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For Colleges and Universities:

Funding U No Co-signer Student Loans

WHY FUNDING U?
MEETING THE NEEDS OF AN UNDERSERVED MARKET

Funding U is able to provide its school partners with a solution that supports and meets the needs of the estimated 5 million families or students that the traditional alternative loan lender marketplace is unable to serve—students who do not have access to a creditworthy co-signer or who may have a desire to simply borrow on their own signature.

NO CO-SIGNER, NOT FICO FOCUSED

Unlike traditional gap financing lenders who require a stellar credit history or a creditworthy co-signer, Funding U’s model evaluates its student applicants based on their proven academic merits and predicted outcomes, not their family’s financial condition.

ONE-ON-ONE CUSTOMER SERVICE

Every student who is preapproved is assigned a designated loan officer . The student and their Funding U loan advocate schedule a date and time to review their application one-on-one to discuss their individual situation, ensure that all loan terms are clear, answer any questions the student may have, etc. Following loan disbursement, Funding U loan officers remain in communication with their assigned student borrowers through- out the year.

FUNDING FOR SUBSEQUENT YEARS

While each Loan is singularly underwritten and approved, Funding U uses forward looking algorithms that provide insight into the likelihood of graduation and of obtaining employment income sources to retire the entire projected student loan debt.

This improves the likelihood that subsequent loan requests by our borrowers will be approved.

PROGRAM ELIGIBILITY & GENERAL INFORMATION
We determine eligibility based on 3 primary factors:
TYPE OF STUDENT
Must be:
  • An Undergraduate student
  • Enrolled full time on location. Online students are not eligible.
  • Attending an Eligible School (not for profit, 4-year bachelor’s degree granting institution)
  • A US Citizen or permanent resident
  • 18-years old or the Age of Majority in the state they reside
STATE LICENSING

Funding U is currently lending in the following states. A student must be a resident in one of these states to be eligible for a Funding U loan. 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

GPA & GRADUATION RATE THRESHOLDS

Funding U has minimum GPA and graduation rate thresholds for borrowers and institutions depending on the student's class year. The chart below reflects the minimum GPA and school graduation rate eligibility requirements..

SENIOR

2.5 Minimum GPA
50% Institution 6-Year Graduation Rate

JUNIOR

2.75 Minimum GPA
50% Institution 6-Year Graduation Rate

SOPHOMORE

3.0 Minimum GPA
90% Institution 6-Year Graduation Rate

FRESHMAN

3.5 Minimum (High School) GPA
90% Institution 6-Year Graduation Rate

SUPPORTING YOUR SCHOOL'S PROCESS

Funding U is Commonline compliant and committed to supporting your preferred certification and disbursement methods.

Certification

ELM
ScholarNet

Disbursement

ELM NDN
CDS
EFT
Paper Check

HOW CAN WE HELP?

Do you have questions about Funding U or its No Co-signer Student Loan? Would you like to determine if your institution is eligible to participate? Alan Ishida, our school partner representative, is available to assist. Please contact him at the email below.

[email protected]

ABOUT OUR LOANS

Funding U’s model is meant to measure students on the things they are in control of at the ages they are seeking student lending (academic success, likelihood of graduating on time, projected student debt, projected future income) rather than those they are not (their parents’ credit ratings, their current debt to income ratio, their FICO).

Our underwriting algorithm utilizes historical information about federal loans and attributes of borrowers and their likelihood of repaying those loans. Considerations include academic success, a student’s likelihood of graduating on time, projected student debt, projected earnings, institution retention and graduation rates, and other key indicator criteria.

LENDER INFORMATION

Lender ID - 858585
Guarantor ID - U93
Product ID - U94

PROGRAM RATES & TERMS

Minimum Loan Amount - $3,001
Maximum Annual Loan Amount - $10,000
Aggregate Limit of Loans - $50,000
Fixed Rate – 7.99% - 13.99% APR*
10-year term post grace period
No loan origination fee
No Late Payment Fees
No prepayment penalties
$20 minimum monthly payments while in school
6-month grace period following graduation or attendance dropping below half-time
24-months of post-graduate forbearance is available (requires a $30.00 per month payment)
Returned Payment Fee: $25.00

*Rates displayed above include a 0.5% discount when a borrower in repayment elects automated ACH payments via their personal checking account. Terms and conditions vary by state. Not all loans are available in all states.