Skip links

How Can I Use My Private Student Loans?

When you receive your award letter from your college of choice, you’ll see a couple of important numbers listed – the estimated cost of attendance (COA), and any financial aid for which you are eligible, such as scholarships, grants, and federal loans/work study.

What is Cost of Attendance (COA)?

The COA typically includes costs for one academic year:

  • tuition and fees
  • room and board (including a meal plan) or off-campus housing
  • books, supplies, transportation, and other school-related personal expenses

Keep in mind that while some of these costs (tuition and fees) are fixed costs, others could be higher or lower based on your personal situation. For example, if you purchase used books or do not park on campus, your actual costs could be slightly less than what the college lists.

Many students will need more funding than what is included in their financial aid package to fully cover the balance, which is where private student loans come in.

What Do Private Student Loans Cover?

Great news – a private student loan like our education line of credit can be used for any items listed in your cost of attendance, or other education-related expenses! The amount you are eligible to borrow will be certified by your school, and the funds are sent directly to your college.

If some of the loan will be used to cover items not directly paid through the school, such as books, off campus rent, or a laptop, the school will issue you a refund for the excess amount. You may need to pay for some of these expenses before your refund arrives; in this case, be sure to use your refund to reimburse yourself and not for personal purchases!

Example: Your school receives $15,000 from your loan disbursement. Only $12,000 is needed to cover your tuition balance. The school will issue you a refund of $3,000 to pay for out-of-pocket education costs. You can then use those funds to purchase necessary items, or to recoup what you have already paid.

How Do I Apply for an Education Line of Credit?

The credit union has you covered with our private education line of credit! 

  • Multi-Year Approval  – Complete one easy online application and get access to funding for your entire undergraduate career; in future years, simply submit a draw request for the amount you need disbursed directly to your school.
  • Personalized Support – Our friendly College Counselors provide personal, one‐on‐one consultations for all your financial aid questions. Whether you’re a parent, high school student, or college graduate entering loan repayment, our counselors can walk you through the necessary steps to make smart decisions about paying for college – and beyond.

Get Started Today!