You’ve got questions.
We’ve got answers.


Frequently Asked Questions

Below are answers to many of the commonly asked questions about Student Choice private student loans. Please note that loan offerings vary by credit union, and you will need to select or find a credit union to view specific information about loan products and rates.

Find a CU
The information below is presented in an accordion-style format. Tab through each question. Press the enter key on a question to expand, and use tab to access the answer.

Frequently Asked Questions

Who is Student Choice?

Founded in 2008 by several of the nation’s leading credit unions, Student Choice has enabled hundreds of credit unions to offer a private student lending program to students and families in search of fair-value financing options.

As not-for-profit financial cooperatives, credit unions often collaborate to expand the products they can offer and create member value. Student Choice is an example of this collaboration, which has resulted in a better way for many students to pay for college.

Why should I borrow from a credit union?

Unlike for-profit lenders, your credit union exists only to serve the best interests of its members. This allows them to offer lower loan rates and fewer fees than other, private lenders. The most important differences for you are: zero origination fees, more flexible repayment terms and lower overall loan rates. The bottom line is that Credit Union Student Choice loans were created with one goal in mind – helping you finance a higher education without a higher price tag.

Do I have to re-apply every year?

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 can I find a Student Choice credit union near me?

There are hundreds of credit unions across the country offering Student Choice loan solutions. Click here to find a credit union that offers the Student Choice loan solution to best fit your needs.

What will my rate be?

The interest rate will be extremely competitive, as it is set by your credit union. The rate will be determined by the credit score of the borrower and/or co-borrower (if applicable). Like most other private student loans, the rate will be indexed on the 1-Month LIBOR (London Interbank Offered Rate) or Prime Rate and is variable, meaning it can adjust on a quarterly basis depending on the LIBOR or Prime Rate.

What should I know before I borrow?

Before you apply for a student loan, you should understand the financial aid process and how to find lower cost options to pay for college first. Visit our Resources page and read our blog to learn more.

Your Story...

A Student Choice loan is about more than numbers - it's about your personal journey.

Stories from Real Borrowers

...Is Our Story

Our story started from a need for a better solution to help students pay for college.

Find Your Solution

Find a Credit Union & Apply

Student Choice private student lending solutions are available from hundreds of credit unions nationwide. Use our search tool to find a credit union near where you live or attend school, or click here to view our entire list of participating credit unions by state.