Further your education with an Undergraduate Student Loan

Questions about undergraduate student loans

• Undergraduate In-School Line of Credit Undergraduate In-School Line of Credit about Undergraduate In-School Line of Credit
  Our education variable line of credit allows you to borrow up to the full cost of the remainder of your education with just one application.1 Each year, request a draw for the certified need (typically the Cost of Attendance (COA) minus any other financial assistance and aid you've received.) Funds will be disbursed to your school directly according to their disbursement cycle.  
• Application and Funding Requirements Application and Funding Requirements about Application and Funding Requirements

  Once you've determined that you are eligible and that your university is on the approved schools list 2, you can begin your student loan application.  

  Your line of credit amount will be prefilled with an amount based on your school's cost of attendance and the number of years you have remaining. You'll need to select the loan amount you need to borrow to afford the upcoming term. That's the Cost of Education (COE) minus any other funding you have like savings or grants.  

  Every subsequent year, you can request an additional draw up to your line of credit amount.3 These draws can't exceed your school's cost of attendance for that term, and you must continue to meet annual credit reviews and have satisfactory academic progress.   

  You'll need to be a member-owner of the credit union for your loan to be funded, so it's best to open your membership account while your loan is being processed. You may need to answer a few personal questions to verify your identity when it is time to eSign your loan agreement and receive your funding. 

• Co-Borrower Information Co-Borrower Information about Co-Borrower Information

  We don't require you to apply with a co-borrower. However, applying with a credit-worthy co-borrower might improve your chances of being approved (97% of our student members have co-borrowers.) A co-borrower with very good credit might even help you qualify for a loan or line of credit at a lower interest rate.  

  You may be permitted to remove your co-borrower from your loan after 48 consecutive on-time payments if you are yourself credit-worthy and meet additional income and debt-to-income ratio requirements. 

• Loan Processing and Disbursement Loan Processing and Disbursement about Loan Processing and Disbursement

  It typically takes 10 to 15 days during off-peak loan season (October through June) to process your loan after your completed application has been submitted. Peak loan season (July through September) can cause delays in loan processing, so allow 35-40 business days during those months. Even once your loan has been processed, your school must "certify" it by approving a loan amount and confirming a disbursement date.  

  You may submit documents to us via secure upload, fax, or regular mail. 

   - Upload: 

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

   - Mail: 

   University Credit Union 

   c/o CampusDoor Holdings 

  210 York Street, Suite 200 

  York, PA 17403 

  - Fax:  

  717.241.3188 

  You can email us at studentchoicehelp@cd.studentchoice.org if you have any questions or call the credit union at 800.673.8176. Email is not a secure method of transmission for private documentation, so don't send loan documents to this email address. Use the link within your application. 

  Loan funds are disbursed directly to your school. They are intended to cover tuition, fees, and room and board only. If you requested additional funds for items not covered by your school, like books or off-campus housing, you'll need to check with your school to find out their specific procedure for refund issuance. 

  If you receive less money in disbursement than you requested, it's typically because your school might have certified your loan for a lesser amount to control when funds are disbursed and ensure the loan amount is not more than the cost of attendance (COA) minus any financial aid received.  

  If you made a mistake and need to cancel or lower the amount of your request, call 800.673.8176 to discuss your options. We may have you contact your school's financial aid office. If you applied too late for a loan or line of credit and think you are going to miss a school's cutoff date, let your financial aid office and your bursar's office know that you have been approved for a loan and offer to provide documentation and ask if they can waive any late fees. 

• Repayment and Servicing Repayment and Servicing about Repayment and Servicing

  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. You can also view statements, update contact information, see your annual interest statement (1098-E), or set up automatic debit for loan payments by logging in to your account or calling us at the above number. 

  You may make interest-only payments while in school, defer both principal and interest payments until six months after you graduate (interest begins accruing at disbursement), or make full payments while still in school. We also offer Graduated Repayment, which uses an extended amortization period intended to lower the monthly payment amount until you graduate, after which payments will be higher and based on the remainder of your original loan term. You may change your repayment option once per academic year by calling 877.530.9782.  There is no penalty for paying your loan off early. 

   Standard repayment terms for variable rate lines of credit are 20 years for principal balances at repayment of $40,000 or less and 25 years for principal balances at repayment of more than $40,000. If you think you are going to be late with a payment, contact the loan servicer (UAS) at 877.530.9782 before the payment due date to find out if you qualify for an alternative arrangement. You can make a payment, view your payments, and see if late charges have been applied by logging into your account or contacting us at the number above. 

• Loan Denials Loan Denials about Loan Denials
  If your co-borrower no longer qualifies for this loan and you need to request the loan again, you can re-apply with a different co-borrower. You'll need to call us at 800.673.8176 to inquire about underwriting criteria. If you no longer qualify for the loan, you should speak directly with your school's financial aid office to learn more about other options for funding your education. 
• School Transfers School Transfers about School Transfers
  If you decide to transfer to a new college, you first must confirm that the school is on our approved school list. If the school you are transferring to is approved, you may contact us at 800.673.8176 to be guided through the process.