Updated: October 10, 2020

Nelnet (U-fi): Private Student Loan

Student Loan Refinance

Other Loans that Nelnet (U-fi) Offers:

Advertising disclosure
Refinance
Student Loan Rating
4 of 5
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
2.99% - 6.63%
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
2.00% - 6.66%
Repayment Terms
5 years, 10 years, 15 years, 20 years, 25 years
Important Information

Repayment Options: 5, 7, 10, 15, 20 and 25 year repayment terms

 

Important Information:

  • 0.25% interest rate reduction with autopay
  • Cosigner release available
  • Late fees charged
  • Death and disability discharge available
The bottom line:

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.

Pros

● 0.25% interest rate reduction with autopay
● Cosigner release available
● Multiple types of repayment assistance for borrowers facing financial hardship
● No origination, application or prepayment fees

Cons

● Late fees
● Does not offer grace periods
● Vermont residents do not qualify

Wondering how much that loan is going to cost you? Check out our free Loan Calculator!
Input your loan terms and we’ll tell you how much you can expect to pay monthly and in total

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

Interest Rates, Fees and Terms
  • 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
Requirements to Qualify
  • 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
Repayment Options
    Repayment Details
    • 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
    Customer Service
    • US-Based Call Center: Yes
    • Hours of Operation (in addition to weekdays): Not specified by lender
    • Application Timeline: Get rate in minutes
    Extras
    • Scholarship Search Tool: None
    • Sponsors a Scholarship: Yes
    • Job and Career Assistance: None
    • Financial Literacy Training: Yes
    Nelnet (U-fi)EarnestSoFi
    Rates from (APR) i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
    Fixed:
    2.99% - 6.63%
    Variable:
    2.00% - 6.66%
    Fixed:
    2.98% - 5.49%
    Variable:
    1.99% - 5.34%
    Fixed:
    2.99% - 6.28%
    Variable:
    2.25% - 6.28%
    Loan repayment terms (Years)5 years, 10 years, 15 years, 20 years, 25 years5 years, 10 years, 15 years, 20 years5 years to 20 years
    Cosigner release?Yes, after 24 months on-time paymentsNot specifiedNone