Frequently Asked Questions

• Be a U.S. citizen or have permanent residency status and possess a valid U.S. Social Security number. U-fi Student Loans are currently available in all U.S. states except Vermont
• Be the legal age of majority in your permanent state/territory of residency
• No longer be attending school on a half-time or more basis
• Have a minimum of $5,000 in eligible student loans you wish to refinance
• Have entered grace or repayment on the loans you wish to refinance
• Have at least $36,000 in annual income
• Have a 680+ credit score

You can select one of the following loan repayment terms:

• 5-year term
• 10-year term
• 15-year term
• 20-year term (for loan amounts of $25,000 or more)
• 25-year term (for loan amounts of $75,000 or more with variable rate interest)*

With a shorter repayment term, you may lower your interest rate and will lower your overall cost of borrowing, but you will have higher monthly payments. With a longer repayment term, you will lower your monthly payment amount, but you may have a higher interest rate and will increase your overall cost of borrowing.

No matter which term you choose, you can always make additional payments without penalty. This lets you pay off your loan faster and saves you money.

*Note: Not all repayment terms may be available depending on the borrower's and/or cosigner's credit.

You can select one of the following loan repayment terms:

• 5-year term
• 10-year term
• 15-year term
• 20-year term (for loan amounts of $25,000 or more)
• 25-year term (for loan amounts of $25,000 or more with variable interest)

Keep in mind that shorter repayment terms often mean lower interest rates and higher monthly payments, which will lower your overall cost of borrowing.

No. Cosigners are only required if your application doesn’t meet certain minimum requirements like age, creditworthiness, employment, or income.

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.

Yes. However, before you refinance federal student loans, make sure you understand the benefits you can lose.

You’ll need to have on hand:

• Contact information
• Home address
• Social Security Number
• Employment information (paystub/proof of income)
• Loan information (loan servicer, interest rate, outstanding balance)

Not initially – getting your estimated interest rates with U-fi will not impact your credit score and it won’t cost you a thing. U-fi uses a soft credit inquiry to see if you meet minimum criteria and to show you. However, after you’ve selected a rate and signed your credit agreement, a hard inquiry will be placed on your credit score.

• For more information, check out Your Credit Report: Hard Inquiry vs. Soft Inquiry – What’s the Difference?

Unfortunately, spouses would need to establish a separate payment plan through U-fi.

No, U-fi does not offer grace periods or honor grace periods for refinancing. U-fi operates on an immediate full principal and interest repayment plan. First student loan payment is due 30-45 days after the first loan is issued.

A 60-day admin forbearance will be applied while waiting for the customer to return their application. Subsequent 60-day admin forbearance will be applied if the returned application does not contain all necessary information and needs to be returned to the customer; up to a maximum of 180 day of admin forbearance will be processed. Total and Permanent Disability (TPD) can be determined based on determination by US Department of Veteran Affairs or Social Security Administration (SSA), along with a completed total and permanent disability application, sections 1 and 2.

This one’s easy – if you’re wondering how much you’ll save by refinancing your student loan, we built a student loan calculator just for you.

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 Student Loans are currently available in all U.S. states except Vermont.
2. At least half-time enrollment at a U-fi eligible school for the loan period in questions
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 680+ credit score

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: $300,000

Some of your repayment options include:

• Immediate repayment (you'll only 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 quality for a U-fi 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, 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) 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 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 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, the fastest option is Immediate Repayment, since you’ll be 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.

• 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 for the cosigning benefit, 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 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 many students and borrowers to meet the credit and income requirements, so 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.

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.

We currently offer student loans and refinancing for undergraduate, graduate, law degrees, and medical degrees.

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. 13^th Street in Lincoln, Nebraska.

 https://u-fi.com/contact/

No. To refinance a parent PLUS loan, only the student needs to apply.

No – in fact, we think prepayment and origination fees kind of suck.

You'll need a valid U.S. Social Security number, proof that you are the legal age of majority in your permanent state/territory of residency, have a credit score of 680+, and an annual income of at least $36,000. If you don’t meet these requirements, you’ll need a cosigner who does.

The new parent PLUS loan releases the parent from responsibility for the loan. Since the new loan is in the student’s name, they’ll receive credit benefits for making payments. Their new loan may also have lower interest rates or monthly payments, so they may save money.

Yes – though the student will need to start the process by applying and meeting credit requirements (parents can still cosign the refinanced loan if the student isn’t able to meet them).

Refinancing a parent PLUS loan combines this student loan (and any other loans the student has) into a brand-new loan – often, with a lower interest rate and/or monthly payment. The new refinanced loan will be in the student’s name, not the parent’s.

Yes. However, before you refinance federal student loans, make sure you understand the benefits you can lose.