Private Student Loans

Student Choice is a student-lending partner that works with trusted credit unions – like USC Credit Union – to help deliver and service private student loans. USC Credit Union provides the funding, and Student Choice supports the loan experience.

Private loans, such as the Student Choice Loan, are different from federal student aid. They’re not offered, guaranteed, or subsidized by the federal government. Eligibility is typically based on the credit of the student and/or a qualified co-signer.

We serve 1,900+ undergraduate and graduate schools across the country, not just USC or schools in California. Our student loan programs are available at eligible colleges and universities nationwide, so you can find support no matter where you’re studying.

To be eligible for funding, you must be attending an approved school. To confirm your school is approved, view the list of eligible public or private not-for-profit schools. You can also check this list within the application before you apply.

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. Should you withdraw during any term or fail to meet SAP requirements, your funding request can be denied, your line of credit may close, and you may enter repayment.

For fall and spring terms, you must be enrolled at least half-time.

Fixed Interest Rate

A fixed rate loan is exactly as it sounds – the interest rate is fixed, or stays the same, for the entire life of your loan.

Pros: You’ll know what your interest rate is and won’t have to worry about fluctuations down the road.

Cons: The tradeoff for knowing what your rate will be for the long haul is that it is often a higher rate to start than a variable rate option.

Variable Interest Rate

When you select a variable rate loan, your interest rate will fluctuate over time based on the current index rate. Your lender adds a percentage to that base according to your credit score and history, and there is usually a limit or “ceiling rate” on how high your rate can go if the index increases.

Pros: Variable rate options are typically lower than fixed rate at the start of your loan. Additionally, if the index decreases in the future, so will your interest rate.

Cons: There is risk involved; while your rate could go down, it could also increase, meaning you will pay more in interest over time.

With our unique education line of credit, you will not need to reapply each year (assuming there are no significant changes to the borrower or co-applicant credit scores). Each year, you will simply request additional funds (called a “draw”) for the amount you wish to have disbursed to your school (based on your school’s certified amount). Funds are disbursed to your school based on the school’s disbursement cycle. You will request the specific draw amount from your line of credit each year.

You are not required to apply with a co-applicant. However, applying with a credit worthy co-applicant may improve your chance of meeting approval criteria and potentially qualify for a lower interest rate.

Processing times vary based on time of year, document submission, and the school’s own certification process. In general, you can expect the process to take anywhere from 5-45 days, depending on the documentation available.

You may choose to make interest-only payments while in school; defer both principal and interest payments until six months after graduation; or make full payments while in school. If you defer both principal and interest payments during school, interest begins accruing at disbursement and will be capitalized when you enter repayment.

You may choose to make interest-only payments while in school; defer both principal and interest payments until six months after graduation; or make full payments while in school. If you defer both principal and interest payments during school, interest begins accruing at disbursement and will be capitalized when you enter repayment.

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. You can also manage your account at any time via our login page.

Yes – you’ll need to be a USC Credit Union member before your funds can be disbursed. To help avoid delays, you can join online or visit a branch while we process your loan, so everything is ready when it’s time to release funds.