FAQs

The information below is presented in an accordion-style format. Use tab to move through the top-level categories. Press enter to expand a top level category, and use the tab key to also move between secondary-level questions. Press the enter key on a question to expand.

Undergraduate Student Loans

Application and Funding Questions

I'm a foreign student attending a U.S. school. Am I eligible for the Credit Union Student Choice private loan solution?

No. You must be a U.S. citizen or permanent resident alien in order to be eligible.

How much can I borrow?

Borrowers should estimate the amount needed to cover any funding gap that may remain after scholarships, grants, and federal loans have been applied. The amount requested should cover the estimated need for the fall/winter/spring terms, and cannot exceed the school’s estimated cost of attendance (which is determined by your school and generally includes: tuition and fees, room and board, books and supplies, and personal and miscellaneous expenses). As part of the certification process, your school will review the amount you have requested and may decrease the amount as needed based on other aid available to you.

  • The single minimum loan amount that will be disbursed is $1,000.
  • The single maximum loan amount that will be disbursed will be no more than your cost of attendance less other financial assistance and aid, as certified by your school’s financial aid office.
  • The Credit Union’s total lending aggregate (maximum amount you can borrow in order to complete your undergraduate education) is $25,000.

To apply, do I have to know my enrollment status?

Yes. You must be continually enrolled in a degree-granting program and meeting the school’s minimum Satisfactory Academic Progress (SAP) criteria. For fall and spring terms, you must be enrolled at least half-time. For summer term, you may be enrolled less than half-time. Should you drop below half-time in the fall or spring, withdraw during any term, or fail to meet SAP requirements, your funding request can be denied, and your loan may enter repayment.

Why do I need to answer multiple personal questions in order to eSign?

We partner with the credit bureaus to provide a secure form of identity verification. By validating your identity through this process, we can forego extra identity verification in many cases.

I have received a Student Choice loan and need additional funds for next academic year. How do I request more money?

You will need to reapply for this loan in subsequent years following the same application process.

Do I and my cosigner (if applicable) need to be members of the credit union in order to be eligible?

In order to fund the loan, only the borrower must be a primary account holder at the credit union. To expedite funding, visit your credit union branch or website to open your membership and account while we are processing your loan.

Repayment and Servicing Questions

How will I receive my money?

The money will be sent directly to the school. If there are excess funds after your direct school related costs are paid, the school will issue a check to you with those remaining funds.

Is there any penalty for paying the loan off early?

No. You can pay off your Student Choice loan solution at any time, even if you're still in school.

What are my repayment options?

Students may choose full deferment while in school, elect to make interest only payments while in school, or choose full principal and interest only payments. Please note that our loan does offer a grace period of six (6) months immediately following the borrower's separation from school (or drop below half-time enrollment). During the Grace Period the borrower is not required to make any payments. 

How do I update my contact information?

Contact the loan servicer (University Accounting Service) by calling 800-723-2210 or visiting them online. Also, please call the Student Choice call center to provide your updated information.

School Certification Questions

Do I need to know what school I'm attending to apply?

Yes, your school information is important. Once your loan is conditionally approved we'll verify your enrollment information. We will also work with the school to certify the loan and for disbursement of funds.

If the loan amount is certified by my school, why do I need to enter a requested loan amount on the application?

We still need to know how much you would like us to disburse. For example, your school may certify $10,000, but you only need $5,000 because you have other funds (such as savings) to pay the remaining cost.

The information below is presented in an accordion-style format. Use tab to move through the top-level categories. Press enter to expand a top level category, and use the tab key to also move between secondary-level questions. Press the enter key on a question to expand.

Graduate Business Student Loans

Application and Funding Questions

I'm a foreign student attending a U.S. school. Am I eligible for the Credit Union Student Choice private loan solution?

No. You must be a U.S. citizen or permanent resident alien in order to be eligible.

How much can I borrow?

Borrowers should estimate the amount needed to cover any funding gap that may remain after scholarships, grants, and federal loans have been applied. The amount requested should cover the estimated need for the fall/winter/spring terms, and cannot exceed the school’s estimated cost of attendance (which is determined by your school and generally includes: tuition and fees, room and board, books and supplies, and personal and miscellaneous expenses). As part of the certification process, your school will review the amount you have requested and may decrease the amount as needed based on other aid available to you.

  • The single minimum loan amount that will be disbursed is $1,000.
  • The single maximum loan amount that will be disbursed will be no more than your cost of attendance less other financial assistance and aid, as certified by your school’s financial aid office.
  • The Credit Union’s total lending aggregate (maximum amount you can borrow in order to complete your graduate business education) is $25,000.

To apply, do I have to know my enrollment status?

Yes. You must be continually enrolled in a degree-granting program and meeting the school’s minimum Satisfactory Academic Progress (SAP) criteria. For fall and spring terms, you must be enrolled at least half-time. For summer term, you may be enrolled less than half-time. Should you drop below half-time in the fall or spring, withdraw during any term, or fail to meet SAP requirements, your funding request can be denied, and your loan may enter repayment.

Why do I need to answer multiple personal questions in order to eSign?

We partner with the credit bureaus to provide a secure form of identity verification. By validating your identity through this process, we can forego extra identity verification in many cases.

I have received a Student Choice loan and need additional funds for next academic year. How do I request more money?

You will need to reapply for this loan in subsequent years following the same application process.

Do I and my cosigner (if applicable) need to be members of the credit union in order to be eligible?

In order to fund the loan, only the borrower must be a primary account holder at the credit union. To expedite funding, visit your credit union branch or website to open your membership and account while we are processing your loan.

Repayment and Servicing Questions

How will I receive my money?

The money will be sent directly to the school. If there are excess funds after your direct school related costs are paid, the school will issue a check to you with those remaining funds.

Is there any penalty for paying the loan off early?

No. You can pay off your Student Choice loan solution at any time, even if you're still in school.

What are my repayment options?

Students may choose full deferment while in school, elect to make interest only payments while in school, or choose full principal and interest only payments. Please note that our loan does offer a grace period of six (6) months immediately following the borrower's separation from school (or drop below half-time enrollment). During the Grace Period the borrower is not required to make any payments. 

How do I update my contact information?

Contact the loan servicer (University Accounting Service) by calling 800-723-2210 or visiting them online. Also, please call the Student Choice call center to provide your updated information.

School Certification Questions

Do I need to know what school I'm attending to apply?

Yes, your school information is important. Once your loan is conditionally approved we'll verify your enrollment information. We will also work with the school to certify the loan and for disbursement of funds.

If the loan amount is certified by my school, why do I need to enter a requested loan amount on the application?

We still need to know how much you would like us to disburse. For example, your school may certify $10,000, but you only need $5,000 because you have other funds (such as savings) to pay the remaining cost.

The information below is presented in an accordion-style format. Use tab to move through the top-level categories. Press enter to expand a top level category, and use the tab key to also move between secondary-level questions. Press the enter key on a question to expand.

Student Loan Refinance

Application and Funding Questions

How much can I borrow?

The minimum refinance loan amount is $5,000. The maximum loan amount will be $25,000. Make sure to review your existing loans carefully so that you borrow the exact amount you need.

What is payoff verification?

Payoff verification may be a payoff statement from the creditor with a payoff valid through a specified date, a screen shot from the creditor’s website showing this information, or a monthly billing statement no more than 30 days old.  The payoff verification must include the creditor name and address, current loan balance or calculated payoff amount, and the borrower account number.

What is the difference between consolidation and refinancing?

Consolidation means you are simply combining your existing loans. Your total payment amount and total interest will likely remain the same, but you'll have the convenience of making one payment rather than multiple payments. This type of loan is usually associated with federal government student loans.

When you refinance, you are taking out a single new loan to pay off your old ones. You'll probably have a new interest rate, new terms, and a different monthly payment amount. This is the loan solution offered by your credit union.

What types of loans can I refinance?

All loans being refinanced must be post separation from school.

Federal Education Loans:

  • Federal Family Education Loan Program (FFELP)
  • Subsidized or Unsubsidized (aka Stafford Loan)
  • Grad or Parent PLUS William D. Ford Direct Loan Program Subsidized or Unsubsidized (aka Direct Stafford Loan)
  • William D. Ford Direct Loan Program Undergraduate, Grad or Parent PLUS
  • Perkins, Nursing or Health Education Assistance (HEAL)
  • Consolidation

If you choose to refinance a federal loan, you will lose federal student loan benefits such as income driven repayment or loan forgiveness options that may be available on your current federal loan(s). In addition, federal student loans offer deferment and forbearance options that may not available to you if you take out a private refinance loan. You may qualify for a Federal Direct Consolidation Loan. For additional information about a consolidation option for federal loans, contact the Department of Education at: studentloans.gov. See disclosures for more details.

Private Education Loans: 

  • Undergrad
  • Graduate
  • Consolidation

Institutional Education Loans: 

  • Undergrad
  • Graduate
  • Consolidation

 

Who is eligible to refinance?

  • U.S. citizens or permanent residents who have graduated from an approved public or private not-for-profit school (a bachelor's degree is the minimum required)
  • In repayment or grace on one or more outstanding private or federal student loans
  • Able to pass a credit and income check (A cosigner may be necessary in order for you to meet credit criteria, and may also help you qualify for a lower rate)
  • Eligible for credit union membership (you may apply without being a member of the credit union, but you will need to become a member in order for the loan to be funded)

Cosigner Questions

Do I and my cosigner (if applicable) need to be members of the credit union in order to be eligible?

In order to fund the loan, only the borrower must be a primary account holder at the credit union. To expedite funding, visit your credit union branch or website to open your membership account while we are processing your loan.

Do I need a cosigner?

A borrower is not required to apply with a cosigner. However, applying with a credit worthy cosigner may improve a borrower's chance of meeting the credit union's approval criteria and potentially qualify for the loan at a lower interest rate.

A cosigner release option is available to credit worthy borrowers who make 48 consecutive on-time payments during the principal and interest repayment period, elect to make automated payments, and meet additional requirements (such as salary and debt-to-income ratio). You must apply and be approved for this option after the 48 month period. Other terms and conditions may apply, and option may be revoked or modified without notice.

Repayment and Servicing Questions

Should I continue making loan payments while my refinance application is in process?

Yes, you should continue to make your payments while your application is in process. You will be notified when the funds have been sent to the applicable servicers.

Is there a pre-payment fee?

No. There is no pre-payment fee and you can pay off the loan at any time.

If I go back to school, can I put my loans into deferment?

We do not offer an in-school deferment option. Our refinance loan is intended for borrowers who have completed their education and do not plan on returning to school. 

  RATES

A better deal from your local not-for-profit cooperative

  SCHOOLS

More than 2,000 approved schools across the country

  FAQ

Answers to your most common questions

  LEARN

Financial resources to help you succeed in college and beyond

Close