U-fi Student Loan Refinancing Review: What You Need to Know

U-fi is a lender that offers private student loans and student loan refinancing. The lender is partnered with Nelnet, a major student loan company and federal loan servicer. 

With no origination fees or prepayment penalties, refinancing through U-fi can help you save money. And U-fi is one of the few lenders that allow Parent PLUS Loan borrowers to refinance and transfer their loans into their child’s name. 

However, U-fi isn’t for everyone. It has relatively high credit score and income requirements, and the lender does require you to have graduated from your program to qualify for a loan. 

U-Fi Student Loan Refinancing: Pros and Cons

Pros 

• Co-signer release available after 24 months: You can add a co-signer to your application to improve your chances of getting a loan or getting a lower rate than you could on your own. But what about when your credit score and income improve? With U-fi student loans, you can apply for a co-signer release after 24 months of consecutive, on-time payments and remove your co-signer from the loan. 
• Hardship forbearance available: Not all private lenders offer hardship forbearance. With U-fi, you can postpone your payments for two to three months at a time, up to an aggregate maximum of 12 months. 
• Parent loans can be transferred to the student: Only a few lenders allow parents to refinance student loans and transfer them into the student’s name. However, U-fi offers that option to parent loan borrowers. 

Cons

• Applicants must be graduates: While many refinancing companies allow applicants to refinance their loans while they’re still in school or if they left school before completing their degrees, U-fi does not. U-fi requires all applicants to have earned a bachelor’s degree or higher. 
• Fairly high credit score and income requirements: U-fi has stricter eligibility requirements than some other lenders. Its minimum credit score is 680, and its minimum income is $36,000. If you don’t meet those criteria, you’ll need a co-signer to qualify for a loan. 
• Relatively low refinancing maximums: U-fi’s student loan refinancing program limits how much you can refinance. For borrowers with undergraduate degrees, the maximum is $125,000, while the maximum for those with graduate degrees is $175,000 and the maximum for those with graduate health professions degrees is $500,000.

U-Fi Student Loan Review: Student Loan Refinancing

U-fi’s refinancing loans are issued by Nelnet Bank, a company based in Utah. It operates two refinancing programs: 

Student Loan Refinancing for Undergraduate and Graduate Degrees

Individuals who graduated with a bachelor’s, master’s or doctoral degree may be eligible for U-fi’s student loan refinancing program.

All rates accurate as of Dec. 13, 2021.

To qualify for a loan, you must have graduated with a bachelor’s degree or higher and have a credit score of 680 or above. The minimum income is $36,000, and you must be a U.S. citizen or permanent resident with a valid U.S. Social Security number. 

Co-signers are permitted. Your co-signer must have a credit score of 680 or above and an income of at least $36,000. 

Parent Loan Refinancing

All rates accurate as of Dec. 13, 2021.

U-fi also offers parent loan refinancing. Parent PLUS Loans have the highest interest rates of all federal loans, and the parent is solely responsible for repayment; the student isn’t legally obligated to repay the loan. 

If your child is employed and in stable financial shape, you can refinance your loans into their name. If approved, the child will be responsible for the loan, and you’ll no longer have to make payments on it. On your credit report, the account will be listed as “paid in full.” 

Choosing a Refinancing Lender

U-fi has partnered with Nelnet to offer student loan refinancing, and it allows borrowers to refinance both federal and private student loans. It has multiple loan terms to choose from and a hardship forbearance program that helps it stand out from some competitors. However, its borrower requirements may mean some applicants will be unable to qualify on their own and will need a co-signer to get approved. 

U-fi’s rates are competitive, but you may be able to find a better deal elsewhere. Rather than doing all the work yourself, sign up with Juno. We negotiate with student loan refinancing lenders to give our members the lowest rates and exclusive benefits. It is free to join and takes only a few minutes to create an account. 

Juno's Exclusive Student Loan Refinance Deals

	Rates	Juno Benefit	Check
Best for Most Can’t be refinanced with a cosigner	Fixed starting at 3.95% APR APR, Variable starting at 5.89% APR including the .25% autopay discount and the .25% Juno discount.	Rate reduction of 0.25%	Soft Credit Check to get rates; Hard Credit Check to refinance
Register for Earnest Deal (it’s free!)
Alternative Best for Most May be able to refinance with a cosigner	Fixed starting at 4.96% APR, Variable starting at 4.99% APR. May include autopay discount.	Up to $1,000 cash back based on loan amount	Soft Credit Check to get rates; Hard Credit Check to refinance
Register for Splash Deal (it’s free!)
Best for Medical Professionals May be able to refinance with a cosigner	Fixed starting at 5.74% APR, Variable starting at 5.49% APR *	Rate reduction of 0.25% *	Soft Credit Check to get rates;* Hard Credit Check to refinance
Register for Laurel Road Deal (it’s free!)

Juno's Exclusive Student Loan Refinance Deals