Loan Details - Undergraduate

Undergraduate

 

College is an exciting time, full of new opportunities and experiences. Our aim is to make financing college easier so you can focus on what's really important - achieving your dreams of a higher education at the school of your choice!

The Student Choice Undergraduate private loan solution was designed to fill the funding gaps that may exist after all-lower-cost sources of aid (including scholarships, grants and Federal Stafford loans) have been exhausted. 

Our 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 can be used over multiple years throughout an undergraduate career. Each year, students simply determine how much of the eligible LOC amount they'll need - without having to complete an entirely new application!
  • Offers flexible repayment options resulting in lower initial payments after graduation.
  • Gives members the chance to reduce your 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 financial institution you can trust

Learn if your credit union offers the Undergraduate Student Choice Private Loan 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?
Undergraduate students who are:

  • U.S. citizens or permanent residents (Foreign students are NOT eligible)
  • Enrolled at least half-time in a four year 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, the minimum is $1,000 per year. The maximum loan amount will be the certified need determined by your school, up to a maximum of $75,000* per undergraduate student for the remainder of their education.  The certified need is typically the Cost of Attendance (COA) less other financial assistance and aid received.

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

 

What are the rates and terms?
Each credit union sets their own rates. Please visit your credit union 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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