Your Education Line of Credit Timeline
Private student loans can help fill college funding gaps once you’ve used up other options such as scholarships, grants, and federal student loans. And while completing an application doesn’t take long, you may find yourself wondering – what happens next?
Let’s break down the process and timeline for the Student Choice education line of credit offered by credit unions.
Phase 1: Online Application
Normal Timeline: From as little as 20 minutes up to 3 business days [depending if you can provide all the necessary information for the student borrower and co-borrower (if applicable) at the time of application]
Information you’ll need to successfully complete the application:
- Personal Info (such as name, date of birth, Social Security Number)
- Sufficient income information for either the borrower or co-borrower (if applicable)
- School enrollment information
- Amount you are requesting to borrow
If applying with a co-borrower, you’ll want to have them present. The co-borrower will also need to provide the same type of personal information as the student borrower. If they cannot be present, you should have their email address on hand – we’ll send them a notification to input their information.
Credit Union Membership Information: You do not need to be a member to start the application, but you will need to be a member of the credit union before you can receive funding.
Phase 2: Document Submission and Verification
Normal Timeline: From 5 to 15 business days. The most common delays in this process involve the need to submit additional documentation for the verification process.
Documents Needed: Once your application has been conditionally approved, your Application Portal will update with a list of all required documentation for you and your co-borrower (if applicable).
Document Submission: The most efficient way to submit all documentation will be through your Application Portal. Next to each requested document, simply click “Submit” and attach the requested file.
Phase 3: Processing and School Certification
Normal Timeline: From 3 to 15 business days
Once you reach this point, your application has been fully approved and we wait for your school’s financial aid office to approve the loan amount you requested.
Most common delays at this stage are related to the time of year and the processing time at your school’s financial aid office. During the start of each semester, financial aid offices are inundated with these requests and may require extra time to return them.
Certification: Certification is the process where we send your loan request to your school’s financial aid office. They will verify your enrollment and requested loan amount. Once certified, the school will also provide us with a date for when the loan funds should be disbursed to the school.
Phase 4 – Disbursement
Normal Timeline: 8-11 business days
Once the certification has been returned from your school, we will complete a few final checks and then remit payment directly to your school.
Fund Transmission: We send loan funds via electronic payment methods if available through your school. If the school does not accept these options, we will mail them a physical check.
