Disclosures

General Disclosures

  • Credit Union Student Choice may receive a referral fee from featured credit union lenders appearing in search results. Student Choice does not act as a lender or credit provider. Calculations and estimates are based on the lowest possible rate offered by participating credit union lenders (including discounts for enrollment in automatic electronic payments when applicable for closed-end loans) based on information as entered by the users. Full rates, terms, repayment examples, and disclosures can be found by visiting the participating credit unions’ website linked directly within the search results or  view all partner credit unions.
  • Use of our matching tool does not constitute an offer to receive a loan and will not solicit a loan offer. Any payments and savings will depend on the actual amounts for which you are approved, should you choose to apply. This finder and calculations are provided for educational purposes only and should not be relied upon as financial advice. Always consult your credit union or financial advisor when making your decision. This site is not endorsed by or affiliated with the U.S. Department of Education. By using this tool, you agree to this site’s Terms of Use.
  • In order to apply for a loan, you must first pick an individual credit union from which you wish to borrow. You can apply for the loan without being a member of the credit union you select, but you will need to become a member of that credit union in order to receive a funded loan. Therefore, it’s important that you select a credit union that you will be eligible to join. Credit union membership requirements can include where you live, work, or attend school. Results are based on membership criteria provided by individual credit unions and do not imply a guarantee regarding accuracy or eligibility to join the listed credit union(s).
  • Rates vary by credit union and depend on credit union membership eligibility. Please use our search tool to find the lowest rate for which you may be eligible. Your actual rate will be disclosed upon approval. Student borrowers may apply with a creditworthy cosigner which may result in a better chance of approval and/or interest rate.

Private Student Loan Disclosures

Important notice for private education line of credit borrowers:

Our innovative private student lending solution is designed to help you responsibly fill funding gaps that may remain after you’ve exhausted lower-cost sources of aid such as scholarships, grants, and federal financial aid.

Variable Rate Education Line of Credit

  • The Annual Percentage Rate is subject to increase after consummation. The interest rate will be adjusted quarterly, based on changes to the Index. The APR will not exceed a Ceiling rate or fall before a Floor rate set by each credit union regardless of the Index or any additional rate discount. Any increase in the Index may increase the APR and the amount of your monthly payment.
  • The “Index” for the quarter beginning October 1st, 2023, is 8.50%, which was the Prime index published in the Wall Street Journal on the first business day of September 2023.
  • Current offered rate(s) are calculated by using the Index, Margin and Floor value(s) in effect. Your specific Interest Rate, Margin, Floor, and/or credit approval depends upon the credit qualifications of the student borrower and co-borrower (if applicable). Margin will be disclosed at account opening.
  • 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 Education Line of Credit

  • Your interest rate is fixed and your rate and/or credit approval depends upon the credit qualifications of the student borrower or coborrower (if applicable).
  • 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.

Student Loan Refinance Disclosures

Important notice for student loan refinance borrowers:

Please remember that federal loans do offer certain benefits and protections that do not transfer to a private loan. By refinancing your federal student loans to a private loan you will lose any federal benefits that may apply to you. Please review this important disclosure for more information.

Variable Rate Student Loan Refinance

The Annual Percentage Rate is subject to increase after consummation. Your Interest Rate is variable and may be adjusted quarterly on each January 1, April 1, July 1, and October 1 (Adjustment Date) based on the Prime Index as published in the Wall Street Journal on the first business day of the month immediately prior to the Adjustment Date (e.g., December, March, June and September). Any increase in the Index may increase the APR and the amount of your monthly payment. Rates shown include a 0.25% discount for optional enrollment in automatic electronic payments when offered by individual credit union.

The “Index” for the quarter beginning October 1st, 2023, is 8.50%, which was the Prime index published in the Wall Street Journal on the first business day of September 2023.

Current offered rates are calculated using the Index and Margin value(s) in effect. Your specific Index, Margin, and/or credit approval depends upon the credit qualifications of the student borrowers or cosigner (if applicable).

Margin will be disclosed upon approval. This Margin is added to the index to determine the calculated interest rate. The APR will not exceed a Ceiling rate or fall before a Floor rate set by each credit union regardless of the Index or any additional rate discount.

Fixed Rate Student Loan Refinance

Your interest rate is fixed and your rate and/or credit approval depends upon the credit qualifications of the student borrower or cosigner (if applicable).

Refinance Disclaimers

General Disclosures

Private Student Loan Disclosures

Student Loan Refinance Disclosures

Refinance Disclaimers