Funding U approves borrowers for loans by considering factors like academic achievement, course load and projected future earnings. Interest rates on Funding U loans may be high, but borrowers can qualify for a 0.50% rate discount for using autopay.
Loan terms
10 years
Loan amounts
$3,000 to $20,000 per year ($100,000 per student aggregate)
Eligibility
Students must meet GPA requirements and attend colleges that meet certain six-year graduation rate thresholds, depending on the student’s year in school.
To qualify, first-year students must have a minimum high school GPA of 3.5, second-year students must have a minimum college GPA of 3.0, juniors must have a minimum GPA of 2.75 and seniors must have a minimum GPA of 2.5.
Note that only borrowers in these states can apply: Arizona, Arkansas, Colorado, Connecticut, Florida, Georgia, Hawaii, Illinois, Indiana, Kansas, Maryland, Massachusetts, Michigan, Missouri, Nebraska, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Vermont, Virginia, West Virginia and Wisconsin.
Forbearance options
Up to 24 months of forbearance is allowed in 90-day increments. Borrowers must pay $30 per month while in forbearance, which is less generous than other lenders’ payment-free forbearance. However, this policy helps borrowers avoid large amounts of interest.
Co-signer release policy
Co-signers not permitted