Updated
Feb 28, 2022 Key points:
- U-fi From Nelnet provides both private student loans and refinancing for undergrads and graduate students.
- A minimum income is required (see more below), but cosigners are also allowed.
- Cosigner release is available after 24 consecutive, on-time payments.
- U-fi From Nelnet doesn’t charge any fees.
What we like:
Get a 0.25% interest rate reduction on advertised rates by setting up automatic payments
| In-School Loan Rates | 5.49% -11.14% fixed APR 3.99% – 11.65% variable APR |
| Refinancing Rates | 3.49% – 5.93% fixed APR 2.43% – 6.39% variable APR |
| Loan Terms | 5 – 15 years for in-school loans 5 – 25 years for refinancing |
| Loan Amounts | Up to $125,000 for Undergrads, $175,000 for grad students, and $300,000 for Graduate health professionals $5,000 – $225,000 for refinancing |
U-fi is backed by the largest student loan servicer in the nation—Nelnet—with more than 20 years of student loan experience.
It provides student loan refinancing for borrowers with existing student debt, as well as new private student loans for undergraduates, graduate students, and professional students.
This U-fi From Nelnet review will tell you everything you need to know to decide if a U-fi student loan is right for you.
In this review:
What Types of Loans Does U-fi From Nelnet offer?
U-fi From Nelnet offers both private student loans and student loan refinancing. We’ll break down your options below.
| Undergraduate student loans | Graduate student loans | Student loan refinancing | |
| Loan amount | $1,000 – $125,000 | $1,000 – $300,000 | $5,000 – $300,000 |
| Term lengths | 5 – 15 years | 5 – 15 years | 5 – 25 years |
| Fixed rates | 4.75% – 12.12% | 4.75% – 12.12% | 4.50% – 7.63% |
| Variable rates | 2.75% – 11.96% | 2.75% – 11.96% | 3.60% – 7.62% |
| Min. annual income | $36,000 | $36,000 | $36,000 |
| Grace period | 6 months | 6 months | N/A |
Undergraduate Loans and Graduate Loans
U-fi From Nelnet offers student loans for undergraduates, graduates, and professional students. As you can see in the table above, the lender offers competitive rates and loan amounts that should satisfy the needs of most students.
With a U-fi From Nelnet private student loan, you have a choice of fixed or variable rate loans, but you must meet the eligibility criteria below.
Eligibility criteria
- You must be a U.S. citizen or permanent resident and you must have a valid Social Security number.
- You must live in any U.S. state except Vermont.
- You must be enrolled in school at least half-time.
- You (or a cosigner) must have at least $36,000 in annual income.
- Neither the primary borrower nor cosigner can have a record of past defaults on a student loan or a bankruptcy filing within the past seven years.
Student Loan Refinancing
U-fi From Nelnet also provides refinance loans. Borrowers may wish to take out a refinance loan to consolidate and reduce the interest rates on existing student debt.
However, refinancing federal student loans does mean giving up federal borrower benefits including the potential for student loan forgiveness and income-driven repayment plans.
To be eligible for a refinance loan with U-fi, you must meet the following criteria.
Eligibility Requirements
- You must be a U.S. citizen or permanent resident with a valid Social Security number.
- You must live in a U.S. state other than Vermont.
- You need to have reached the legal age of majority in the area where you live.
- You must no longer be attending school half-time or more.
- You need a minimum of $5,000 in student loans eligible for refinancing.
- You must be in repayment or in the grace period for any loans you’re refinancing.
- You or a cosigner needs $36,000 or more in annual income.
Pros & Cons of U-fi Student Loans
Pros
- Co-signer release after 24 consecutive on-time payments.
- Flexible repayment options, including loan repayment terms as long as 15 years for in-school loans and 25 years for refinance loans.
- The ability to get pre-approved and find out your rates without a hard credit check.
- Loan forbearance in case of disability and private loan forgiveness in case of death.
- U-fi doesn’t charge any fees.
Cons
- High income requirements: Many undergraduates and new grads cannot meet the requirement to have $36,000 or more in income, so cosigners are often necessary.
- Loss of federal borrower protections: If you refinance any federal student loans, you will have more limited options for deferment and forbearance. You’ll lose the flexibility to select your repayment plan or to qualify for any type of federal loan forgiveness, such as Public Service Loan Forgiveness.
How to Get a U-fi From Nelnet Student Loan
If you’re interested in taking out an in-school loan or refinance loan from U-fi From Nelnet, follow these steps:
- Click “Find my rate” on the U-fi website to see your rate quickly with no impact on your credit score.
- Create an account or sign in if you have one already.
- Check your email to confirm your account.
- Input details about the type of loan you’re applying for (a refinance loan or private loan) as well as the amount you want to borrow.
- Provide details about your income.
- Include cosigner information if necessary.
- Provide details on loan information for refinancing, including your loan servicer, interest rate, and outstanding balance.
- Upload any required documentation, such as paystubs or other proof of income.
You can find out your preliminary rates during the pre-approval process. If you’re happy with your loan offer, you can complete the formal application process to get funding.
Before you do, though, we recommend you compare your offer with rates from a few other lenders, so you can make sure you’re getting the best deal.
Where to find U-fi From Nelnet Alternatives
When it comes to student loans, you have a lot of options. We urge all borrowers to exhaust federal options before turning to private loans. However, it’s common for students to need more than federal aid can provide.
If you need supplemental student loans, our list of the best private student loans is an excellent place to start. And if you are unable to apply with a cosigner, you should consider applying for one of these student loans without a cosigner.
If you’re looking to refinance your student loans, consider our list of the best student loan refinancing companies. Just remember to heed our warnings about refinancing federal student loans, which we explained earlier in this guide.
>> Read More: List of student loan companies
Bottom Line: Is U-fi From Nelnet Right for You?
If you are able to meet U-fi’s qualifying requirements—or if you are able to qualify with a cosigner—then U-fi From Nelnet is a good student loan lender to consider. Its rates are competitive with other private lenders.
Its co-signer release option is also available after a reasonable amount of time, which is a big benefit to cosigners as they don’t remain responsible for repayment for the entire life of the loan. But don’t forget—you should always compare rates to make sure U-fi From Nelnet is the best deal for your particular borrowing situation.