Feefo logo

Frequently Asked Questions

Have questions about private student loans? We've tried to answer the most common questions below. For more information, please contact us.

Student Loans

A cosigner is a creditworthy person willing to assume responsibility for loan liabilities if the borrower fails to repay the loan. Applying with a cosigner may help you qualify for a loan and also lower your interest rate. Cosigners must be eligible U.S. citizens or permanent residents.

  1. U.S. citizenship or permanent residency status and possession a valid U.S. Social Security number. U-fi From Nelnet Student Loans are currently available in all U.S. states except Vermont.
  2. At least half-time enrollment at a U-fi From Nelnet eligible school for the loan period in question.
  3. Annual income of at least $36,000
  4. Neither borrower nor cosigner can have previously defaulted on a student loan
  5. Neither borrower nor cosigner can have filed for bankruptcy in the past seven years
  6. Have a credit score of 680 or more.

You should make sure to exhaust lower-cost federal borrowing options before you turn to non-federal student loans like ours.

Undergraduate

  • Minimum loan amount: $1,000
  • Maximum loan amount: $125,000

Graduate

  • Minimum loan amount: $1,000
  • Maximum student loan limit:
    • Graduate and doctorate: $175,000
    • MBA or graduate law degree: $175,000
    • Graduate health professions degree: $500,000

Some of your repayment options include:

  • Immediate repayment (you'll be required to make full principal and interest payments as soon as the loan is disbursed).
  • Interest-only repayment (you’ll make interest-only payments while in school).
  • Defer principal and interest payments (you won’t be required to make any payments until after you graduate).
  • Repayment terms from 5-15 years.

To qualify for a U-fi From Nelnet student loan you’ll need to:

  • Be an undergraduate or graduate student enrolled at least half-time at an eligible institution.
  • Be a U.S. citizen or permanent resident, or have a qualified cosigner who meets those requirements.
  • Pass a credit check and provide proof of income, or have a qualified cosigner who meets those requirements.

Short answer? It depends on the type of loan. Longer answer? Federal Direct Loan interest rates are determined each year by the U.S. Congress. Private loan interest rates are set by private lenders (like U-fi From Nelnet) using a financial index.

You’ll need to contact your student loan servicer or private loan lender to start the deferment process – keep in mind that you’ll still accrue interest while your loans are deferred.

When you drop below half-time status, your six-month grace period with U-fi From Nelnet will begin. If you decide to return to school before that six months is up, you can extend your grace period for another six months after you graduate.

U-fi From Nelnet offers three repayment options: Immediate Repayment (you’ll make payments on principal and interest right away), Interest-Only Repayment (you’ll make interest-only payments while in school and in grace), and Deferred Repayment (you’ll delay all required payments for up to 78 months, plus your grace period).

With U-fi From Nelnet, the fastest option is Immediate Repayment, since you’ll be making a higher payment each month, but paying less in interest over time.

Your cosigner should be a trusted individual who has strong credit, a reliable annual income (at least $36,000), and is a U.S. citizen or has permanent residency status. Your cosigner can be released from the loan after 24 consecutive on-time payments have been made.

About Cosigners

Yes, as long as your cosigner knows the school you’re attending and other basic information, they can start your student loan application for you. Then you’ll just need to go in and complete some additional information later. We’re making the loan application as quick and easy and possible so you can focus on getting the grades.

A cosigner is a creditworthy person willing to assume responsibility for loan liabilities if the borrower fails to repay the loan. Applying with a cosigner may help you qualify for a loan and also lower your interest rate. Cosigners must be eligible U.S. citizens or permanent residents.

  • Qualified borrowers are eligible after they have made 24 consecutive, on-time payments of principal and interest within 15 days of their due date.
  • When requesting a cosigner release, borrowers must meet the latest credit underwriting eligibility requirements for an individual borrower.
  • If the borrower is denied a cosigner release, he or she will be notified and may reapply at any time.

  • U-fi From Nelnet borrowers may receive a lower interest rate on their loan for having a cosigner, which lowers their monthly payment and overall costs.
  • It can often be difficult for students and borrowers to meet credit and income requirements. A cosigner can help them get the loans they need.

After your student loan application is submitted, we pull a soft credit report on you and your cosigner to determine creditworthiness. If you and your cosigner meet loan criteria including income, credit score and credit history, you will quality for loan offers. After you’ve selected a loan and signed your credit agreement, a hard inquiry will be placed on your credit – this may impact your credit score.

Cosigners are generally only required if a borrower does not meet certain minimum requirements such as age, creditworthiness, employment, or income.

Miscellaneous

U-fi From Nelnet has undergraduate, graduate, MBA, law, and health professional student loan options.

Your credit score is mainly based on whether or not you’ve paid your bills on time. If you’ve missed a credit card payment or skipped a monthly bill, your credit score may drop, affecting your ability to take out certain types of loans.

Send us an online message. You can also call us at 844.307.3451, email us at:
Support@U-fi.com, or – if you’re really old school – send us a letter at 121 S. 13th Street in Lincoln, Nebraska.

 Contact Us