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.
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.
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.
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.
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.
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]