FAQs

Undergraduate Questions

Application and Funding Questions Questions

Co-borrower Questions Questions

Line of Credit Questions Questions

School Certification Questions Questions

Repayment and Servicing Questions Questions

Loan Processing and Funding Questions Questions

Loan Denial Questions Questions

Transferring Schools Questions Questions

Undergraduate

Application and Funding Questions

Are there out-of-pocket fees I have to pay?

No. This private education line of credit does not have origination or other application fees. In addition, there are no prepayment fees.

What is the standard application and funding timeline?

Private student loans often require a long processing time, due in large part to submitting and reviewing the necessary documentation and waiting for the school to certify the requested loan amount. Please Standard Application and Funding Timeline carefully so you know what to expect.

Can I purchase books with my loan?

Yes, you can use your loan to pay for books and other education-related expenses (such as off-campus room and board). Since you may need to buy books before you receive your excess loan funds, you will need to use out-of-pocket funds and then reimburse that source from loan proceeds.

When completing the application, what is the difference between “line of credit amount” and “loan amount”?

When you first complete the application, your line of credit amount will prefill. This amount is based on your school’s cost of attendance and the number of years you have remaining. You will need to select a loan amount, which is the amount you need to borrow for the upcoming term. For future academic terms, you will be able to request additional funds from your line of credit (called a “draw”), up to your line of credit amount (subject to annual credit review and satisfactory academic progress). Please note that draws can never exceed your school’s cost of attendance for the specified term.

To apply, do I have to know my enrollment status?

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.

Why do I need to answer multiple personal questions in order to eSign?

We partner with the credit bureaus to provide a secure form of identity verification. By validating your identity through this process, we can forego extra identity verification in many cases.

Co-borrower Questions

Do I and my co-borrower (if applicable) need to be members of the credit union in order to be eligible?

In order to fund the loan, the borrower must be a primary account holder at the credit union. The co-borrower (if applicable) must be a primary account holder or a joint account holder at the credit union. To expedite funding, visit your credit union branch or website to open your membership account while we are processing your loan.

Do you require 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 for the line of credit at a lower interest rate.

A co-borrower release option is available to credit worthy borrowers who make 48 consecutive on-time payments during the principal and interest repayment period, elect to make automated payments, and meet additional requirements (such as salary and debt-to-income ratio). You must apply and be approved for this option after the 48 month period. Other terms and conditions may apply, and option may be revoked or modified without notice.

Line of Credit Questions

How does the Line of Credit (LOC) work?

You will be underwritten for the cost of the remainder of your education and will be allowed regular disbursement draws up to the school certified amount. Each year you will request a draw for the amount you wish to be disbursed from the LOC. You will not need to reapply each year assuming there are no significant changes to the borrower or co-borrower credit scores.

How often can I receive disbursements from my Line of Credit?

Funds are disbursed to your school based on the school's disbursement cycle. You will request the specific draw amount from the LOC each year.

How much can I borrow?

The minimum is $1,000 per year. The maximum loan amount will be the certified need determined by your school, up to a maximum of $75,000 per student for the remainder of their undergraduate education. The certified need is typically the Cost of Attendance (COA) less other financial assistance and aid received. IMPORTANT: Please note that the maximum co-borrower aggregate amount for borrowing (across multiple lines of credit for multiple borrowers) is $250,000.

I have a Student Choice line of credit and need additional funds for next academic year. How do I request more money?

Because our product is structured as a line of credit, you do NOT need to complete an entirely new loan application. Instead, you will simply need to request additional funds from your existing line of credit. Click here and follow the directions to request funds.

School Certification Questions

If the loan amount is certified by my school, why do I need to enter a requested loan amount on the application?

We still need to know how much you would like us to disburse. For example, your school may certify $10,000, but you only need $5,000 because you have other funds (such as savings) to pay the remaining cost.

What if my school is not on the list of eligible schools?

Our private education line of credit solution is available to many public and private non-profit degree granting schools nationwide. Unfortunately, if your school is not included in our approved list then you are not eligible at this time. However, you may still wish to contact the credit union for other possible loan options. Please note that the eligible schools list is subject to change without notice.

Repayment and Servicing Questions

I have questions about my (UAS) statement. Who do I contact?

Call University Accounting Service at 800-723-2210.

Can I email my documents to Loan Processing?

Email is not a secure method of transmission and we do NOT support emailing as an option.

However, you may securely upload your documents by clicking the "Upload Loan Documentation" link within the application.

What is my interest rate?

You will be quoted a rate after your application has been submitted and reviewed. Click here to see our current rates. 

How do I submit my documents to Loan Processing?

You may submit documents by secure upload, fax or mail.

  • Scan and Upload: You can safely and securely upload your imaged loan documents directly to Loan Processing at https://upload.studentchoice.org. Please be sure to complete all required fields in the upload form.
     
  • Mail: To mail via USPS, please send documents to:

Credit Union Student Choice Loan Processing
1415 Ritner Highway
Carlisle, PA 17013

  • Fax: (717) 241-3188

If you need further assistance in submitting your documents, please email us at docs@studentchoice.org.

How do I make loan payments?

You can access your loan information online and make payments by visiting the website of University Accounting Service (UAS), our student loan servicing partner. Click here to get started.

You may also contact UAS Customer Service by calling 800-723-2210.

For loan payments sent via mail, please send to:

University Accounting Service, LLC
PO Box 5865
Carol Stream, IL 60197-5865

How can I set up automatic debit for my loan payments?

To establish automatic debit for your student loan payments, please contact University Accounting Service (UAS). You may visit the UAS website to create an account and set up your automatic payments.

You may also contact University Accounting Service (UAS), at 800-723-2210.

What are my repayment options?

You may choose to make interest-only payments while in school, defer both principal and interest payments until six months after graduation, or make full payments while in school.

What will my payment be?

Register at the UAS website to access line-of-credit information online or call University Accounting Service at 800-723-2210.

I want to change my repayment option while I am still enrolled in school. How can I make that change happen?

To change your repayment option, please contact the loan servicer, University Accounting Service (UAS), directly at 800-723-2210. Changes to repayment options can only be made once per academic year.

Where can I access information about my loan and how do I make loan payments?

You can access your loan information online and make payments by visiting the website of University Accounting Service (UAS), our student loan servicing partner. Click here to get started.

You may also contact UAS Customer Service by calling 800-723-2210.

For loan payments sent via mail, please send to:

University Accounting Service, LLC
PO Box 5865
Carol Stream, IL 60197-5865

What are the standard repayment terms?

Repayment term is 20 years if your principal balance at repayment is $40,000 or less, and 25 years if your principal balance at repayment is more than $40,000.

What happens if I am late making a payment?

The lender will assess a late fee if your payment is not made timely. You can pay your bill safely and securely online through the loan servicer's website.

What is the graduated repayment option?

Once you complete school and enter repayment, your loan balance will be set to pay under “standard repayment”, which is over 20 or 25 years (depending on loan balance). If you need a little time before the standard payment amount begins, you may, before repayment begins or during the first twenty-four months select “graduated repayment”. The graduated repayment option amortizes the loan balance for first two years of payments over a 40-year period. At the end of two years, the remaining balance is amortized over the remaining 18 or 23 years (depending on loan balance at repayment) of the repayment term. This means monthly loan payments will be lower in the first two years after starting repayment - which may benefit individuals who are just beginning new careers and managing tight budgets. Note: if you select Graduated Repayment after the Repayment Period has already begun, the number of months of Graduated Repayment will be reduced by the number of months already elapsed during the Repayment Period

What should I do if I am unable to make my regularly scheduled payment?

Payments are due in accordance with your repayment schedule. If you are unable to make a scheduled payment, you must contact the loan servicer (University Accounting Service – 800-723-2210) before the payment due date to determine if alternate arrangements can be made.

Is there any penalty for paying the loan off early?

No. You can pay off your Student Choice loan solution at any time, even if you're still in school.

How do I update my contact information?

Contact the loan servicer (University Accounting Service) by calling 800-723-2210 or visiting them online. Also, please call the Student Choice call center to provide your updated information.

Loan Processing and Funding Questions

Can I have loan funds sent directly to me?

No. Loan funds are disbursed directly to your school. Each school processes refunds differently. If you need funding for miscellaneous expenses such as off-campus housing, please check with your school to find out their specific procedure for refund issuance.

I requested more money than I received in a disbursement. Why didn’t I get my full requested amount?

Though you requested a particular loan amount, your school might have certified your loan for a lesser amount. The process of school certification allows your college to have control over your loan amount and when the loan funds (disbursement date). School certification involves the college in the borrowing process for its students, thereby ensuring that students are managing their educational debt wisely.

How can I lower (or cancel) my request?

Depending on the timing of your request, we may be able to accommodate your request. Please call the Student Choice call center to discuss your options. When necessary, we may have you contact the Financial Aid Office at your school.

How long does the process take from loan request to disbursement?

During peak loan season (July through September), please allow 35-40 business days from the time you submit your completed loan documents. Though your loan may be processed, it is up to the school to "certify" your loan. Certification involves selecting a disbursement date and loan amount for your loan. The school has the final say on when your loan disburses and in what amount. During non-peak season, please allow 10 to 15 business days from the time your completed loan application has been submitted.

I requested my funds late and my school has a due date for funding that I cannot meet. What can I do to avoid late fees?

If you requested your draw late, please let your financial aid office and your bursar’s office know that you have been approved for a loan. If the school requires proof that you are approved for the loan, ask the financial aid office which documents will suffice for proof that the loan is in process. After speaking with the financial aid office, contact your bursar to inquire how they manage late fees and if they can be waived.

Loan Denial Questions

My co-borrower no longer qualifies for this loan. What can I do to get the loan again?

You can re-apply for the loan with a different co-borrower. Call the Student Choice call center to inquire about underwriting criteria.

I no longer qualify for this loan. What options do I have for funding?

If you no longer qualify for the loan, you should speak directly with your school’s financial aid office. They will offer additional education funding guidance to you and your family.

Transferring Schools Questions

I am transferring to a different school. Can I still get this loan?

If you are transferring to a new college, you will need to first confirm that the school is approved for funding per our approved school list. If the school you are transferring to is approved, you may contact our call center to be guided through the application process.