U-fi Student Loan Review: Unbiased Pros & Cons

U-fi Student Loan Review: Unbiased Pros & Cons

Lender title U-fi
Loan assessed Undergraduate student loan
Enrollment requirement At least half-time
Minimum FICO rating Does not disclose
Average credit rating of accepted candidates Does not disclose
Minimum revenue 36000
Average revenue of accepted candidates Does not disclose
Highest allowed debt-to-income ratio Does not disclose
Available for worldwide student debtors? Only if everlasting resident and have a legitimate Social Security quantity
Available all through the US? Unavailable in Vermont
Online solely? Yes
Phone functions obtainable? No
Structures obtainable Fixed, variable
APR vary 4.24% to 10.59%
Interest fee primarily based on an underlying index? LIBOR
Rate quote obtainable with a gentle credit pull? Yes
Minimum loan quantity 1000
Maximum loan quantity 125000
Grace interval 6 months
Terms obtainable 5 to fifteen years
Repayment choices Immediate, curiosity solely, or deferred
Prepayment penalty None
Deferment choices Available, however particulars not supplied till loan paperwork is full
Forbearance provisions Available, however particulars not supplied till loan paperwork is full
Death or incapacity discharge Disability discharge obtainable, demise discharge particulars not disclosed
Cosigner launch Yes, after 24 consecutive and on-time funds made
Lender have personal customer support Yes
Loan servicer Nelnet
Fees Late cost payment of 5% of the past-due quantity or $10 (whichever is smaller); returned cost payment of $5
Borrower advantages 0.25% low cost for computerized funds, cash-back award for 12 on-time funds
Related merchandise Graduate college, MBA, well being professions, refinancing

Borrow for varsity from the U.S. Department of Education, and also you may make funds to an organization referred to as Nelnet. If you wish to skip the center step and borrow immediately from Nelnet, you’ll try this with a loan from U-fi. 

U-fi’s reference to Nelnet signifies that the corporate has greater than 40 years of expertise to attract upon. Apply for the loan you want in minutes, and know that you just’re in good arms with an organization that believes in serving to students do extra.

We dug into the loans open to undergraduate students, and we discovered lots to get enthusiastic about. Let’s discover.

U-fi Undergraduate Student Loans at a Glance 

U-fi undergraduate student loans are (clearly) meant for students which are working towards a bachelor’s or affiliate diploma. You should be enrolled at the least half-time in a level program to qualify for this loan.


If you’re undecided for those who’re eligible, you may fill out a fast on-line kind and get a solution in minutes. This fast test gained’t influence your credit rating. 

U-fi undergraduate student loans stand out from the competitors attributable to:

  • Low prices. Pay nothing to use for the loan, and keep away from charges related to paying the steadiness early. Enjoy rates of interest as little as 3.99%. 
  • Cosigner launch. Most undergraduates want a cosigner to use for a U-fi loan. But you may launch that particular person from obligation after 24 on-time funds. 
  • Robust customer support. Reviews printed on the U-fi web site are glowing, and most of the people talk about the assistance they get from the customer support staff. If you’re anxious about filling out loan paperwork with out assist, this might be very reassuring. 

As an undergraduate, you may borrow as much as $125,000 from U-fi to assist pay to your schooling. When you signal your loan paperwork, you’ll inform the corporate how lengthy you’ll must pay again the steadiness. You could make funds for five, 10, or 15 years. 

U-fi Undergraduate Student Loan Pros & Cons 

U-fi executives hope to hurry up the loan course of, so students can get the assistance they want with out worrying about paperwork and pesky monetary particulars. As a outcome, it’s remarkably straightforward to maneuver via the loan course of with U-fi, and there are many perks to get enthusiastic about. But there are two methods by which the corporate may enhance. 

Pros

  • Fast loan utility course of: Your credit gained’t take a success as you identify eligibility. If you progress ahead and apply, it takes simply minutes to fill out all of the paperwork. 
  • Savings and money again: You’ll get a deduction for enrolling in computerized funds, and also you’ll get money again for those who make your funds on time. 
  • Multiple compensation choices: Start the payback course of whilst you’re in class, and also you’ll lower your expenses on the ultimate invoice. Delay the beginning of these funds so you may focus in your research. You could make that alternative as you fill out loan paperwork. 

Cons

  • State exclusion: If you reside in Vermont, you’re not eligible for this loan. 
  • Few choices for international students: If you’re a everlasting resident alien with a legitimate Social Security quantity, you may apply for this loan. Otherwise, you can not. 

How to Apply for a Student Loan With U-fi

Like many student loan servicers, U-fi doesn’t supply paper or telephone functions. If you’d like to make use of this firm that will help you pay for varsity, you’ll must do your work on-line.

Head to the U-fi web site, and observe this step-by-step course of:

  • Choose your loan sort. Tell the corporate whether or not you want a student loan or for those who need assistance with refinancing. 
  • Choose your college. Make positive U-fi presents student loans the place you hope to get your diploma. 
  • Create an account. You’ll want a username and password. Prepare to get artistic, as your password should be 12 characters lengthy. 
  • Get prequalified. Provide some details about your self and your revenue. 
  • Offer extra element. When you’re prequalified, you’ll get critical. Fill out extra details about your self and your monetary background. Ask your cosigner to do the identical. Make choices about compensation. Then, hit “submit.” 
  • Watch to your cash. If your loan is accepted, you’ll have loan paperwork to signal. Do that, and you’ve got the loan you want. 

What Other Student Loan Options Are Available?

U-fi hopes to be your associate all through your academic profession. The firm presents loads of loans that may enable you to put together for the job of your goals. 

For instance, you may apply for loans that will help you head to graduate college, get your MBA, put together for the bar examination, or qualify for a health-related profession. All of the stats we’ve given above about student loans apply to those merchandise too. The solely distinction is that you would be able to borrow extra with these merchandise. Graduate students can borrow as a lot as $175,000, for instance. 

U-fi additionally presents student loan refinancing. This product is made for folks with a number of totally different student loans. Missing funds might be catastrophic, because it may imply going into default. A refinancing product helps you make sure that by no means occurs. 
A refinance loan from U-fi comes with an rate of interest as little as 2.55% APR. Pay again the steadiness in as little as 5 years or as many as 25 years.

You can mix federal and personal loans collectively into one consolidation bundle, however you may’t mix loans from a number of folks. All the balances should be in your title.

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