Unconsummated Loan - Loan proceeds that the school returned to the lender prior to the borrower's having cashed the check, if an individual check, or the school having applied the proceeds to the student's account, if included in a master check or EFT transmission. This includes checks that may have been released by the school but remain uncashed by the 120th day following disbursement and EFT and master check transactions that have not been completed by the 120th day following disbursement.

Undergraduate Student - A student who is enrolled at a school in a course of study, at or below the baccalaureate level, that usually does not exceed four academic years, or is up to five academic years in length and is designed to lead to a first degree.

Undue Hardship (Adversary) Petition - A motion to have a loan discharged under a Chapter 7 or 11 bankruptcy case on the grounds of undue hardship. (In most cases, a Chapter 7 or 11 bankruptcy claim is paid only if the loan has been in repayment for more than seven years.)

Unsecured Debt - A debt that has no collateral is an unsecured debt. Personal loans and credit cards are often unsecured.

“Upside Down” - When someone is upside down on their mortgage it means that they owe more than the appraised value of the home. This can happen due to overfinancing or by using negative amortizing loans etc. It is best to consult an investor who can possibly help an owner who is upside down.

Unsubsidized Loan - A non-need-based loan such as an unsubsidized Federal Stafford loan or a Federal PLUS loan. The borrower is responsible for paying the interest on an unsubsidized loan during in-school, grace, and deferment periods, in addition to repayment periods.

U.S. Citizen or National - The term "citizen" includes all native or naturalized persons who owe allegiance to the United States and are entitled to protection by it. The U.S. includes the fifty states, the District of Columbia, Guam, Northern Mariana Islands, Puerto Rico, and the Virgin Islands. The term "national" includes all U.S. citizens and citizens of American Samoa and Swain's Island.

U.S. Department of Education (DOE or ED) - See Department of Education