Union Federal Reviews

Union Federal is a provider of private student loans. It offers loans of $1,000 to $99,999 with no application, origination or late fees. The company helps students finance their education quickly and more easily — you can pre-qualify in minutes to see your estimated interest rates without affecting your credit score.

Union Federal private student loans are customizable, so you can pick repayment terms that work for you. You can select either variable or fixed interest rates, and you can choose to make payments while you’re in school or defer them until you graduate. After you’ve made payments on time for 36 months, you can also request a cosigner release.

You can quickly pre-qualify for a loan online by filling out the company’s application form. Both the borrower and the cosigner (if applicable) need to provide basic contact information and financial details. You’ll also be asked about the school you’ll be attending and its costs.

After submitting the pre-qualification form, Union Federal runs a soft credit check on both you and your cosigner, which won’t impact your credit scores. You’ll quickly see estimated interest rates and available terms. Once you select your loan options and file the application, Union Federal performs a hard credit check to finalize rates.

Union Federal offers several repayment options for student loans. You can begin making payments right away to save money, or you can defer your payments for up to six months after you graduate.

If you decide to make payments while you’re in college, you’ll have three different repayment options, including immediate repayment, a low flat monthly fee or interest-only payments. Terms are also customizable. You can select either a seven-, 10-, or 15-year term.

Union Federal interest rates are competitive, but your exact rate depends on multiple factors, including the credit histories of you and your cosigner (if applicable), the repayment options you select, how much money you want to borrow and other information you provide. Borrowers who use a cosigner with a strong credit profile have higher chances of approval and may qualify for lower rates.

Current variable interest rates range from 1.15% to 9.36%. Current fixed interest rates are between 4.14% and 10.70%. Interest rate reductions are available if you apply during the company’s summer savings event, sign up for automatic payments or make 36 consecutive monthly payments.

If you need a private student loan, Union Federal is a legit option. It offers a variety of repayment terms so you can pick the one that makes the most sense for you. Though you may need a cosigner to help you qualify for loans, Union Federal lets you request a cosigner release if you meet certain conditions. This makes it a great option for students who have little to no credit but who would later like to take full responsibility for their loan.