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Student Loan FAQ

Whether you're currently searching for private loan options or looking to consolidate existing loans, OECU Student Choice Loans provide the financing you need. Find details and common questions about the different student loans below.

Apply Now
Whether you're currently searching for private loan options or looking to consolidate existing loans, OECU Student Choice Loans provide the financing you need. Find details and common questions about the different student loans below. Apply Now

Answers to your student private lending questions


I'm a foreign student attending a U.S. school. Am I eligible?

No. You must be a U.S. citizen or permanent resident alien in order to be eligible for a student loan with OECU.

What is the standard application and funding timeline?

Private student loans often require a long processing time, due in large part to submitting and reviewing the necessary documentation and waiting for the school to certify the requested loan amount. 

What can I purchase with my student loan?

You can use your loan to pay for all education-related expenses (such as books, supplies, off-campus room and board, etc).

How much can I borrow?

Borrowers should estimate the amount needed to cover any funding gap that may remain after scholarships, grants, and federal loans have been applied. The amount requested should cover the estimated need for the fall/winter/spring terms, and cannot exceed the school’s estimated cost of attendance (which is determined by your school and generally includes: tuition and fees, room and board, books and supplies, and personal and miscellaneous expenses). As part of the certification process, your school will review the amount you have requested and may decrease the amount as needed based on other aid available to you.

  • The single minimum loan amount that will be disbursed is $1,000.
  • The single maximum loan amount that will be disbursed will be no more than your cost of attendance less other financial assistance and aid, as certified by your school’s financial aid office.
  • The total lending aggregate (maximum amount you can borrow in order to complete your undergraduate education) is $75,000.

If the loan amount is certified by my school, why do I need to enter a requested loan amount on the application?

We still need to know how much you would like us to disburse. For example, your school may certify $10,000, but you only need $5,000 because you have other funds (such as savings) to pay the remaining cost.

How will I receive my money?

The money will be sent directly to the school. If there are excess funds after your direct school related costs are paid, the school will issue a check to you with those remaining funds.

I have received a Student Choice loan and need additional funds for next academic year. How do I request more money?

You will need to reapply for this loan in subsequent years following the same application process.

What are my repayment options?

Students may choose full deferment while in school, elect to make interest only payments while in school, or choose full principal and interest only payments. Please note that our loan does offer a grace period of six (6) months immediately following the borrower's separation from school (or drop below half-time enrollment). During the Grace Period the borrower is not required to make any payments. 

I'm a foreign student attending a U.S. school. Am I eligible?

No. You must be a U.S. citizen or permanent resident alien in order to be eligible for a student loan with OECU.

What is the standard application and funding timeline?

Private student loans often require a long processing time, due in large part to submitting and reviewing the necessary documentation and waiting for the school to certify the requested loan amount. 

What can I purchase with my student loan?

You can use your loan to pay for all education-related expenses (such as books, supplies, off-campus room and board, etc).

How much can I borrow?

Borrowers should estimate the amount needed to cover any funding gap that may remain after scholarships, grants, and federal loans have been applied. The amount requested should cover the estimated need for the fall/winter/spring terms, and cannot exceed the school’s estimated cost of attendance (which is determined by your school and generally includes: tuition and fees, room and board, books and supplies, and personal and miscellaneous expenses). As part of the certification process, your school will review the amount you have requested and may decrease the amount as needed based on other aid available to you.

  • The single minimum loan amount that will be disbursed is $1,000.
  • The single maximum loan amount that will be disbursed will be no more than your cost of attendance less other financial assistance and aid, as certified by your school’s financial aid office.
  • The total lending aggregate (maximum amount you can borrow in order to complete your undergraduate education) is $100,000.

If the loan amount is certified by my school, why do I need to enter a requested loan amount on the application?

We still need to know how much you would like us to disburse. For example, your school may certify $10,000, but you only need $5,000 because you have other funds (such as savings) to pay the remaining cost.

How will I receive my money?

The money will be sent directly to the school. If there are excess funds after your direct school related costs are paid, the school will issue a check to you with those remaining funds.

I have received a Student Choice loan and need additional funds for next academic year. How do I request more money?

You will need to reapply for this loan in subsequent years following the same application process.

What are my repayment options?

Students may choose full deferment while in school, elect to make interest only payments while in school, or choose full principal and interest only payments. Please note that our loan does offer a grace period of six (6) months immediately following the borrower's separation from school (or drop below half-time enrollment). During the Grace Period the borrower is not required to make any payments. 

What types of loans can I refinance?

All loans being refinanced must be post separation from school.

Federal Education Loans:
  • Federal Family Education Loan Program (FFELP)
  • Subsidized or Unsubsidized (aka Stafford Loan)
  • Grad or Parent PLUS William D. Ford Direct Loan Program Subsidized or Unsubsidized (aka Direct Stafford Loan)
  • William D. Ford Direct Loan Program Undergraduate, Grad or Parent PLUS
  • Perkins, Nursing or Health Education Assistance (HEAL)
  • Consolidation
If you choose to refinance a federal loan, you will lose federal student loan benefits such as income driven repayment or loan forgiveness options that may be available on your current federal loan(s). In addition, federal student loans offer deferment and forbearance options that may not available to you if you take out a private refinance loan. You may qualify for a Federal Direct Consolidation Loan. For additional information about a consolidation option for federal loans, contact the Department of Education at: www.studentloans.gov. See disclosures for more details.

Private Education Loans: 
  • Undergrad
  • Graduate
  • Consolidation
Institutional Education Loans: 
  • Undergrad
  • Graduate
  • Consolidation

How much can I borrow?

The minimum consolidation loan amount is $5,000. The maximum loan amount will be $125,000. Make sure to review your existing loans carefully so that you borrow the exact amount you need.

Do I need a cosigner?

A borrower is not required to apply with a cosigner. However, applying with a credit worthy cosigner may improve a borrower's chance of meeting the credit union's approval criteria and potentially qualify for the loan at a lower interest rate.
 

A cosigner release option is available to credit worthy borrowers who make 48 consecutive on-time payments during the principal and interest repayment period, elect to make automated payments, and meet additional requirements (such as salary and debt-to-income ratio). You must apply and be approved for this option after the 48 month period. Other terms and conditions may apply, and option may be revoked or modified without notice.

What is payoff verification?​

Payoff verification may be a payoff statement from the creditor with a payoff valid through a specified date, a screen shot from the creditor’s website showing this information, or a monthly billing statement no more than 30 days old.  The payoff verification must include the creditor name and address, current loan balance or calculated payoff amount, and the borrower account number.

Should I continue making loan payments while my refinance application is in process?

Yes, you should continue to make your payments while your application is in process. You will be notified when the funds have been sent to the applicable servicers.

If I go back to school, can I put my loans into deferment?

We do not offer an in-school deferment option. Our refinance loan is intended for borrowers who have completed their education and do not plan on returning to school. 

 

 

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