Student Loans to Finance Your Future

While federal student loans require a FAFSA to determine financial need, private student loans only require an online application subject to credit approval.

Here are steps to take to make sure you’re setting yourself up for success throughout the student loan process:

1. Research and compare lenders: When looking at private lenders, compare their interest rates, repayment terms, fees, and customer reviews. Look for lenders that specialize in student loans and have a good reputation. UMCU’s Student Choice Loan offers flexible repayment options, competitive low interest rates, and in-school deferment options that ensure you won’t need to worry about paying for school while you’re still working toward your degree.
    
2. Determine your loan amount: While it can be tempting to borrow as much as possible, remember that your loans will need to be paid back with interest. UMCU’s Debt Payoff Calculator can help you visualize what you’ll have to pay back when considering interest. Borrowing responsibly sets you up for success upon graduation. To ensure you’re taking out the correct loan amount, calculate the amount of money you need for your education, considering tuition fees, textbooks, living expenses, and any other related costs. This will help you determine the loan amount you should apply for.
    
3. Check eligibility criteria: Make sure to review UMCU’s eligibility criteria to ensure you meet their requirements. Keep in mind that UMCU’s Student Choice Loan is available to students attending accredited universities or colleges in the United States.
    
4. Gather necessary documents: Collect all the necessary documents required for the loan application process. This may include identification documents, proof of enrollment or acceptance letter from your educational institution, income verification, and previous tax returns.
    
5. Consider a co-signer (if needed): If you have a limited credit history or insufficient income, you may need a co-signer to increase your chances of approval. Find a responsible person (such as a parent) who is willing to co-sign the loan with you.
    
6. Complete our easy online application: Fill out the application form on our website. Provide accurate and detailed information, including personal details, educational institution information, loan amount, and any other required details.
    
7. Submit any supporting documents: Attach all the necessary supporting documents along with your application. Make sure to double-check that all documents are complete and accurate.
    
8. Review and compare loan offers: If you are applying through multiple lenders, carefully review and compare your loan offers. Considering the interest rates, repayment terms, fees, and any other relevant factors to determine which offer is the best fit for your needs.
    
9. Accept the loan offer: If UMCU’s student loans are right for you, you can accept your loan offer by signing a loan agreement. Please read the agreement thoroughly and make sure you understand all the terms and conditions before signing. UMCU is happy to help if you have any questions about your loan agreement.
    
10. Disbursement and follow-up: Feel free to stay in touch with us throughout the loan processing period. In the cause that we require additional information or documentation, this will ensure that your loans disburse on time. Once everything is finalized, the lender will disburse the funds to your educational institution, student loans are applied to your tuition and fees by your university on a set day, if you notice any issues with how your loans apply on your account, contact your university first to make sure there are no holds on your account preventing your loans from being applied. If your university does not see any issues, please follow up with your lender.
     
11. Repayment: UMCU’s Student Choice Loan has an in-school deferment option which means you do not need to pay your loan off until you complete your degree or drop below the required credit load. Once you enter into your repayment period, make sure to keep track of your loan repayment obligations, make timely payments to avoid negative consequences (such as being sent to collections or receiving derogatory marks on your credit report) and contact your lender if you have questions about your repayment terms.

A Student Choice Loan is a private student loan offered through our partner, Credit Union Student Choice. The maximum loan amount will be the certified need determined by your school for the specific academic year. The certified need is typically the Cost of Attendance (COA) less other financial assistance and aid received. Payments are deferred while in-school and for a grace period after graduation. To learn more, click here. 

A Revolving Student Loan is a line of credit we offer to assist with your educational needs regardless of any other financial aid you may have been awarded. Low rates and payments keep this loan affordable, as payments are not deferred while you are in school. Click here to learn more.