Undergraduate FAQs

With the unique structure of our education line of credit, you can borrow up to the full cost of the remainder of your education. You will not need to reapply each year (assuming there are no significant changes to the borrower or co-borrower credit scores).

Each year, you will simply request additional funds (called a "draw") for the amount you wish to have disbursed to your school (based on your school's certified amount - read more below).

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

The maximum loan amount will be the certified need determined by your school for the remainder of your undergraduate education. The certified need is typically the Cost of Attendance (COA) less other financial assistance and aid received. For more information on the maximum loan amount we offer, please visit our product overview page. IMPORTANT: Please note that the maximum co-borrower aggregate amount for borrowing (across multiple lines of credit for multiple borrowers) is $40,000. 

Please view our eligibility page.

Our private education line of credit solution is available to thousands of 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 wish to contact the credit union for other possible loan options. Please note that the eligible schools list is subject to change without notice. 

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

*See rates page for additional information, repayment examples, and important disclosures.

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 number of years you have remaining. 

You will need to select a loan amount, which is the amount you personally 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.

Some borrowers have additional funds they will contribute to their education. For example, your school may certify $10,000, but you only need to borrow $5,000 because you have other funds (such as savings) to pay the remaining cost.

Yes. Please view our eligibility page to learn more.

In order to fund the loan, the borrower must be a member of the credit union. To expedite funding, visit your credit union branch or website to open your membership account while we are processing your loan.

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.

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 not offered.

No. Loan funds are disbursed directly to your school for tuition, fees, and room and board.

Each school processes refunds in excess of their costs differently. If you requested funding to cover miscellaneous expenses, please check with your school to find out their specific procedure for refund issuance.

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, ensuring the students are managing their educational debt wisely. 

The school will not certify an amount that is more than the cost of attendance (COA) minus any financial aid received. (Financial aid is defined as federal direct loans, scholarships, and grants.)

Depending on the timing of your request, we may be able to accommodate your request. Please call our call center at 844-801-2462 to discuss your options. When necessary, we may have you contact the financial aid office at your school.

During peak loan season (July through September), please allow 35-40 business days from the time you submit your completed loan documents. During non-peak season, please allow 10 to 15 business days from the time your completed loan application has been submitted.

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.

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 they require for proof that the loan is in process. After speaking with the financial aid office, contact your bursar to inquire about how they manage late fees and if they can be waived.

You can safely and securely upload images of your loan documents directly to Loan Processing by logging into your existing application.

Email is not a secure method of transmission and we do NOT support emailing as an option. Please login to your existing application to upload documents securely.

University Accounting Service (UAS) will service your loan. Once your loan has been disbursed or entered repayment, you may contact UAS with questions at 877-530-9782.

Please log in to your account. You may also contact UAS at 877-530-9782.

Please log in to your account or contact UAS at 877-530-9782 to set up automatic debit for your student loan payments.

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. If you defer both principal and interest payments during school, interest begins accruing at disbursement and will be capitalized when you enter repayment.

To change your repayment option, please contact UAS directly at 877-530-9782. Changes to repayment options can only be made once per academic year.

Variable Rate Option: the 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.

Fixed Rate Option: the repayment schedule is fixed at 10 years regardless of the amount you borrow. Full repayment begins at the end of the grace period, unless full repayment is selected during enrollment.

Please log in to your account to view your payments or contact UAS at 877-530-9782.

You will be assessed a late fee if your payment is not made on time. Please log in to your account or contact UAS at 877-530-9782 to make a payment.

Graduated Repayment is repayment of principal and interest using an extended amortization period intended to lower the monthly payment amount, after which payments are higher and based on the remainder of original term. 

Payments are due in accordance with your repayment schedule. If you are unable to make a scheduled payment, you must contact the loan servicer (UAS) at 877-530-9782 before the payment due date to determine if alternate arrangements can be made.

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

Depending on the interest you paid over the prior year, your document will be mailed by the loan servicer. You may also access these documents by logging into your account or contact UAS at 877-530-9782.

You can re-apply for the loan with a different co-borrower. Call the credit union at 844-801-2462 to inquire about underwriting criteria.

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.

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 844-801-2462 to be guided through the process.