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.