late
Application process for U-fi refinancing
The application process for U-fi refinancing is relatively simple and can be divided into three steps which means that you can complete the whole process in a single sitting if you are having all the required documents and for. For the online application, these requirements are needed to be ready
1-Personal contact information
2-Home address, Social Security number and other information to verify your identity
3-Proof of income, including employment information
4-The specifics of your loan, including your current servicer, interest rate, and outstanding balance
Then after choosing “Get My Rate,” you will get an estimation of refinancing the loan and the best part is your credit score will not be impacted. Then lastly accepting the loan offer and proceeding with loan refinancing. The application process is step by step and today the online platforms make it more easy and convenient for the borrowers.
Student Loan Repayment Options with U-fi
Student loan repayment is one of the most important phases for a borrower, if this phase is handled properly one can expect to increase their credit score and improve their credibility as a borrower.
During the repayment of your student loans, a borrower can expect the following
Academic deferment - Yes, borrowers can postpone payments if they return to school
Military deferment - Yes, borrowers can postpone payments while serving in the military
Forbearance : Yes, borrowers experiencing an economic hardship can postpone payments for up to 24 months throughout the life of the loan
Natural disaster forbearance - Borrowers can postpone payments if they’re involved in a natural disaster
Co-signer release available -Yes
Death or disability discharge available -Yes
If the borrowers are looking for refinancing with U-Fi, they can directly apply on the website. But it is always said to have a complete check with various other options available.
U-Fi Repayment Terms
In order to start making payments while still in-school, U-Fi offers three kinds of repayment options-
Full payment (interest and principal) while in school
Interest can be paid in school and in 6 months grace period after graduation or falling below half time status
Up to 78 months deferred repayments can be made while in school at least half time plus a six months grace period
U-fi Refinancing Review
At a glance, these are the basic terms of refinancing with U-fi.
Fixed - 3.49% to 5.32%, Variable - 2.43% to 6.1%, autopay discount of 0.25%
|Term of loan||
5,10,15 or 20 years
|Amount of loan||
$5,000 to $225,000
When refinancing it is common to get a co-signer on board to strengthen your application to help qualify for a lower interest rate. Once you do get a co-signer on board it is important to have a release option so that during the repayment journey the co-signers credit score is not affected based on the payments to be made.For those looking to refinance with U-fi you have the liberty of availing the cosigner release option.
U-fi Customer Service
One of the most overlooked features during the selection of a lender is customer service. It is this feature that helps a borrower maintain a peace of mind, Here is what a borrower can expect with U-fi -
Availability of in-house customer service team
Complaints are handled by U-fi’s customer service team
Borrowers get assigned a dedicated banker, advisor or representative - No
Average time from approval to payoff is 48 hours after initiation date the funds get disbursed for payoffs
Though it is not rated by the Better Business Bureau, it has a rating of A+ by its parent company as a sign of its remarkable work. Also there are no complaints registered under the Consumer Financial Protection Bureau in 2018 which is a positive sign towards it.
You can get in touch with U-Fi using the following ways mentioned below -
Phone - 844-307-3451
Email - support@U-fi.com
121 S 13th St. Lincoln
NE - 68508
Website - https://www.ufi.org/
Looking for ways to help cover your tuition can feel overwhelming at times because of the abundance of options out there. It is crucial to be well aware of all the options available to you before making a decision.