U-fi Student Loans was created in 2015, and offers student loans, student loan refinancing, and consolidation. U-fi is a registered trademark of Nelnet, a U.S.-based conglomerate that has been providing student loan repayment and education services for over 35 years. While the company provides cash reward incentives for high GPAs, it also charges noticeably higher rates than many of its competitors.
All U-fi student loan refinancing is serviced by Nelnet, and you will be directed to the Nelnet website for refinancing service.
Continue reading for a full review of this company and U-fi Student Loans reviews from real customers.
Through Nelnet, U-fi offers refinancing for amounts as low as $5,000. This minimum is lower than average, as many companies require around $10,000 worth of student loans prior to applying.
If you have a low credit score or unable to meet U-fi's $36,000 annual income requirement, you have the option to apply with a creditworthy cosigner. This option may not only help you qualify for a U-fi refinanced loan, but it could help you get a lower interest rate than you might get otherwise.
In addition, a cosigner release is available after 24 consecutive on-time payments.
U-fi offers an online chat option right from their website. The feature is helpful, and representatives can provide immediate answers to borrowers' questions. This live chat feature is not common to the industry and can be especially useful when timeliness plays a huge factor.
U-fi offers the following cash rewards:
While most companies offer one calculator at best, U-fi offers the following three calculators:
While U-fi does offer a 25-year term option for variable interest, it does not offer a 25-year term for fixed interest; fixed interest only goes up to a 20-year term. Not only that, but people should also be aware that by choosing the 25-year term, they will have a higher interest rate than the other offered terms.
U-fi has maximum student loan limits including the following:
While these maximum limits may not be limiting for most borrowers, if you have large amounts of debt, it may be in your best interest to look into other student loan refinancing options; some other lenders don't even have maximum loan limits and will refinance the full amount of your debt.
U-fi is a registered trademark of Nelnet, a well-established lender. Over the years, Nelnet has accumulated its fair share of controversy, having reportedly overcharged the U.S. Government by $1 billion in 2006. While the parent company appears to be in good standing now, this association can be a major drawback for some.
U-fi does not offer many helpful educational resources for students. While it offers a few articles, other companies often provide much more content. Some customers have commented that they feel U-fi's website is outdated.
U-fi student loan refinancing through Nelnet offers variable rates as low as 2.00 percent and fixed rates as low as 2.99 percent; but these aren't the lowest rates that you'll find in the industry. Other companies like LendKey and Citizens Bank are lower in their rates. LendKey goes as low as 2.13% for variable APR and 3.25% for fixed APR, with Citizens Bank only slightly higher.
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