FAQs

Undergraduate Student Loans

Application and Funding Questions

I'm a foreign student attending a U.S. school. Am I eligible for the Credit Union Student Choice private loan solution?

No. You must be a U.S. citizen or permanent resident alien in order to be eligible.

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.

How much can I borrow?

Borrowers should estimate the amount needed to cover any funding gap that may remain after scholarships, grants, and federal loans have been applied. The amount requested should cover the estimated need for the fall/winter/spring terms, and cannot exceed the school’s estimated cost of attendance (which is determined by your school and generally includes: tuition and fees, room and board, books and supplies, and personal and miscellaneous expenses). As part of the certification process, your school will review the amount you have requested and may decrease the amount as needed based on other aid available to you.

  • The single minimum loan amount that will be disbursed is $2,500.
  • The single maximum loan amount that will be disbursed will be no more than your cost of attendance less other financial assistance and aid, as certified by your school’s financial aid office.
  • The Credit Union’s total lending aggregate (maximum amount you can borrow in order to complete your undergraduate education) is $75,000.

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

Yes. You must be continually enrolled in a degree-granting program and meeting the school’s minimum Satisfactory Academic Progress (SAP) criteria. 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, and your loan 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.

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

You will need to reapply for this loan in subsequent years following the same application process.

Do I and my cosigner (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 and account while we are processing your loan.

Repayment and Servicing Questions

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

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 issue a check to you with those remaining funds.

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.

What are my repayment options?

Students may choose full deferment while in school, elect to make interest only payments while in school, or choose full principal and interest only payments. Please note that our loan does offer a grace period of six (6) months immediately following the borrower's separation from school (or drop below half-time enrollment). During the Grace Period the borrower is not required to make any payments. 

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.

School Certification Questions

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

Yes, your school information is important. Once your loan is conditionally approved we'll verify your enrollment information. We will also work with the school to certify the loan and for disbursement of funds.

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.