Do I need to know what school I'm attending to apply?

Yes, your school information is important. Once you’ve been conditionally approved we'll verify your enrollment information. We will also work with the school to certify the loan and determine how and when the funds will be disbursed.

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Do I have to fill out the standard Free Application for Federal Student Aid (FAFSA) form, get federal loans first, or inform my financial aid office?

Completion of the FAFSA form is not part of the Credit Union Student Choice loan application process, but may be required by some schools. We highly encourage all students to complete the FAFSA form and fully exhaust Federal Stafford loans first, and only then use private student loans to help pay for the remaining costs of attending college. Please consult your school's financial aid office for further assistance.

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How quickly can I get the funds?

With our online application, downloadable credit agreement and fax-back option, the credit union could have the funds ready in as little as seven business days after your conditional approval. However, the exact timeline for disbursing funds will be set by your school in coordination with Credit Union Student Choice.

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

Yes. You must be continually enrolled at least half-time in a degree-granting program and meet your school’s minimum SAP (Satisfactory Academic Progress) criteria to be eligible.  Should you drop below half-time or withdraw, or if you are not meeting Satisfactory Academic Progress requirements, your funding request can be denied, your line of credit may close and you may enter repayment.

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How will I receive my money?

The money will be sent directly to the school. If there are excess funds after your direct school-related costs are paid, the school will distribute the remaining funds to you.

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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.

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

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

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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, only the borrower must be a primary 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.

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I have been conditionally approved. Where do I send the requested documents?

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 by clicking Returning Borrower. Once you enter your username and password, choose "Upload Loan Documentation" from the menu and follow the instructions.
• Fax: If you are unable to utilize the scan and upload feature, you can also print a prefilled Fax Cover sheet from within the Returning Borrower area in order to fax your documents.
• Mail: To mail via USPS, please send documents to:

CU Student Choice Loan Processing
PO Box 51-482
Ontario, California 91761

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Do you require a co-borrower?

No, but having a co-borrower is highly recommended as it may be necessary for you to meet the approval criteria. Additionally, having a co-borrower with excellent credit may also help you qualify for lower rates.

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Does your program offer a co-borrower release option?

A co-borrower release option may be available to credit worthy borrowers who make their first 48 payments on time, 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 without notice.

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How does the Line of Credit (LOC) work?

You will be underwritten for the cost of the remainder of your education ($75,000 maximum) 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.

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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 maximum loan amount for Graduate Business students will be the certified need determined by your school, up to a maximum of $100,000 per student for the remainder of their education. The certified need is typically the Cost of Attendance (COA) less other financial assistance and aid received.

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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.

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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.

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What is a school-certified loan?

After full approval, your loan request will be forwarded to your school for verification of enrollment and certification of the loan amount (based on financial need as determined by your school). Once certified, the money will be sent to the school at the time(s) specified by the school for that academic year. Excess loan funds sent to the school (beyond what the school itself requires) will be disbursed to the student by the school. View a listing of our approved schools to see if your school is included before you apply. NOTE: Approved schools are subject to change.

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What is the cost of attendance and how is it calculated?

Cost of attendance is the estimated cost of completing a year of full-time attendance at a college or university. The estimate is determined by the school and generally includes tuition and fees, room and board, books and supplies, and personal and miscellaneous expenses. The schools financial aid office uses these costs to develop standard student budgets for awarding financial aid funds.

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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.

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

The Credit Union Student Choice private loan 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.

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

During peak loan season (July through September), please allow 20 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 7 to 10 business days from the time your completed loan application has been submitted.

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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.

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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.

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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.

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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.

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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 by clicking Returning Borrower. Once you enter your username and password, choose "Upload Loan Documentation" from the menu and follow the instructions.
• Fax: If you are unable to utilize the scan and upload feature, you can also print a prefilled Fax Cover sheet from within the Returning Borrower area in order to fax your documents.
• Mail: To mail via USPS, please send documents to:

CU Student Choice Loan Processing
PO Box 51-482
Ontario, California 91761

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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 Returning Borrower link and selecting the "Upload Loan Documentation" link.

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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.

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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.

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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.

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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.

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How does the 0.25% automatic electronic payment discount work?

When your loan is in full repayment, you can receive a 0.25% rate discount by electing to make automatic electronic payments. The rate discount will only become effective during full repayment. If your loan is in deferment or you are making interest-only payments, the rate discount will not apply.

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What is the graduated repayment option?

Once you complete school, you will be allowed to choose standard repayment over 20 or 25 years (depending on loan balance) or our graduated repayment for two years. The graduated repayment option amortizes the first 2 years over a 40 year period and then over either 18 or 23 years for the remainder of the loan. 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.

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What other repayment options are available?

Students may choose full deferment while in school, elect to make interest only payments while in school, or choose full principal and interest payments.

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Is there any penalty for paying the loan off early?

No. You can pay off your Credit Union Student Choice line-of-credit at any time, even if you're still in school.

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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 for more information!

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
P.O. Box 3167
Milwaukee, WI 53201-3167

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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.

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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.

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How do I make loan payments?

• To make payments online, register at the UAS website
• To make payments by mail:
  • University Accounting Service, LLC., P.O. Box 3167, Milwaukee, WI 53201-3167

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

To establish automatic debit for your student loan payments, please contact the loan servicer, University Accounting Service (UAS), at 800-723-2210.

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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.

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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.

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I need to update my contact information. How can I do that?

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.

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What is my interest rate?

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

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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.

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

Call University Accounting Service at 800-723-2210

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