Loan Details - Graduate Business

 

A limited number of our partner credit unions also offer Graduate Business solutions. Please verify that you have selected one of these programs and that you are eligible for membership.

 

Graduate Business

 

In addition to providing lending solutions to undergraduate students, participating credit unions may also offer Student Choice's Graduate Business School loans. The Credit Union Student Choice private loan solution is currently available for Graduate Business Students enrolled, or enrolling in, a Business program at an approved business school.

Our Student Choice private loan solution was designed to fill the funding gaps that may exist after all-lower-cost sources of aid (including Federal Stafford loans) have been exhausted. And since these loans are being offered through your credit union, you know that you are getting a great deal from a not-for-profit lender you can trust.

Our Graduate Business private student loan solution:

  • Helps fill the funding gap that exists after lower-cost sources of aid have been exhausted.
  • Offers zero origination fees and lower rates than many other lenders.
  • Allows for fully deferred payment while students are in school (optional).
  • Is structured as a Line-of-Credit (LOC), which students can use over multiple years. Each year, members simply determine how much of the eligible LOC amount ythey'll need.
  • Offers flexible repayment options resulting in lower initial payments after graduation.
  • Gives you the chance to reduce their interest rate by 0.25% during full repayment when you enroll in automatic payment. If your line of credit is subject to a floor rate (also known as a minimum interest rate) as specified in your promissory note, your rate will never be less than the floor rate.
  • Establishes a relationship with a trusted financial institution- as the loans will be granted and held by your credit union.    

Learn if your credit union offers the Student Choice Graduate Business Solution or find a credit union near you. 

Visit our Frequently Asked Questions page for answers to common questions.

 

* loans subject to approval. Rates, terms and conditions subject to change without notice.

 

Who's eligible?
Graduate Business students who are:

  • U.S. citizens or permanent residents (Foreign students are NOT eligible)
  • Enrolled full-time in a Business Graduate degree-granting program at an approved public or private non-profit school and meet the school’s minimum SAP (Satisfactory Academic Progress) criteria (Make sure to check that your school is included in our listing of approved schools before you apply.*)
  • Able to pass a credit check (A co-borrower 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.)

*Approved schools are subject to change.

 

How much can I borrow?
Once approved, students can borrow from $1,000 up to the 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) less any other aid received, as certified by your schools financial aid office. The total amount students can borrow throughout their graduate career is $100,000 for Graduate Business students.

*amounts may vary and are set by each credit union. Contact your credit union for more details.

 

What are the rates and terms?
Click here to see our current rates. You will be quoted your specific rate after you are approved for the loan. Repayment term is 20 years if your loan balance is $40,000 or less, and 25 years if your loan balance is more than $40,000. You may defer payment while in school (until six months after graduation or withdrawal from school).

Note: There is no obligation to take the loan once you apply and are approved. We encourage you to apply and evaluate your options before making a final decision.

 

How are rates determined?
Rates are variable and reset quarterly. They are also dependent on your credit and, if applicable, the credit of your co-borrower.

 

How quickly are funds disbursed?
Funds will be disbursed directly to the school, at the time the school specifies. The requested funds date varies from school to school. We will verify this date with the school.

 

How do I apply?
You can quickly and easily apply online. If you have questions, please check out our detailed Frequently Asked Questions page or call our student loan representatives.

 

REMINDER! Before applying for any type of private student loan, make sure you've exhausted all other lower-cost sources of financial aid.

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