How do student loans work?
A private student loan can help you pay for college expenses if you haven’t already secured funding through scholarships, grants and federal student loans to cover them. The money is directly disbursed to your school to cover approved expenses. Your undergraduate school loan payments will begin 6 months after you graduate from an accredited school or if your enrollment drops below half-time. You can start making payments sooner, which can help you save on your overall interest charges.
What can I use a private student loan to pay for?
Qualified applicants can borrow up to 100% of the school-certified cost of attendance, which typically includes expenses such as tuition and fees, books and supplies, room and board, transportation and personal expenses.1
Why should I choose the SEIU Undergraduate Loan?
The SEIU Undergraduate Loan, offered in conjunction with College Ave Student Loans, was designed to help you or your child pay for college expenses as easily and inexpensively as possible.2 As an SEIU member, you’ll get a 0.25% reduction on your interest rate. You can reduce your interest rate by an additional 0.25% (subject to additional terms) if you select an automatic payment method from your checking or savings account.3
How do I apply for a student loan?
You can apply for the SEIU Undergraduate Loan by logging in to this site and clicking on the orange “Apply Now” button above. You’ll be directed to the College Ave Student Loans website, where you’ll be asked to enter information about yourself and your loan needs. (College Ave cannot take applications by phone because required disclosures are presented during the online application process.)
How long does the application and approval process take?
You can apply and get your credit decision within 3 minutes. As soon as you’re approved, you’ll be asked to accept your terms and e-sign your loan documents.
College Ave will send the loan to the school for certification, which can take a few days or even a few weeks, although that’s less common. Once College Ave receives the certification from the school, funds will be sent according to the school’s requested timeline.
How much money can I borrow?
A private student loan can fund a semester, a quarter, or up to a full academic year at a time. During the application process, you’ll indicate the time period you want the loan to cover. Each loan is separate: If you take out multiple loans over the course of your undergraduate, they won’t be automatically combined.
Do I need a cosigner?
If you have limited credit history and income, you’ll need a cosigner who has good, established credit to be eligible for a private student loan. College Ave’s free credit pre-qualification tool will tell you whether you qualify for a loan and what interest rate you can expect from us before you apply – without impacting your credit score. Pre-qualification isn’t a full review or guarantee, but it can help you decide if you want to submit a full application.
What are a cosigner’s responsibilities?
A cosigner agrees to take equal responsibility for the loan. That means that if the student borrower isn’t able to make the payments, the cosigner is legally obligated to pay the loan back. Either one of you can make the required monthly payments.
1. As certified by your school and less any other financial aid you might receive. Minimum $1,000.
2. SEIU members receive a 0.25% interest rate reduction on Undergraduate loans that are opened through the SEIU member benefits portal. The SEIU member discount will be applied to your loan account after the initial disbursement occurs.
3. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.