Line-of-credit Info Questions

How does the Line of Credit (LOC) work?

You will be underwritten for the cost of the remainder of your education ($75,000 maximum) 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.

How much can I borrow?

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 maximum loan amount for Graduate Business students will be the certified need determined by your school, up to a maximum of $100,000 per student for the remainder of their education.* The certified need is typically the Cost of Attendance (COA) less other financial assistance and aid received.

*The maximum loan amount may vary by credit union lender.

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

Because our product is structured as a line of credit, you do NOT need to complete an entirely new loan application. Instead, you will simply need to request additional funds from your existing line of credit. Click here and follow the directions to request funds. Subject to credit qualification and annual credit review.

How often can I receive disbursements from my Line of Credit?

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.