FAQs

No. This private education line of credit does not have origination or other application fees. In addition, there are no prepayment fees.

Yes, you can use your loan to pay for books and other education-related expenses (such as off-campus room and board). Since you may need to buy books before you receive your excess loan funds, you will need to use out-of-pocket funds and then reimburse that source from loan proceeds.

When you first complete the application, your line of credit amount will prefill. This amount is based on your school’s cost of attendance and the number of years you have remaining. You will need to select a loan amount, which is the amount you need to borrow for the upcoming term. For future academic terms, you will be able to request additional funds from your line of credit (called a “draw”), up to your line of credit amount (subject to annual credit review and satisfactory academic progress). Please note that draws can never exceed your school’s cost of attendance for the specified term.

Yes. You must be continually enrolled in a degree-granting program and meet your school’s minimum Satisfactory Academic Progress (SAP) criteria to be eligible. 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, your line of credit may close, and you may enter repayment.

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.

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.

A co-borrower 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.

You will be underwritten for the cost of the remainder of your education and will be allowed regular disbursement draws up to the school certified amount. Each year you will request a draw for the amount you wish to be disbursed from the LOC. You will not need to reapply each year assuming there are no significant changes to the borrower or co-borrower credit scores.

Funds are disbursed to your school based on the school's disbursement cycle. You will request the specific draw amount from the LOC each year.

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 student for the remainder of their undergraduate education. The certified need is typically the Cost of Attendance (COA) less other financial assistance and aid received. IMPORTANT: Please note that the maximum co-borrower aggregate amount for borrowing (across multiple lines of credit for multiple borrowers) is $250,000.

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.

Our private education line of credit solution is available to many public and private non-profit degree granting schools nationwide. Unfortunately, if your school is not included in our approved list then you are not eligible at this time. However, you may still wish to contact the credit union for other possible loan options. Please note that the eligible schools list is subject to change without notice.

Call University Accounting Service at 800-723-2210.

Email is not a secure method of transmission and we do NOT support emailing as an option.

However, you may securely upload your documents by clicking the "Upload Loan Documentation" link within the application.

You may submit documents by secure upload, fax or mail.

• Scan and Upload: You can safely and securely upload your imaged loan documents directly to Loan Processing at https://upload.studentchoice.org. Please be sure to complete all required fields in the upload form.
   
• Mail: To mail via USPS, please send documents to:

Credit Union Student Choice Loan Processing
1415 Ritner Highway
Carlisle, PA 17013

• Fax: (717) 241-3188

If you need further assistance in submitting your documents, please email us at docs@studentchoice.org.

To establish automatic debit for your student loan payments, please contact University Accounting Service (UAS). You may visit the UAS website to create an account and set up your automatic payments.

You may also contact University Accounting Service (UAS), at 800-723-2210.

Register at the UAS website to access line-of-credit information online or call University Accounting Service at 800-723-2210.

To change your repayment option, please contact the loan servicer, University Accounting Service (UAS), directly at 800-723-2210. Changes to repayment options can only be made once per academic year.

Repayment term is 20 years if your principal balance at repayment is $40,000 or less, and 25 years if your principal balance at repayment is more than $40,000.

The lender will assess a late fee if your payment is not made timely. You can pay your bill safely and securely online through the loan servicer's website.

Payments are due in accordance with your repayment schedule. If you are unable to make a scheduled payment, you must contact the loan servicer (University Accounting Service – 800-723-2210) before the payment due date to determine if alternate arrangements can be made.

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

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.

No. Loan funds are disbursed directly to your school. Each school processes refunds differently. If you need funding for miscellaneous expenses such as off-campus housing, please check with your school to find out their specific procedure for refund issuance.

Though you requested a particular loan amount, your school might have certified your loan for a lesser amount. The process of school certification allows your college to have control over your loan amount and when the loan funds (disbursement date). School certification involves the college in the borrowing process for its students, thereby ensuring that students are managing their educational debt wisely.

Depending on the timing of your request, we may be able to accommodate your request. Please call the Student Choice call center to discuss your options. When necessary, we may have you contact the Financial Aid Office at your school.

During peak loan season (July through September), please allow 35-40 business days from the time you submit your completed loan documents. Though your loan may be processed, it is up to the school to "certify" your loan. Certification involves selecting a disbursement date and loan amount for your loan. The school has the final say on when your loan disburses and in what amount. During non-peak season, please allow 10 to 15 business days from the time your completed loan application has been submitted.

If you requested your draw late, please let your financial aid office and your bursar’s office know that you have been approved for a loan. If the school requires proof that you are approved for the loan, ask the financial aid office which documents will suffice for proof that the loan is in process. After speaking with the financial aid office, contact your bursar to inquire how they manage late fees and if they can be waived.

You can re-apply for the loan with a different co-borrower. Call the Student Choice call center to inquire about underwriting criteria.

If you no longer qualify for the loan, you should speak directly with your school’s financial aid office. They will offer additional education funding guidance to you and your family.

If you are transferring to a new college, you will need to first confirm that the school is approved for funding per our approved school list. If the school you are transferring to is approved, you may contact our call center to be guided through the application process.

The minimum refinance loan amount is $5,000. The maximum loan amount will be $125,000. Make sure to review your existing loans carefully so that you borrow the exact amount you need.

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.

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.

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

• 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)

In order to fund the loan, both the borrower and cosigner must be members of the credit union. To expedite funding, visit your credit union branch or website to open your membership account while we are processing your loan.

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.

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.

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

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.