- Credit Check: Soft for Rate Check, Hard for Application
- Repayment Terms: 5 years, 10 years, 15 years, 20 years, 25 years
- Minimum Borrowing Limit: $5,000
- Application Fee: Not specified by lender
- Origination Fee: None
- Prepayment Penalty: None
- Late Fee: Yes
Nelnet (U-fi): Private Student Loan
Student Loan Refinance
Other Loans that Nelnet (U-fi) Offers:
U-fi from Nelnet is a good student loan refinancing option for borrowers with PLUS loans and/or lower credit scores or incomes. Nelnet is one of the more flexible lenders across the board. Nelnet offers fairly competitive interest rates on its refinanced loans to the most creditworthy borrowers and financial assistance to all borrowers who need it.
Nelnet allows parent borrowers to transfer their loans into their student’s name when they refinance (with the student’s approval).
Nelnet does not require all borrowers to apply with cosigner, but it does offer this as an option. The minimum credit score required for individual borrowers is 680 and minimum annual income is $36,000. If you do not meet one of these requirements yourself, you can still qualify for a loan as long as your cosigner meets these requirements. Borrowers can apply to release a cosigner from their loan after making 24 consecutive on-time payments.
To be eligible to refinance with Nelnet, you must have a minimum of $5,000 in student loans. You can refinance up to $225,000. Choose from 5, 7, 10, 15, 20 and 25-year repayment terms, but note that you will only qualify for a 20-year loan term if your balance is greater than or equal to $25,000 and you will only qualify for a 25-year loan term if your balance is greater than or equal to $75,000.
Nelnet offers plenty of ways to make repayment easier on borrowers. For example, all borrowers can customize their payment due date to fit their needs or even have payments paused. Borrowers may qualify for up to 24 months of hardship forbearance if they experience temporary financial hardship due to factors such as unexpected loss of income. In addition to a rather generous forbearance policy, Nelnet also offers death and disability discharge and the option to put a loan into deferment if needed.
Nelnet (U-fi) - Private Student Loan Details
- Minimum Credit Score: 680
- Minimum Anual Income: $36,000
- Citizenship Restriction: Citizens or Residents
- List of States where Loan is Not Available: VT
- Approved Schools Include: Not specified by lender
- Maximum Deferment Period: 36 months
- Maximum Forbearance Period: 12 months
- Cosigner Release Option: Yes, after 24 months on-time payments
- Death Discharge: Yes
- Disability Discharge: Yes
- US-Based Call Center: Yes
- Hours of Operation (in addition to weekdays): Not specified by lender
- Application Timeline: Get rate in minutes
- Scholarship Search Tool: None
- Sponsors a Scholarship: Yes
- Job and Career Assistance: None
- Financial Literacy Training: Yes