Frequently Asked Questions for Students


For specific questions about each of the Student Choice Lending Solutions click the appropriate links below.

For specific questions about uploading borrower documents, please review the helpful PDF linked below.

General FAQ for Students - Questions

Is it too late to apply for student loans?

No. But remember, you always want to apply for scholarships and grants first. Then make sure you take the maximum amount of federal loans, which tend to have lower fixed interest rates and are the most student-friendly loans available. If that’s not enough, next compare private loan options like our Student Choice private lending solutions.

Do credit unions offer Federal student loans?

No. Legislation has changed the student loan industry, meaning the government’s role in student lending has increased and private institutions like credit unions no longer fund federal student loans. However, hundreds of credit unions nationwide continue to offer our Student Choice private lending solutions to students who need help filling the gap in college funding.

Do I need a co-borrower?

A borrower is not required to apply with a co-borrower. However, applying with a credit worthy co-borrower may improve a borrower’s chance of meeting the credit union’s approval criteria and potentially qualify the loan or line of credit for a lower interest rate. 

What expenses are covered?

Your Student Choice solution covers "Cost of Attendance" minus other financial aid received.  Each college calculates differently but  typically includes: tuition, fees, room and board, technology, meal plans, books, and other  expenses. There may even be a different “off-campus” rate that includes rent and transportation. The best way to find out your cost of attendance is by contacting your college directly.

How do I apply?

That's easy. Simply use our CU Select tool to find a credit union that offers our solutions in your area. Check out their membership criteria to make sure you're eligible for membership. Once you've found a credit union, visit their Student Choice website and apply online 24/7 - you'll even receive instant online notification after you've completed your application!

What happens after I apply?

After you've submitted your application, your loan will be processed. You will need to sign your documents and either upload, fax or mail them, including proof of membership and ID (instructions are provided). Your loan will be certified at the school to make sure you don’t  borrow too much. We will pay the university and if there are any additional funds remaining, they  will be returned to the borrower. You have the choice to  keep these funds for books and other  costs, but remember this a loan, not free money. You can reduce your debt by returning the funds you don't need. To determine the cost of attendance at your college and what your eligibility for aid may be, always contact your financial aid office first.

How do I get more money next year?

If you have established a private education line-of-credit, you can visit your credit union's Student Choice website and click the "Apply Now/Request Funds" button at the top of the page or in Quick Links. Just click returning borrower to log into your account and submit a new draw request on your approved loan. Subject to credit qualification and annual credit review.

Where can I find scholarships before I borrow?

The Scholarships and Grants section of this website has lots of great links and information to help you before your borrow.