Student Loan Refinance
Many of your employees could save thousands by refinancing student loans at a competitive rate. Make low interest rates and flexible payment plans available to them with help from BenefitEd.
Product Features & Benefits
- Support your employees' financial health
- Lower interest rates and flexible loan terms may help qualified borrowers save money over the course of their repayment
- U-fi Student Loan refinancing charges no origination or application fees
- Turn-key student loan refinance is available at no cost to you
- Enhance employee retention and decrease recruitment costs
- Increase employee engagement
How It Works
BenefitEd Partners with U-fi*
BenefitEd’s partnership with U-fi Student Loan Refinance provides a turn-key benefits plan that rewards eligible employees with good credit and income with smart refinance solutions at competitive rates. Backed by the nation's largest student loan servicer and supported by real people, U-fi knows their stuff. It's easy for your employees to apply for U-fi's personalized student loan solutions and start saving more of their hard-earned cash.
Helping Employees Save More of Their Hard-Earned Cash is Simple
We work with you to identify which employees carry student loan debt, and help customize a student loan refinance program and options based on their unique needs. Customization options include:
- Eligibility: Which employees are eligible for the benefit
- Duration: How long employees will have this benefit available
Easy Plan Implementation
We provide resource materials that make it easy for your employees to see why student loan refinance can help them keep more of the money they earn. We also make it easy for them to find the competitive interest rates and flexible refinance plans you’re making available to them.
Student Loan Reporting and Results
BenefitEd tracks the impact of student loan repayment benefits on employee retention.
- Monthly application reports delivered to your inbox help you keep tabs on the student loan program activity.
What are the eligibility requirements for a private student refinance loan?
- Be a U.S. citizen or have permanent residency status and possess a valid U.S. Social Security number. U-fi Student Loans are currently available in all U.S. states except Vermont
- Be the legal age of majority in the permanent state/territory of residency
- No longer be attending school on a half-time or more basis
- Have a minimum of $5,000 in eligible student loans
- Have entered grace or repayment on the student loans you wish to refinance
- Have at least $36,000 in annual income
How do employees apply for a student refinance loan?
Once the employer and BenefitEd have created a student refinance loan, employees will be provided with a link to begin their application.
What information is needed to apply for a student refinance loan?
Employees who wish to apply for a student refinance loan need to have on hand:
- Contact information
- Home address
- Social Security Number
- Employment information (paystub/proof of income)
- Loan information (loan servicer, interest rate, outstanding balance)
Do employers match employee refinance loan payments with a contribution?
Employers make the BenefitEd Student Refinance Loan available as an option to employees who wish to save money by refinancing their student loans. All loan payments are the responsibility of the employee. For employees to benefit from this program, there is no payment required by the employer nor any cost incurred by the employer.
Who is a great fit for student loan refinancing?
- Have $5,000+ in federal or private student loans
- Make $36,000+ in annual income
- Have a 680+ Credit Score