Introducing a new no-cosigner loan for Illinois residents
In partnership with the Office of the Illinois State Treasurer, Funding U is thrilled to introduce a no-cosigner program for high-achieving undergraduate students who have limited access to creditworthy cosigners. 
Our private loans have competitive interest rates, no fees and don’t require a cosigner - or established credit.
Academics-Focused Underwriting
Lending decisions consider a student’s academic merit rather than their credit score.
No Cosigner Required
A student may have little to no credit— their credit score is not included in the approval process and no cosigner is required.
Fixed Rates From 7.99% to 9.49% APR
Above rate range includes a 0.5% auto-pay discount.
Eligibility
    

  • Illinois residents enrolled in an eligible 4-year public or private not-for-profit college or university in Illinois.
    • 

  • Student must meet the minimum GPA requirements and be enrolled full-time in a bachelor’s degree program.
    • 

  • Student must be a US Citizen, DACA recipient or permanent resident.
    • 

  • Student must be making Standard Academic Progress (SAP) while they’re in school.
    • 

No fees
No application, origination, late payment fees and no prepayment penalties.
How It Works
Step 1: Apply


    

  1. Check your eligibility in just a few minutes.
    2. 

  2. Show us your academic progress plan. Find out more about how we make lending decisions.
    3. 

  3. Tell us how much you need and when. Undergraduate students can borrow between $3,000 and $20,000 per

    school year, based on the need determined and certified by the school.
    

    4. 



Step 2: We review.


    

  1. Your pre-approval is based on your academic achievement, course load, likelihood to graduate on time, and projected future earnings.
    2. 



Step 3: We connect.


    

  1. Every student who is pre-approved is assigned a dedicated loan officer. We'll discuss your student loan offer, repayment options, and academic plans. We're here to support you throughout the process.
    2. 

  2. Learn more about the application process.
    3. 



Step 4: You get one step closer to your degree.


    

  1. You finalize your private student loan offer by submitting your transcript, ID, financial aid award letter, and tuition bill. Your loan gets disbursed when school starts.
    2. 

  2. Learn more about loan disbursement.
    3. 

Frequently Asked Questions
How do I contact Funding U?You can reach us during our regular business hours, 8:30 am - 8:30 pm ET, Monday - Friday excluding holidays. 

For assistance, you can use our chatbot, Felix, here on the website or send us an email to info@funding-university.com. We review all emails in the order they are received and aim to respond within 2 business days.

If you’d like to schedule a call with us, you can do so here.
Who is the loan servicer?Once the loans have been distributed, servicing will transfer to our loan partner, Launch.
How do I contact Launch?For questions or support after your loan is funded, please contact your loan servicer, Launch Servicing, Monday - Friday, 7am - 7pm CST via: 

Phone: +1 (877) 354-2629

Email: customerservice@launchservicing.com 

Website: https://launchservicing.com/contact/ 

If you have already set up your Launch account online, you may log in using this Borrower Login link to send them a secure message through your portal.

Mail (Address is provided for contact purposes only. Do not mail payments to this address.)

Launch Servicing, LLC
PO Box 91910
Sioux Falls, SD 57109-1910
What is eligibility vs. pre-approval?Eligibility for a loan is determined by meeting the program’s requirements: 
Must be a full-time student
Must be of legal age
Must be a US citizen, permanent resident, or DACA recipient
Must attend an approved school
Must live in the state of Illinois
Must be in the correct class year (varies per school)

Pre-approval is an initial indication—based on a soft credit and elgibility check —that a borrower may qualify, pending full application review and verification.
Make a PaymentLaunch Servicing offers several payment options including:

Phone
Payments can be made over the phone by calling +1 (877) 354-2629 Monday-Friday 5am-5pm CT


Electronically Via Your Launch Servicing Account

To make a one-time payment with a debit card or bank account or set up autopay, login here.

Payments made before 6 PM central time will be applied same day. Payments received after 6 PM central time will be credited the following day. The payment will be viewable on your account the next business day.

Bill Pay Service

Contact your financial service provider for directions to set up bill pay. Have your account and loan number ready and please separate them with a dash (-).

Launch Servicing will be the Payee. If you can’t find Launch Servicing using search, you will need to enter the following information manually:
Launch Servicing
P.O. BOX 679220
Dallas, TX 75267-9220

Launch Mobile App

Available from the App Store or on Google Play Store

Mail

Send a check or money order with your name and account number on the memo line to:

Launch Servicing
P.O. BOX 679220
Dallas, TX 75267-9220
Am I eligible for a Funding U loan?To qualify for a Funding U loan, you must be: 

An Illinois resident
Either a U.S. citizen, permanent resident, or DACA recipient
At least 18 years old at time of application
A full-time undergraduate student at one of our Illinois partner schools 

As Funding U loans are primarily merit-based, we do assess academics and career paths for loan approval decisions. 

While we review credit history for documented credit issues (missed payments, collections, etc), we do not require a certain FICO score. All Funding U loans are non-cosigned and parental credit history and/or financial situations do not impact how we review the student application in any way.
How can I use a Funding U Loan?Funding U loans are disbursed directly to the school and applied evenly across the remaining terms of the current academic year. For example: if you are applying in the Fall, half of your approved loan amount will be disbursed toward the Fall term and the other half toward the Spring term. 

Keep in mind that previous school years, summer terms, and online-only programs are not covered. Fall-only loans are available only to senior students graduating in the fall term. 

Loans are intended to help cover the cost of attendance (COA) which is the estimated total for all of the costs of the given school year, including:

Tuition and fees
Housing and meal plans
 Books & Supplies - such as textbook or computer purchases
Transportation costs

You should address your concerns about any specific costs, such as rent, moving expenses etc, that you intend to cover with your school’s financial aid office directly.
How do you assess credit?We understand that your credit score doesn't define you, especially as an undergraduate student. Instead of relying on FICO credit scores, we look at documented credit issues like missed payments and collections. 


Don't worry, we start with just a soft credit pull for pre-approval (this does not impact your credit score), and the hard pull happens after you've fully submitted your application. 


As always, Funding U loans are non-cosigned, meaning your family's credit history will not impact your application at all!
What are the fees?There are no additional fees or pre-payment penalties.
What are the interest rates?For the academic year 2024-2025, undergraduate loans have an APR of 7.99* to 9.99%. Loans with autopay receive an autopay discount and have an APR of 7.49% to 9.49%. Interest accrues from the first disbursement, with fixed rates ensuring your monthly payments stay constant throughout repayment.

*The lowest rate shown is available only to upperclassmen with outstanding academic performance and is not to be assumed typical for most borrowers. Actual rate offered will depend on creditworthiness and other factors, such as your school year, GPA, and state of residence.
What are the payment options?Our loans require in-school monthly payments, with options for 5-year or 10-year repayment terms. In-school payments are at a reduced rate, either $20 minimum or an Interest-Only amount. There are no additional fees or pre-payment penalties.

Traditional repayment begins six months after graduation, but you can start earlier if you leave school or drop to part-time status. Extra payments are welcome and can lower your balance without penalty. We report your in-school payments to credit bureaus, we report your in-school payments to credit bureaus. This can boost your credit score, but if you miss payments, it can also hurt your credit score. So, it is important to try to keep up with your payments or contact the loan servicer, Launch, immediately if you are having a hard time repaying.
What are the terms?Our loans require in-school monthly payments, with options for 5-year or 10-year repayment terms. In-school payments are at a reduced rate, either $20 minimum or an Interest-Only amount. There are no additional fees or pre-payment penalties.
When does interest start accruing?Interest accrues from the first disbursement, with fixed rates ensuring your monthly payments stay constant throughout repayment.

See more in Our Loans and PEL Disclosure.
What if I have a hold or can't access my transcripts?If you have a hold on your student account due to outstanding balances, it may limit access to receiving your official transcript or registering for classes. 


We need your full transcript to assess your academic progress for loan approval. Official or unofficial transcripts are accepted, but degree audit forms or term grade reports are not.


While a hold doesn't disqualify you, remember our loans cover charges from the current academic year only. Reach out to your school directly to discuss options if you have a hold in place.
What schools are eligible?We have partnered with more than 50 Illinois-based schools. You can find a full list here.
What states are eligible?This program is only available for Illinois students attending school in Illinois. If you’re outside of Illinois and are still interested in a Funding U loan, you can go here.
How much can I borrow?Students may borrow one Funding U loan per academic year. Our loan amounts range from $3,001 - $20,000 with the minimum amounts based on your state of residence.
Does Funding U make loans to international students attending U.S. schools?This program is only available for Illinois-based students.


For International students and those studying outside of the U.S., we recommend checking your eligibility with our partner MPOWER Financing.
How do I access my Funding U account?The Funding U portal can be used to complete your application, upload documents, check your status, and more. 

To access your account, click Sign In, and enter the email address used to apply to receive a secure login link. 

For assistance please contact us at info@funding-university.com.
What if I was approved but my need has changed?We understand that plans change. We recommend connecting with your school ASAP to return any excess loan funds to us or simply making a payment toward your loan through the servicer, Launch.


Keeping unneeded funds for future semesters may affect your ability to receive financial aid and impact your approval chances for future loans.


If you haven't been funded yet, but want to change your loan amount, please contact info@funding-university.com right away.


Keep in mind, changing your loan amount may affect your eligibility. Additionally, Funding U loans are certified by your school, so your final loan amount may differ from your approved amount based on what need your school confirms. Once you have signed your loan documents, all change requests must come directly from your school.
I was turned down for a loan. Can I apply again?If you were previously ineligible and your information has changed, you may reapply. If you think you may have made an error while entering your information, please reach out to us ASAP by email or chat. We also encourage you to apply again the next semester, if you are not approved.
How can parents be involved in the loan process?We recognize that financing your education is a big decision, and while our loans don't require a cosigner, we encourage parental or trusted adult support.


Here's what you need to know about Funding U:


We only lend directly to students; no cosigners are required.
Parental credit history or financial situations don't affect the student application review.
We're only authorized to discuss pre-qualification, applications, and loan details directly with the student applicant.

However, borrowers can authorize a trusted individual to discuss loan details on their behalf by requesting the 3rd Party Authorization form via email at info@funding-university.com.
Where can I access the 1098-E form for taxes?Launch, your loan servicer, issues 1098 forms to all Funding U borrowers for the most recent calendar year, regardless of what amount of interest you paid last year. 1098 forms typically arrive in the mail between late January and early February. https://www.launchservicing.com/ 


NOTE: Per IRS requirements, Lenders/Servicers are only required to send you 1098 if your total interest paid exceeds $600 in a calendar year. If you have other private lenders they may not issue a 1098 but you can still deduct all student interest paid on your personal taxes. Please consult a tax professional for more information.
Do you have any scholarship resources?We do not offer scholarships and are not currently affiliated with any organizations that do. 


Here is useful a resource that may help you find scholarships and grants in your state.


Funding U's State-by-State Breakdown of Financial Aid Resources
What are the forbearance options?Funding U offers a variety of options for students facing hardship and for those looking to continue their education after graduation. 

All requests should be made directly, verbally or in writing, with the servicer Launch and can be made via the Launch Borrower Portal. Launch will notify you if any documentation is required and if your request has been approved or denied. As always we encourage our borrowers to stay in communication with us and the loan servicer for the best borrowing experience.

You can contact Launch at 877-354-2629 or go here to send an electronic message.
What are the automatic postponement options?Postponements may be applied automatically in certain cases, including:

Bankruptcy: Unlimited term; interest may be capitalized.
Death: Loan principal and interest forgiven.
Administrative: 60-day term for operational needs; interest may be capitalized.
Natural Disaster: Up to 3 months; interest may be capitalized.
Temporary Total Disability: Initial 6 months, up to 24 months with medical certification; interest may be capitalized.
Total Permanent Disability: 6-month term, up to 60 months with medical certification; interest may be capitalized.
Late School Notification: Unlimited term; interest may be capitalized.
Active Military Duty: Unlimited term; interest may be capitalized.
 

All requests should be made directly, verbally or in writing, with the servicer Launch and can be made via the Launch Borrower Portal. Launch will notify you if any documentation is required and if your request has been approved or denied. As always we encourage our borrowers to stay in communication with us and the loan servicer for the best borrowing experience.

Phone: +1 (877) 354-2629

Email: customerservice@launchservicing.com

Website: https://launchservicing.com/contact/

If you have already set up your Launch account online, you may log in using this Borrower Login link to send them a secure message through your portal.

Mail (Address for contact only, no payments)
Launch Servicing, LLC
PO Box 91910
Sioux Falls, SD 57109-1910
Do you offer loan refinancing?We do not offer any refinancing options at this time.
Does Funding U have a Referral Program?Rules and Guidelines


Existing borrowers can earn a $200 Amazon gift card for referring a friend to Funding U. No limit applies. To be eligible, your referred student must apply via your referral link and have their Funding U loan approved and successfully funded. (Electronic Amazon gift cards are sent out to the email address used for the existing/referring borrower’s loan).

Learn more about the 2024-2025 Borrower Referral Program HERE. Once you have your referral ready, sign into your account to retrieve your personalized referral code.
How do I receive my Graduation Reward?As a special congratulations to our borrowers, we are sending $100 Amazon gift cards to those eligible for our Graduation Reward Program!


If you previously received a Funding U loan and have now graduated, email us at info@funding-university.com to let us know and make sure to include the following:


Proof of graduation date
Final transcript
A copy of your degree

Learn more about the 2024-25 Graduation Reward Program HERE.
What kind of a product does Funding U offer?The product that is being offered is a private student loan. It is not a federal or governmental loan, and it is not an Income Share Agreement.
What are the steps in the loan application process?Step 1: Apply
Step 2: We review.
Step 3: We connect.
Step 4: You get one step closer to your degree.

Note - for more detail see the how it works section above.
What happens if my grades slip while I have this private student loan?The terms of your loan agreement require repayment regardless of your continued academic performance. It is important to maintain good academic standing, but your repayment obligations remain unchanged even if your grades decline.
Am I still responsible for repaying my private student loan if I do not complete my education? Yes, you are still responsible for repaying your private student loan even if you do not complete your education. The obligation to repay the loan is based on the terms of the loan agreement, not on the completion of your degree or program. It is crucial to understand that the loan must be repaid in full, regardless of whether you graduate.
Let's Talk
Get in touch with the Funding U Schools Team.
You can also email us with more questions.
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