FAQ

FAQ in this section apply only to line-of-credit.

Please click for Private Consolidation FAQ.

 

FAQ Categories

Application and Funding Info

Co-Borrower Info

Application and Funding Info

Line-of-Credit Info

School Certification Info

Repayment and Servicing Info

Graduate Business

Loan Processing and Funding

Loan Denial

Transferring Schools

Repayment

Questions And Answers

Application and Funding Info

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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Co-Borrower Info

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 co-borrower (if applicable) must also 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.

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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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Application and Funding Info

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 co-borrower (if applicable) must also 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.

back to top

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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Line-of-Credit Info

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.

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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 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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School Certification Info

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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Repayment and Servicing Info

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.

back to top

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 800-723-2210800-723-2210.

For loan payments sent via mail, please send to:
University Accounting Service, LLC
P.O. Box 3167
Milwaukee, WI 53201-3167

back to top

Graduate Business

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 co-borrower (if applicable) must also 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.

back to top

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.

back to top

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.

back to top

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.

back to top

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.

back to top

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.

back to top

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.

back to top

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.

back to top

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.

back to top

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.

back to top

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.

back to top

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.

back to top

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.

back to top

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.

back to top

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.

back to top

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 800-723-2210800-723-2210.

For loan payments sent via mail, please send to:
University Accounting Service, LLC
P.O. Box 3167
Milwaukee, WI 53201-3167

back to top

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.

back to top

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.

back to top

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.

back to top

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.

back to top

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.

back to top

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.

back to top

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.

back to top

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.

back to top

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.

back to top

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 800-723-2210800-723-2210. Changes to repayment options can only be made once per academic year.

back to top

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

back to top

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 800-723-2210800-723-2210.

back to top

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.

back to top

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 – 800-723-2210800-723-2210) before the payment due date to determine if alternate arrangements can be made.

back to top

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

Contact the loan servicer (University Accounting Service) by calling 800-723-2210800-723-2210 or visiting them online. Also, please call the Student Choice call center to provide your updated information.

back to top

What is my interest rate?

Register at the UAS website to access line-of-credit information online or call University Accounting Service at 800-723-2210800-723-2210.

back to top

What will my payment be?

Register at the UAS website to access line-of-credit information online or call University Accounting Service at 800-723-2210800-723-2210.

back to top

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

Call University Accounting Service at 800-723-2210800-723-2210

back to top

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.
  • Mail: To mail via USPS, please send documents to:

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

back to top

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.

back to top

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.

back to top

Loan Processing and Funding

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.

back to top

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.

back to top

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.

back to top

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.

back to top

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.

back to top

Loan Denial

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.

back to top

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.

back to top

Transferring Schools

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.

back to top

Repayment

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.

back to top

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.

back to top

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 800-723-2210800-723-2210. Changes to repayment options can only be made once per academic year.

back to top

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

back to top

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 800-723-2210800-723-2210.

back to top

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.

back to top

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 – 800-723-2210800-723-2210) before the payment due date to determine if alternate arrangements can be made.

back to top

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

Contact the loan servicer (University Accounting Service) by calling 800-723-2210800-723-2210 or visiting them online. Also, please call the Student Choice call center to provide your updated information.

back to top

What is my interest rate?

Register at the UAS website to access line-of-credit information online or call University Accounting Service at 800-723-2210800-723-2210.

back to top

What will my payment be?

Register at the UAS website to access line-of-credit information online or call University Accounting Service at 800-723-2210800-723-2210.

back to top

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

Call University Accounting Service at 800-723-2210800-723-2210

back to top

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.
  • Mail: To mail via USPS, please send documents to:

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

back to top

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