Credit Union Student Choice

Fund Your Future

Private Student Loans2022-06-03T13:59:03-05:00

97% of our approved applications have a co-borrower.
Improve your chances of approval, and possibly get a better rate, by applying with a credit-worthy co-borrower! Learn More.


Private Student Loans

Student Choice’s private student lending solution is designed to help you responsibly fill funding gaps that may remain after you’ve exhausted lower-cost sources of aid such as scholarships, grants, and federal student loans.


  • Multi-Year Line of Credit

  • Competitive Rates

  • Easy Online Application

  • Dedicated Rep Throughout Process

  • Funds Disbursed Directly to School

  • 1:1 College Counselor Support

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Guide to Financial Aid

GuideToFinaAid cover 21

The financial aid process can seem complicated, so we’ve broken it down into three easy steps in our downloadable Guide to Financial Aid.

Complete the form to access the guide and learn more about:

  • When you should complete each step
  • The three main types of financial aid and when to use them
  • Resources for information on scholarships, loans, and more

Frequently Asked Questions

Do I have to know my enrollment status to apply?2022-02-09T08:21:27-06:00

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.

What is graduated repayment?2022-02-09T07:57:21-06:00

Graduated Repayment is repayment of principal and interest using an extended amortization period intended to lower the monthly payment amount, after which payments are higher and based on the remainder of original term.

Who will service my loan?2022-02-09T08:05:52-06:00

University Accounting Service (UAS) will service your loan. Once your loan has been disbursed or entered repayment, you may contact UAS with questions, or access your account online.

How much can I borrow?2022-01-28T15:46:40-06:00

The maximum amount you can borrow varies by credit union lender. In general, the amount is based on your school’s certified costs minus the amount of other financial aid you have already received (such as federal student aid, scholarships, and grants). You can view loan limits  on our lenders’ websites or within your results from our matching tool.

Can my cosigner be released at a later date?2022-02-25T08:59:13-06:00

Many of our credit union lenders offer a cosigner release option based on on-time payment history and other requirements. We recommend reviewing specific criteria on the credit union lender’s website.

Can I receive a discount for setting up ACH payments?2022-02-09T08:14:22-06:00

Many of our credit union lenders offer a 0.25% interest rate reduction when the borrower signs up for automatic debit payments and is in active repayment. We recommend reviewing the credit union lender’s website for details about a potential discount for automatic payments.

What is the difference between a fixed and variable rate?2022-01-28T15:52:35-06:00

Fixed Interest Rate

A fixed rate loan is exactly as it sounds – the interest rate is fixed, or stays the same, for the entire life of your loan.

Pros: You’ll know what your interest rate is and won’t have to worry about fluctuations down the road.

Cons: The tradeoff for knowing what your rate will be for the long haul is that it is often a higher rate to start than a variable rate option.

Variable Interest Rate

When you select a variable rate loan, your interest rate will fluctuate over time based on the current index rate. Your lender adds a percentage to that base according to your credit score and history, and there is usually a limit or “ceiling rate” on how high your rate can go if the index increases.

Pros: Variable rate options are typically lower than fixed rate at the start of your loan. Additionally, if the index decreases in the future, so will your interest rate.

Cons: There is risk involved; while your rate could go down, it could also increase, meaning you will pay more in interest over time.

Can I use funds to pay for books or off-campus housing?2022-01-28T15:47:04-06:00

Our private student loans can be used for any items listed in your school’s cost of attendance, or other education-related expenses. The amount you are eligible to borrow will be certified by your school, and the funds are sent directly to your college.

If some of the loan will be used to cover items not directly paid through the school, such as books, off campus rent, or a laptop, the school will issue you a refund for the excess amount.

Do I have to apply every year?2022-04-26T09:43:43-05:00

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 annual review and credit qualification, and you must continue to meet your school’s Satisfactory Academic Progress (SAP) and enrollment requirements.

How long will the process take?2022-02-09T08:20:07-06:00

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?2022-01-28T15:48:47-06:00

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.

What items will I need to apply?2022-02-09T08:34:05-06:00

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?2022-01-28T15:46:17-06:00

You do not need to be a member to start the application, but you will need to be a member of the credit union before you can receive funding.

Need to find a credit union? We can match you with some options.

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What Borrowers Are Saying

“Originally I applied for a loan with another lender because their “posted” interest rate seemed lower. I went through the application process only to find out the interest rate would be 2% higher. I really like that BFSFCU had ONE agent/loan counselor that was assigned and was familiar with everything. She was super helpful, always returned calls and in the end my interest rate was lower.”

– Miriam, Virginia Commonwealth University, Bank-Fund Staff Federal Credit Union

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