FAQs

Undergraduate and Graduate

Application and Funding Questions

Are there out-of-pocket fees I have to pay?

No. The loan does not have origination or other application fees. In addition, there are no prepayment fees.

Can I purchase books with my loan?

Yes, you can use your loan to pay for books and other education-related expenses (such as off-campus room and board). Since you may need to buy books before you receive your excess loan funds, you will need to use out-of-pocket funds and then reimburse that source from loan proceeds.

To apply, do I have to know my enrollment status?

Yes. You must be continually enrolled in a degree-granting program and meet your school’s minimum Satisfactory Academic Progress (SAP) criteria to be eligible. For fall and spring terms, you must be enrolled at least half-time. For summer term, you may be enrolled less than half-time. Should you drop below half-time in the fall or spring, withdraw during any term, or fail to meet SAP requirements, your funding request can be denied and you may enter repayment.

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.

Who is eligible for funding?

Undergraduate and Graduate students who are:

  • U.S. citizens or permanent residents (non-citizen students are NOT eligible)
  • Continually enrolled in a degree-granting program and meeting the school’s minimum Satisfactory Academic Progress (SAP) criteria. For fall and spring terms, you must be enrolled at least half-time. For summer term, you may be enrolled less than half-time. (Should you drop below half-time in the fall or spring, withdraw during any term, or fail to meet SAP requirements, your funding request can be denied and you may enter repayment.) Before applying, make sure to check that your school is included in our listing of approved schools.
  • Able to pass a credit and income check (A cosigner may be necessary in order for you to meet credit criteria, and may also help you qualify for a lower rate)
  • Eligible for credit union membership (you may apply without being a member of the credit union, but you will need to become a member in order for the loan to be funded)

How much can I borrow?

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 maximum amount you can borrow is $100,000 (up to $40,000 per academic year) for Undergrad and $200,000 (up to $65,000 per academic year) for Grad. 

What is a school certified loan?

A school certified loan will be forwarded by us to your school for verification of enrollment and financial need. Once approved, the money will be sent to the school at the time(s) specified by the school for that academic year. Excess loan funds sent to the school (beyond what the school itself requires) will be disbursed to the student by the school.

Cosigner Questions

Do I and my cosigner (if applicable) need to be members of the credit union to be eligible?

In order to fund the loan, only the borrower must be a primary account holder at the credit union. To expedite funding, visit your credit union branch or website to open your membership account while we are processing your loan.

Do you require 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 the loan or line of credit for a lower interest rate.

 

A cosigner release option is available to credit worthy borrowers who make 36 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 36 month period. Other terms and conditions may apply, and option may be revoked or modified without notice.

 

Repayment and Servicing Questions

Where can I access information about my loan and how do I make loan payments?

You can access information by visiting www.uasecho.com. You may also speak with a Borrower Service Representative by calling 800-723-2210.

For loan payments sent via mail, please send to:

University Accounting Service, LLC
PO Box 5865
Carol Stream, IL 60197-5865

What are my repayment options?

You can choose from several different repayment terms and options, including a flat payment during the interim period, interest only payments, or full principal and interest payments. Please view our rates page for additional details.

Student Loan Refinance

Application and Funding Questions

How much can I borrow?

The minimum refinance loan amount is $10,000. The maximum loan amount will be $200,000. Make sure to review your existing loans carefully so that you borrow the exact amount you need.

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.

What is the difference between consolidation and refinancing?

Consolidation means you are simply combining your existing loans. Your total payment amount and total interest will likely remain the same, but you'll have the convenience of making one payment rather than multiple payments. This type of loan is usually associated with federal government student loans.

When you refinance, you are taking out a single new loan to pay off your old ones. You'll probably have a new interest rate, new terms, and a different monthly payment amount. This is the loan solution offered by your credit union.

What will my rate be?

You will be quoted a rate after your application has been submitted and reviewed. Click here to see our current rates. Note: There is no obligation to take the loan once you apply. We encourage you to apply and evaluate your options before making a final decision.

Who is eligible to refinance?

  • U.S. citizens or permanent residents who have graduated from an approved public or private not-for-profit school
  • In repayment or grace on one or more outstanding private or federal student loans
  • Able to pass a credit and income check (A cosigner may be necessary in order for you to meet credit criteria, and may also help you qualify for a lower rate.)
  • Eligible for credit union membership (you may apply without being a member of the credit union, but you will need to become a member in order for the loan to be funded.)

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: 

  • Undergraduate
  • Graduate
  • Consolidation

 

Cosigner Questions

Do I and my cosigner (if applicable) need to be members of the credit union in order to be eligible?

In order to fund the loan, only the borrower must be a primary account holder at the credit union. To expedite funding, visit your credit union branch or website to open your membership account while we are processing your loan.

Can I include my spouse’s income without having them as a cosigner?

No, only the income of you, or your cosigner (if applicable), is used.

Can I take over Parent Plus loans from my parents without them being a cosigner?

Yes. You and your parents will be required to sign an affidavit.

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 the loan or line of credit for a lower interest rate.

 

A cosigner release option is available to credit worthy borrowers who make 36 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 36 month period. Other terms and conditions may apply, and option may be revoked or modified without notice.

 

Repayment and Servicing Questions

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.

Is there a pre-payment fee?

No. There is no pre-payment fee and you can pay off the loan at any time.

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.