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U-Fi Student Loans

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LAST UPDATED: March 19th, 2021

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.

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The Good

  • Low Minimum Amount for Refinancing
  • Apply with a Cosigner
  • Live Chat
  • Cash Rewards
  • 3 Helpful Calculators

Low Minimum Amount for Refinancing

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.

Apply with a Cosigner

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.

Live Chat

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.

Cash Rewards

U-fi offers the following cash rewards:

  • Good Grade Reward — people with at least a 3.0 GPA who send in proof within a 180 day period can reduce their interest rate by up to 1.50%.
  • On Time Payments Reward — borrowers can lower their interest rate by 1.25% if they pay their initial 12 monthly principal and interest payments consecutively and on time. Borrowers can deduct .25% from their interest rate by signing up for automatic payments. (Cash back rewards cannot exceed $500.)

3 Helpful Calculators

While most companies offer one calculator at best, U-fi offers the following three calculators:

  • Refinance Calculator — estimates interest rate, monthly payment, and savings
  • Student Loan Calculator — lets customers know how much they may need to borrow to help cover out of pocket expenses
  • Student Loan Monthly Payment Calculator — helps estimate one's monthly private student loan payment
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The Bad

  • No 25-Year Term for Fixed APR
  • Capped Maximum Loan Amounts
  • Nelnet Affiliation Not a Plus
  • Few Resources Offered
  • Higher-Than-Average Rates

No 25-Year Term for Fixed APR

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.

Capped Maximum Loan Amounts

U-fi has maximum student loan limits including the following:

  • Undergraduate degree or below — $125,000
  • Graduate, Doctorate, MBA, or law degree — $175,000
  • Graduate health professions degree — $500,000

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.

Nelnet Affiliation Not a Plus

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.

Few Resources Offered

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.

Higher-Than-Average Rates

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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The Bottom Line

U-fi is new to the industry but is built upon the well-known (though controversy-ridden) financial company, Nelnet. It conveniently has a low required student loan amount of $5,000 and offers some great cash back reward options. People love that they offer a 25-year term for their variable interest rate.

Unfortunately, the interest rates are not the lowest in the industry. One could definitely find lower rates with a different company. U-fi is ideal and cheapest for people who completed grad school, have excellent credit, and who would like to go with the five-year term. While this is an option worth looking into, we recommend exploring other companies as well.

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Tionna Serrano Skaneateles Falls, NY

The first customer care rep I spoke with was very unprofessional. He was eating and drinking during the phone call and seemed as if he could care less about my questions. At times I felt like he was extremely bored or hated his job. I called again about a half hour later only to be on the phone with a female version of the first rep, she wasn't eating or drinking, but her enthusiasm and personality were just as bad. People complain about about customer care jobs going over seas well this is a prime example of why they do. My advice to U-Fi hire some reps from India.

6 years ago