U-fi Student Loans Review: Options for All Student Loan Types

What you need to know:

• U-fi offers loan repayment in increments of five years, meaning you can get repayment periods ranging from five to 25 years.
• U-fi does not offer or honor grace periods for refinanced loans. Student loan payments are due within 30 to 45 days after refinancing your loan with U-fi.
• U-fi offers refinancing for both federal and private student loans.

Owned by Nelnet, U-fi offers student loan refinancing for both federal and private student loans, which could save you a lot of money if you’re eligible. U-fi student loan reviews tend to be positive, though the lender’s terms and conditions require a borrower with specific eligibility requirements.

There are pros and cons to every refinancing option, so let’s dive into the specifics of U-fi student loans to help you decide whether or not it’s the right lender for you.

U-fi student loan refinancing options

The student loan refinancing interest rates offered by U-fi are divided into two types: variable and fixed. The interest rate on your refinanced loans are determined by how much you owe and the length of your desired repayment period.

Pros and cons of refinancing with U-fi

Now that you have the basic information about U-fi’s loan options, weigh the pros and cons of U-fi refinanced loans to decide whether the company’s services are right for you.

Pros of getting a U-fi loan:

• U-fi refinancing includes federal, private and Parent PLUS student loans. This offers flexibility to borrowers who need to transfer federal Parent PLUS into their own name.
• Receive discounts by using AutoPay. When you enroll in auto debit, U-fi will take 0.25% off of your interest rate.
• U-fi offers up to 24 months of hardship forbearance, meaning you’ll be protected if you unexpectedly lose your source of income.
• Though you might have to find a cosigner when you start loan repayment, borrowers have the option to release cosigners after 24 months of on-time payments.
• Offer a 25-year term option for a $25,000 minimum loan balance.

Cons of refinancing through U-fi:

• In the case of your death or disability, your cosigner will be responsible for the repayment of your student loans.
• If you don’t currently have proof of income or don’t make a minimum of $36,000 a year, you might not be eligible for refinancing with U-fi.
• U-fi requires a minimum credit score of 680 or higher, so you may need a cosigner in order to get a loan approved.
• The maximum amount you can refinance through U-fi is $300,000.

U-fi borrower eligibility requirements

U-fi loans are only available if you meet the eligibility requirements. Here are the main factors that determine whether you are a good candidate for U-fi refinancing:

• U.S. citizenship or permanent residency status is required. Applicants must possess a valid U.S. Social Security number.
• Annual income must be at least $36,000.
• Applicant credit score must be 680 or higher.
• Applicants must be the legal age of majority in their permanent state or territory of residence.
• U-fi loans are not available to residents of Vermont.

Your loan and student status requirements to refinance with U-fi

In order to refinance your student loans with U-fi, you must meet these borrower requirements as well:

• A minimum of $5,000 in eligible student loans to refinance is required.
• Applicants cannot be attending school on a half-time or greater basis.
• Applicants should be in grace or repayment periods on the loans they wish to refinance.

Application process for U-fi refinancing

The application process for U-fi refinancing is relatively simple and can be divided into three steps. First, complete an application online. Here is the information you’ll need to have handy:

• Personal contact information
• Home address, Social Security number and other information to verify your identity
• Proof of income, including employment information
• The specifics of your loan, including your current servicer, interest rate and outstanding balance

Next, you’ll review loan offers made by U-fi. The third step is accepting the loan offer and proceeding with loan refinancing.

Should you refinance with U-fi?

Choosing a student loan refinancing lender is a serious decision that ultimately depends on the amount of money you owe, your credit score, your current income and the amount of time you have to repay your loans.

U-fi has positive student loan reviews online from other borrowers, but you should only consider choosing U-fi if the company offers the best interest rate for your student loan repayment after you have compared its terms with other lenders.

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