With more than a decade of experience and 300 credit union partners, Student Choice remains the leading provider of higher education financing solutions to America’s credit unions. Learn more about important role of credit unions in the private student lending space.

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​Frequently Asked Questions

Does our credit union control the pricing on these loans?


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

Does our credit union fund these loans?


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

Who handles loan servicing?

Student Choice, in partnership with an experienced student loan servicing organization.

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

How long does it take to get the program up and running?

30 to 45 days on average.

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

Do these loans require a co-borrower?

No, a co-borrower is not "required".

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.

Can these loans be discharged in bankruptcy?

Both federal and private student loans are normally non-dischargeable in bankruptcy.

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."

How is risk managed with this type of loan?

Key risk mitigation strategies include the following:

  • 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
Are these loans guaranteed by the government?


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

Do we need additional staff to manage this program?


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

Does Student Choice provide call center services?


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.


Credit Union Student Choice is a CUSO founded in 2008 by some of the nation’s leading credit unions and CUSOs. Since then, we’ve partnered with nearly 300 credit unions and have assisted over 100,000 student borrowers with the higher education financing. Join us to learn more about who CU Student Choice is, the different solutions available for your credit union, and how student loans can help attract young adult members.

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