Frequently Asked Questions2021-05-14T10:56:05-05:00

Frequently Asked Questions

Do I have to apply every year?2021-05-07T10:11:48-05:00

With our undergraduate and graduate line of credit products, you will only have to complete the application process once. However, your loan is subject to credit qualification and an annual credit review, and you must continue to meet your school’s Satisfactory Academic Progress (SAP) and enrollment requirements.

How long will the process take?2021-05-07T10:11:22-05:00

Processing times vary based on time of year, document submission, and the school’s own certification process. In general, you can expect the process to take anywhere from 5-45 days, depending on the documentation available.

Will I need a co-borrower?2021-05-07T10:10:58-05:00

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 for the line of credit at a lower interest rate.

Should I continue making payments while my refinance application is in process?2021-05-07T10:10:30-05:00

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.

What should I know about the CARES Act and refinancing federal student loans?2021-05-07T10:10:03-05:00

The CARES Act was passed in response to events related to the Coronavirus pandemic and includes broad relief measures for federal student loan borrowers. If you are considering refinancing your federal student loans, please make sure to review these measures at www.studentaid.gov/coronavirus to understand your options.

Why choose a credit union?2021-05-07T10:06:56-05:00

Credit unions operate to serve their members and communities. One way they do that is by promoting thrift and offering competitive rates with a focus on the best interest of the borrower – in this case students. When you choose your credit union to pay for college, you’ll benefit from great rates, low fees, convenient repayment terms, and most importantly, a life-long relationship with a lender you can trust.

What is a credit union?2021-05-07T10:06:33-05:00

Credit unions are not-for-profit organizations that exist to serve their members rather than maximize corporate profits. Like banks, credit unions provide a variety of financial services, but as member-owned cooperatives, they focus on providing a safe place to save and borrow at reasonable rates while returning income to their members in the form of dividends.

What kind of loans can I refinance?2021-05-19T15:09:02-05:00

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: studentaid.gov. See disclaimers for more details.

Private Education Loans: 

  • Undergrad
  • Graduate
  • Consolidation

Institutional Education Loans: 

  • Undergrad
  • Graduate
  • Consolidation
What is the difference between consolidation and refinancing?2021-05-19T14:09:54-05:00

Consolidation means you are simply combining 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.

What items will I need to apply?2021-05-07T10:04:46-05:00

Information you’ll need to successfully complete the application:

  • Personal information (such as name, date of birth, Social Security number)
  • Sufficient income information for either the borrower or co-borrower (if applicable)
  • School enrollment information, if known
  • Amount needed for your current school term
  • If applying with a co-borrower, you’ll want to have them present. The co-borrower will also need to provide the same type of personal information as the student borrower. If they cannot be present, you should have their primary email address on hand – we’ll send them a notification to input their information.
Do I have to be a credit union member?2021-05-07T10:03:57-05:00

We’ll match you.

You can apply without being a member – need to become a member.

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