The following Terms and Conditions describe the eligibility policy for on-time payments reward.
Reward Eligibility
- You must make your initial 12 separate monthly principal and interest payments consecutively and on time.You may not accelerate (e.g. pre-pay) your principal and interest payments in order to achieve the cash back reward.
- You must maintain a valid email address and current mailing address on file with your loan servicer.
- If you receive a forbearance or deferment from us prior to meeting the consecutive payment eligibility requirement, the consecutive payment counter will commence where it left off when you re-enter repayment.
- Any instances of delinquency (greater than 15 days past the due date) prior to meeting the consecutive payment eligibility requirement will terminate your eligibility for this reward. Once terminated, you are no longer eligible for this reward during the remaining life of the loan.
- Limit of one on-time payments reward per eligible U‑fi Refinance Loan.
- On-time payments reward is applicable to Refinance Loan applications submitted before April 1, 2016 and will no longer be available after this date.
Reward Amount
The cash reward amount is equal to 1.5% multiplied by the principal balance of the loan at the time the reward is achieved. This is a one-time reward.
The total of all U‑fi Student Loans cash back rewards cannot exceed $500 per borrower in any one calendar year.
The on-time payments reward may result in taxable income to you. You are encouraged to consult with a professional tax advisor.
Reward Redemption
We will notify you via email once you have met the eligibility requirements. A check will be mailed to the U.S. mailing address we have on file for you at the time you meet the eligibility requirements.It is your responsibility to notify your loan servicer of any email or mailing address changes.If you did not receive an expected cash reward, it is your responsibility to notify us.
Changes to these Terms and Conditions
The U‑fi on-time payments reward program Terms and Conditions are subject to change at any time.