Undergraduate FAQs

  • Questions About the Undergraduate Private Education Loan

    • How does the loan work?

      You should apply each academic year and request the amount you need for your term(s).

    • How often can I receive disbursements from my loan?

      Funds are disbursed to your school based on the school's disbursement cycle, which is typically Fall, Spring, Summer I and Summer II. However, each school is unique. You may want to check with your school to determine the exact frequency.

    • How much can I borrow?

      The minimum is $1,000 per year. The maximum loan amount will be the certified need determined by your school, up to a maximum amount set by your credit union (view the product information page for more information) for the specific academic year. The certified need is typically the Cost of Attendance (COA) less other financial assistance and aid received. IMPORTANT: Please note that the maximum co-signer aggregate amount for borrowing (across multiple loans for multiple borrowers) is $250,000.

  • Application and Funding Questions

    • Who is eligible for an undergraduate student loan?

      Undergraduate students who are:  

      U.S. citizens or permanent residents (non-resident 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 meet Members 1st Federal Credit Union's standard underwriting criteria (a cosigner may be necessary and may also help your 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 if my school is not on the list of eligible schools?

      Our private education loan solution is available to thousands of public and private non-profit, degree-granting schools nationwide. If your school is not included in our approved list, we are unable to offer you a loan at this time. However, you may wish to contact the credit union for other possible loan options. Please note that the eligible schools list is subject to change without notice. 

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

      No. This private education loan does not have origination or other application fees. In addition, there are no prepayment fees.*

      *See rates page for additional information, repayment examples, and important disclosures.

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

      Some borrowers have additional funds they will contribute to their education. For example, your school may certify $10,000, but you only need to borrow $5,000 because you have other funds (such as savings) to pay the remaining cost.

    • 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, your loan may close, and you may enter repayment.

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

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

    • Why do I need to answer multiple personal questions in order to eSign?

      We partner with the credit bureaus to provide a secure form of identity verification. By validating your identity through this process, we can forego extra identity verification in many cases.

  • Co-signer Questions

    • Do you require a co-signer?

      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.

    • Can my co-signer be removed from the loan at a later date?

      A co-borrower release option is available to credit worthy borrowers who make 36 consecutive on-time payments during the principal and interest repayment period, 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.

  • Loan Processing and Funding Questions

    • Can I have loan funds sent directly to me?

      No. Loan funds are disbursed directly to your school for tuition, fees, and room and board.

    • What if I requested additional funds for books, off-campus housing, or other items not covered by my school?

      If you requested funding to cover miscellaneous expenses, please check with your school to find out their specific procedure for refund issuance, as each school processes excess funds differently.

    • I requested more money than I received in disbursement. Why didn't I get my full requested amount?

      Though you requested a particular loan amount, your school might have certified your loan for a lesser amount. The process of school certification allows your college to have control over your loan amount and when the loan funds (disbursement date). School certification involves the college in the borrowing process, ensuring the students are managing their educational debt wisely. 

      The school will not certify an amount that is more than the cost of attendance (COA) minus any financial aid received. (Financial aid is defined as federal direct loans, scholarships, and grants.)

    • How can I lower (or cancel) my request?

      Depending on the timing of your request, we may be able to accommodate your request. Please call our call center at 800-369-4980 to discuss your options. When necessary, we may have you contact the financial aid office at your school.

    • How long does the process take from loan request to disbursement?

      During peak loan season (July through September), please allow 35-40 business days from the time you submit your completed loan documents. During non-peak season, please allow 10 to 15 business days from the time your completed loan application has been submitted.

      Though your loan may be processed, it is up to the school to "certify" your loan. Certification involves selecting a disbursement date and loan amount for your loan. The school has the final say on when your loan disburses and in what amount.

    • I requested my funds late and my school has a due date for funding that I cannot meet. What can I do to avoid late fees?

      Please let your financial aid office and your bursar's office know that you have been approved for a loan. If the school requires proof that you are approved for the loan, ask the financial aid office which documents they require for proof that the loan is in process. After speaking with the financial aid office, contact your bursar to inquire about how they manage late fees and if they can be waived.

    • How do I submit my documents to Loan Processing?

      You may submit documents by secure upload, fax or mail.

      - Upload: You can safely and securely upload images of your loan documents directly to Loan Processing by logging into your existing application.

      - Mail:

      Members 1st Federal Credit Union

      c/o CampusDoor Holdings

      1415 Ritner Highway

      Carlisle, PA 17013

      - Fax: (717) 241-3188 

      If you need further assistance in submitting your documents, please email us at studentchoicehelp@cd.studentchoice.org
      or call the credit union at 800-369-4980.

    • Can I email my documents to Loan Processing?

      Email is not a secure method of transmission and we do NOT support emailing as an option. However, you may securely upload your documents by clicking the "Upload Loan Documentation" link within the application.

  • Repayment and Servicing Questions

    • Who will service my loan?

      University Accounting Service (UAS) will service your loan. Once your loan has been disbursed or entered repayment, you may contact UAS with questions at 877-530-9782.

    • I have questions about my loan statement or need to update my contact information. Who do I contact?

      You can reach UAS at 877-530-9782, or access your account online at studentchoiceconnect.com.

    • How can I set up automatic debit for my loan payments?

      To establish automatic debit for your student loan payments, please contact UAS. You may visit the servicing website to create an account and set up your automatic payments.

      You may also contact UAS at 877-530-9782.

    • What are my repayment options?

      Members 1st Federal Credit Union offers flexible repayment terms to fit your needs. View our rates page for more information, repayment examples, and important disclosures.

    • I want to change my repayment option while I am still enrolled in school. How can I make that change?

      To change your repayment option, please contact UAS directly at 877-530-9782. Changes to repayment options can only be made once per academic year.

    • What are the standard repayment terms on my loan?

      The loan term is a total of 15 years including a combined maximum of 4.5 years of in-school or grace period, and a repayment term of up to 10.5 years.

    • What will my payment be?

      Create an account on the servicing website to access your loan information or call UAS at 877-530-9782.

    • What happens if I am late making a payment?

      You will be assessed a late fee if your payment is not made on time. You can pay your bill safely and securely online through the servicing website

    • What should I do if I am unable to make my regularly scheduled payment?

      Payments are due in accordance with your repayment schedule. If you are unable to make a scheduled payment, you must contact the loan servicer (UAS) at 877-530-9782 before the payment due date to determine if alternate arrangements can be made.

    • Is there any penalty for paying the loan off early?

      No. You can pay off your loan at any time, even if you're still in school.

    • How do I receive my annual interest statement, 1098-E?

      Depending on the interest you paid over the prior year, your document will be mailed by the loan servicer. You may also access these documents from the servicing website or contact UAS at 877-530-9782.

  • Loan Denial Questions

    • My co-signer no longer qualifies for this loan. What can I do to get the loan again?

      You can re-apply for the loan with a different co-signer. Call the credit union at 800-369-4980 to inquire about underwriting criteria.

    • I no longer qualify for this loan. What options do I have for funding?

      If you no longer qualify for the loan, you should speak directly with your school's financial aid office. They will offer additional education funding guidance to you and your family.

  • Transferring Schools Questions

    • I am transferring to a different school. Can I still get this loan?

      If you are transferring to a new college, you will need to first confirm that the school is approved for funding per our approved school list. If the school you are transferring to is approved, you may contact our call center 800-369-4980 to be guided through the process.


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IMPORTANT: Loan applications for the Summer 2021 academic term AND the Fall/Spring 2021-2022 academic year are now available!