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Union Federal

Union Federal

 3.8/5 (30 ratings)
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About Union Federal

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Union Federal helps students fund their education through private student loans. It keeps the application process simple, and borrowers and their cosigners can pre-qualify in minutes. Union Federal private student loans don’t have any application, origination or late fees. You can select from several different repayment options, customizing the loan for your specific circumstances.

Overall Satisfaction Rating

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Pros

  • Pre-qualify in minutes
  • No late fees
  • Allows cosigner release
  • Customizable loan terms

Cons

  • Most borrowers need a cosigner
  • Not available in AZ, IA or WI

Bottom Line

Union Federal makes it simple to apply for private student loans to pay for college. There are no application, origination or late fees. You can pre-qualify to see your interest rates without affecting your credit score.

What is Union Federal?

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.

How do Union Federal student loans work?

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 student loan rates

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.

Union Federal FAQ

What are the Union Federal student loan repayment options?
Union Federal allows you to pay back your loan over seven, 10 or 15 years. You can start making payments immediately or choose to defer your payments until up to six months after you graduate.
Am I eligible for a Union Federal student loan?
To qualify for a Union Federal student loan, you must be a U.S. citizen, permanent resident or eligible international student. Additionally, you must be at least a half-time student at an eligible school and at least 17 years old for cosigned loans or 18 years old for non-cosigned loans. Your residency state also can’t be Arizona, Iowa or Wisconsin.
What is the maximum Union Federal loan?
The maximum Union Federal student loan is $99,999, but keep in mind that you can only request the amount you need to cover in-school expenses for a school year. Additionally, your aggregate private and federal student loan debt can’t exceed $180,000.
Can I get a Union Federal student loan for past loan debt?
You can get a Union Federal student loan for past loan debt as long as you apply within 12 calendar months of the academic period you were enrolled or within 12 calendar months of your graduation.

Is Union Federal legit?

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.

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Union Federal Company Information

Company Name:
Union Federal
Website:
unionfederalstudentloans.com