As a student who may not have an established credit history or income, you may find it difficult to qualify for a private student loan on your own. If you don’t have a parent or relative to act as a co-signer, it can be difficult to find a lender who will approve your loan application. For those without access to a cosigner, Funding U may be the best option.
Unlike some other lenders that offer non-cosigned loans only to college juniors and seniors, Funding U allows undergraduates of all levels to qualify for a loan. You must be a U.S. citizen or permanent resident over the age of 18 and enrolled in a four-year degree program at an eligible four-year college. You can borrow between $3,000 and $15,000 per year. Your loan eligibility is based on your GPA (minimum varies by grade level), project income, total debt, school history, and more.
The fixed interest rate on undergraduate student loans for the 2021-2022 academic year is 7.49% to 12.99%, which includes a 0.5% autopay discount. You can make minimum payments of $20 or interest-only payments each month you’re in school for up to 51 months. Loan repayment (principal plus interest) begins six months after graduation.
Unfortunately, Funding U only lends to residents of certain states. You must live in one of the following states to qualify for a loan: Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Maryland, Massachusetts, Michigan , Minnesota, Missouri, Nebraska, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, and Wisconsin
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