When it comes to student loans, most people expect the usual hurdles: credit checks, co-signer requirements and confusing fees. But Funding U flips the script, offering loans that focus on academic performance rather than financial backing.
While the lender only serves full-time undergraduate students, there's still a lot to like.
What we'll cover
- What does Funding U offer student loans for?
- Qualifying for a Funding U student loan
- Student loan terms, rates and fees
- Student loan repayment options
- Funding U benefits and features
- Funding U student loan pros and cons
- Funding U customer service
- How to apply for a Funding U student loan
- How Funding U compares to other student loans
- Considers borrowers' earning potential
- Borrowers have hardship protections
- No co-signer required
- No fee for paying off loan early
- 0.5% interest rate discount for making interest-only payments in school
- Loan officer assigned to each borrower for hands-on help
- Promises an approval decision in just minutes
- Only fixed-rate loans
- Not available in every U.S. state
- Non-cosigned loans tend to charge higher interest rates
What does Funding U offer student loans for?
Funding U student loans are meant to help cover your school's estimated cost of attendance for the current academic year. That includes common college expenses like:
- Tuition and fees
- Housing and meal plans
- Books and supplies (including laptops)
- Transportation
- Everyday personal expenses
Your loan is sent straight to your school and split across the remaining terms. So if you're approved in the fall, half the funds go toward fall tuition, and the other half goes toward spring.
However, loans can't be used for past school years, summer classes or fully online programs. Fall-only loans are also available only for seniors graduating that semester. And if you're hoping to use the funds for off-campus rent or moving costs, be sure to check with your financial aid office to make sure they're included in your cost of attendance.
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
Undergraduate and graduate students, parents, health professionals
$5,000 minimum (or up to state); maximum up to cost of attendance
5, 7, 10, 15, years; up to 20 years for refinancing loans
Terms apply.
Undergraduate and graduate students, parents, international students with U.S. co-signer
$1,000 up to the cost of attendance ($180,000 lifelong maximum)
5, 8, 10, 15 years for undergraduate loans, up to 20 years for graduate loans
Terms apply
How to qualify for a Funding U student loan
To be eligible for a Funding U student loan, you must:
- Be a U.S. citizen, permanent resident or DACA recipient
- Be 18 or older
- Attend one of Funding U's 1,450+ partner schools as a full-time undergrad
- Stay in good academic standing according to your school's policies
- Be a resident of any of the listed states
Since Funding U loans are merit-focused, your grades and career goals play a big role in the approval process. Students further along in their career journey may have a better shot, given their more established academic history.
Enrollment status
You must be enrolled as a full-time undergraduate student.
Credit requirements
Credit scores aren't required but your credit report is checked for red flags like missed payments. All loans are offered without a co-signer and family income or credit doesn't factor into the decision.
Funding U Student rates, terms and fees
The exact rates and terms of your Funding U loan may vary based on your academic performance, year in school, credit history and state of residence.
Rates
For the 2025-2026 school year, Funding U offers fixed interest rates ranging from:
- 7.99% to 13.49% with autopay
- 8.99% to 13.99% without autopay
These are fixed rates, meaning your monthly payments won't change over the life of the loan. Interest starts accruing as soon as the loan is disbursed.
It's also important to note that the lowest advertised rate is typically reserved for upperclassmen with strong academic performance. Your actual rate will depend on factors like your GPA, credit history, school year and state of residence.
Terms
Borrowers can choose between 5-year or 10-year repayment plans.
Fees
There are no application fees, origination fees or prepayment penalties with Funding U loans.
Loan amounts
Undergraduate students may borrow one Funding U loan per academic year. Loan amounts range from $3,001 to $20,000, with minimums varying by state of residence. The amount you're eligible for depends on merit-based factors like your GPA, school year and overall academic progress.
Repayment options
While you're still in school, you'll be required to make small monthly payments — either a flat $20 minimum or interest-only payments, depending on your loan structure.
Repayment in full begins six months after graduation or sooner if you leave school or switch to part-time. You're free to make additional payments at any time without penalties, which can help lower your total loan cost.
Funding U benefits and features
Unlike many lenders, Funding U doesn't require a co-signer and focuses on your academic progress, not just your credit score.
Some other perks include:
Fixed interest rates: Your interest rate stays the same for the life of the loan, so your monthly payments remain steady and predictable.
No fees: There are no application, origination or prepayment fees, which lets you save money and pay off your loan early without penalties.
Merit-based approval: Approval is based on your academic performance and career goals — not just credit — which makes it easier for hardworking students to qualify.
Funding U pros and cons
Funding U offers several advantages but there are some limitations to consider.
Pros
- No co-signers required
- Fixed interest rates
- No fees
- Small in-school payments
- Merit-based approval
Cons
- Interest accrues from the first disbursement
- Limited to partner schools and full-time undergraduates
- Loans may not cover summer terms, previous years or fully online programs
- Lower approval odds for freshmen or students with limited academic history
Funding U customer service
Funding U holds an A+ rating from the Better Business Bureau, reflecting its strong track record of handling and resolving customer complaints.
You can reach out via email at info@funding-university.com, use the automated chat feature or chat with a live agent on the Funding U website.
How to apply for a Funding U student loan
To apply for a Funding U loan, you'll first complete a quick eligibility check to see if you qualify.
From there, you'll:
- Confirm how much you want to borrow
- Upload required documents (like academic records or proof of enrollment)
- Submit your application for review
After that, keep an eye on your portal and email in case Funding U requests additional information during underwriting. If approved, you'll receive a loan offer and can move forward by signing the loan documents. Freshmen — and some other students — will be required to meet with a loan advisor before final approval.
Once your loan is certified by your school, Funding U will schedule your disbursements and share the dates with you.
How Funding U compares to other student loans
If you're looking for a larger loan amount or more flexible repayment terms, Ascent offers loans ranging from $2,001 up to $200,000 for undergraduates and up to $400,000 for graduate students. Repayment terms are also more varied with options of 5, 7, 10, 12, 15 or 20 years. A co-signer is only required for DACA recipients and non-U.S. citizens or permanent residents.
- Considers borrowers with no credit
- High loan limit
- Co-signer release available after just 12 payments
- Up to 1% interest rate discount for autopay*
- 1% cash back rewards*
- Considers alternative requirements like the borrower’s school, program, graduation date, major, GPA, cost of attendance and Satisfactory Academic Progress (SAP) to grant approval
- Maximum fixed APR is on the high side
- Doesn't offer student loan refinancing
Disclosure: *Ascent Funding, LLC products are made available through Bank of Lake Mills or DR Bank, each Member FDIC. Subject to credit approval. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations, terms and conditions may apply for Ascent's Terms and Conditions please visit AscentFunding.com/Ts&Cs. Annual Percentage Rates (APRs) displayed above are effective as of 3/1/2026 and reflect an Automatic Payment Discount (ACH). The ACH discount consists of 0.25% on credit-based college student loans submitted prior to 6/1/2025, a 0.5% discount for on credit-based college student loans submitted on or after 6/1/2025 and a 1.00% discount on outcomes-based loans when you enroll in automatic payments. Loans subject to individual approval, restrictions and conditions apply. Loan features and information advertised are intended for college student loans and are subject to change at any time. For more information, see repayment examples or review the Ascent Student Loans Terms and Conditions. The final amount approved depends on the borrower's credit history, verifiable cost of attendance as certified by an eligible school and is subject to credit approval and verification of application information. Lowest interest rates require full principal and interest (Immediate) payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the examples above, based on the amount of time you spend in school and any grace period you have before repayment begins. Variable rates may increase after consummation.1% Cash Back Graduation Reward subject to terms and conditions. For details on Ascent borrower benefits, visit AscentFunding.com/BorrowerBenefits. Ascent applicants and borrowers that agree to the AscentUP Terms of Service and Privacy Policy, as well as students associated with an Ascent parent loan application, have access to the AscentUP platform.
MPower Financing is another non-cosigned student loan designed for both domestic and international students. It offers fixed-rate loans with 10-year repayment terms and loan amounts of up to $100,000, which can also be used for living expenses at qualifying U.S. schools. MPower also offers support for international students, including visa assistance and career development resources.
MPower Financing®
Eligible borrowers
U.S. citizens, international students, DACA recipients, refugees and asylum-seekers who are undergraduate or graduate students
Loan amounts
Up to $100,000
Loan terms
10 years
Loan types
Fixed
Fees
6.5% origination fee and fee for late or invalid payments
Borrower protections
Deferment not available
Co-signer required?
No
Terms apply.
Pros
- Don't have to be U.S. citizen or U.S. permanent resident to qualify
- International students establish credit in the U.S.
- Considers borrowers' future earnings
- High loan amount
- No co-signer required
- Visa support and career development
- Automatically prequalify for Zolve Credit Card and bank account
Cons
- Only 10-year loan terms
- 5% origination fee
- No hardship protections
- Non-cosigned loans tend to charge higher interest rates
Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every student loan review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of student loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Catch up on CNBC Select's in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.
