Private Student Loans
Top Ten Member Questions Answered
1) Is it too late to apply? 5) What education expenses does it cover?
> No, it’s never too late. However, you should >
received. Each college calculates this differently
Then make sure you take the maximum amount but typically it includes tuition, fees, room and
of federal loans available to you. If that’s not board, transportation, meal plans, books and
enough, check into private student loan options other expenses.
like our Student Choice line of credit.
6) How do I apply?
2) Do you offer federal loans?
> Simply go online and complete the easy
> No. Recent legislation increased the government’s
role in student lending and private institutions, like
your Credit Union, can no longer fund federal
student loans. However, we are proud to offer the 7) I applied, now what?
Student Choice private education line of credit to > Now your loan will be processed. You will need
to print and fax your signed documents, including
funding gap. proof of credit union membership, to CU Student
3) How does a private student loan compare to
the Federal PLUS (Parent Loan for Undergrad
Student) loan? borrow too much. We will then pay the university.
If there are any additional funds remaining, they
> PLUS
will be paid to you. You may keep these funds for
the parents’ loan and can never be transferred to
books and other costs. Remember this is a loan,
the student)
not free money, and will need to be repaid.
> Private Student Loan – Competitive rates as low
8) How do I get more money next year?
> Go online and submit a new application.
9) Do you offer loans to grad students?
> Only to students pursuing an MBA at the
4) Do I need a co-borrower?
>
recommended to meet approval criteria. Having 10) Do you offer consolidation loans?
> No, but you can view the federal government’s
student qualify for a lower interest rate.
options at www.loanconsolidation.ed.gov.
This information is compiled courtesy of West Community Credit Union in Brentwood, Kirkwood and O’Fallon.