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The credit union has full control over loan pricing and sets the index margin, and credit tiers.

The credit union will fund the loan and hold the entire loan balance, establishing a genuine opportunity for long-term member relationships.

Credit unions will receive frequent, regularly-scheduled reporting, and also have the ability to access borrower and co-borrower loan information.

After the contract has been signed, your credit union can be up and running on the program within 30 to 45 days.

However, applying with a credit worthy co-borrower will greatly improve the borrower's chance of meeting the applicable credit union's approval criteria and potentially qualify the loan or line of credit for a lower interest rate.

According to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, federal or private education loans cannot be discharged in bankruptcy unless the borrower can prove repaying the loan would cause “undue hardship."

• Prudent, risk-based underwriting that encourages use of a co-borrower (note that more than 95% of existing Student Choice loans have a co-borrower)
• Lend only to four-year, not-for-profit colleges with a proven history of low student loan default rates
• Loans must be "certified" by the college's financial aid office (in order to validate enrollment and ensure the loan amount is NOT more than the cost of attendance minus other financial aid) and then disbursed directly to the school
• Emphasis on direct-to-member lending within your community

Private student loans are not guaranteed by the federal government. These loans are underwritten, funded, and held by the credit union.

Student Choice manages the most difficult and time-consuming aspects of private student lending, including origination, processing, school-certification, disbursement, and servicing.

As part of the Student Choice solution we provide call center services to your members, both during the application process and loan servicing. We also provide access to a Concierge and College Access and Repayment Counselor for personalized, 1:1 consultation with members at no cost.