The Credit You Deserve
In hopes of improving the economic value found in private student lending, several of the nation's leading credit unions have come together to form Credit Union Student Choice and help students lower their overall cost of higher education. Unlike for-profit lenders, credit unions exist only to serve the best interests of their members-not to maximize profit for shareholders. This allows credit unions to offer lower loan rates and fees than other, more traditional "private" lenders. The revolutionary new loan product created by Student Choice can help you fill the funding gaps that federal student loans can leave behind, without the higher price tag commonly associated with "private loans".
Our private loans:
- Are meant to fill the funding gap AFTER all other lower cost sources of financial aid (scholarships, grants, federal student loans) have been exhausted. Make sure you are borrowing wisely!
- Offer zero origination fees and lower interest rates than many other lenders
- Offer flexible repayment options, including fully deferred payment while in school, interest-only payments during school, or immediate repayment of principal and interest. Choose the option that best suits you.
- Give students a Line-of-Credit (LOC) that can be used over multiple years. With just one application, you'll qualify for a LOC for the remainder of your college career (up to $75,000). You decide how much of the eligible LOC amount we send to your school during disbursement periods.
- Allow you to reduce your interest rate by 0.25% during full repayment when you enroll in automatic, electronic payment.
- Are granted and held by a not-for-profit credit union-a lender relationship you can trust. Currently, more than 80 credit unions across the country offer a Student Choice private loan - find one that you can join today!
Learn more below or view our more detailed Frequently Asked Questions
Who's eligible?
Students enrolled at least half-time in a four year degree-granting program at a public or private non-profit school. Over 1,700 schools and campuses across the U.S. are eligible. View a listing of our approved schools to see if your school is included before you apply.* NOTE: If you are not already a member of a credit union that offers the Student Choice loan, you and your co-borrower will need to join a participating credit union in order to receive a funded loan.
*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 less any other financial aid awarded. The total amount the student can borrow throughout their college career is $75,000.
What will the loan rate be?
Loan rates are determined by the individual credit unions that offer the Student Choice loan. You will be quoted your specific rate after you are approved for the loan. 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 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?
- Determine if you (or an immediate family member) is already a member of one of the credit unions that offer a Student Choice private loan.
- If not, use our CU Finder program to find one of our partner credit unions that you may be eligible to join.
- Once you have determined the credit union you would like to join and borrow from, visit that credit union's Student Choice website to learn more and apply.
