It Makes Sense To Belong! Learn Why >

  1. Is it too late to apply for loans?

    No. You always want to apply for scholarships and grants first. Then make sure you take the maximum amount of federal loans, which tend to have lower fixed interest rates. If that’s not enough, next compare private loan options like our Student Choice Line of Credit private lending solution.

  2. Do you offer federal loans?

    No. Legislation has changed the student loan industry, meaning the government’s role in student lending has increased and private institutions like 1st Ed Credit Union will no longer fund federal student loans. However, 1st Ed Credit Union continues to offer our Student Choice Line of Credit private lending solution to students who need help filling the gap in college funding.

  3.  How does it compare to the PLUS loan?

    – 7.9% fixed, 4% Origination fee, this loan is the parents’ loan and can never be transferred to the student.

    Student Choice – Prime index plus a margin – the current offered rate will be between 7.50% and 9.00% APR*, zero origination or prepayment fees, this is the students’ loan, and co-borrower can request to be released after 48 on-time payments.

    *APR = Annual Percentage Rate. Your interest rate is variable and will change based on changes in an index chosen by 1st Ed Credit Union. The index is Prime, as published in The Wall Street Journal (“Index”). If the Index becomes unavailable during the term of this account, the credit union may substitute a new index after notice to you. The interest rate will be adjusted quarterly, based on a historical index chosen by the credit union. This quarterly adjustment will occur upon no less than forty-five (45) days written notice to you. Any increase in the index rate will increase the APR and the amount of your monthly payment.

  4. Do I need a co-borrower?

    Borrowers with over 660 FICO, $1500 gross monthly income, no bankruptcies and no student loans in default may not need a co-borrower. If the student does not meet the minimum requirements, they need a co-borrower that does.

  5. What expenses does it cover?

    Cost of Attendance minus other financial aid received. Each college calculates differently but typically includes tuition, fees, room and board, technology, meal plans, books, and other expenses. There may even be a different “off-campus” rate that includes rent and transportation.

  6. How do I apply?

    Simply go online and fill out the easy one-time application. On average this takes about 10-15 minutes. Or you can call 855-626-6502 which also takes 10-15 minutes.

  7. I applied, now what?

    Now your loan will be processed. You will need to print and fax or mail your signed documents, including proof of membership. Your loan will be certified at the school to make sure you don’t borrow too much. We will pay the university and if there are any additional funds remaining, they will be returned to the borrower. You have the choice to keep these funds for books and other costs. Remember this is a loan, not free money. You can reduce your debt by returning the funds.

  8. How do I get more money next year?

    Simply go online and log into your account and submit a new draw request on your approved loan. An annual credit review is performed, but not another application.

  9. Do you offer loans to grad students?

    No. 1st Ed Credit Union does not currently offer a graduate program; however there are increased limits to the Federal Stafford loan program available for graduate students to help cover these additional expenses. We also recommend checking with the financial aid office for more information on scholarships and grants.

  10. Do you offer consolidation loans?

    At this time we do not offer consolidation loans for private student loans. We offer many other types of loans that may help you consolidate your debts. For other loan details click here or contact a Financial Service Representative for more information. Federal loan consolidation information can be found at

You are now leaving 1st Ed Credit Union

1st Ed Credit Union provides links to web sites of other organizations in order to provide visitors with certain information. A link does not constitute an endorsement of content, viewpoint, policies, products or services of that web site. Once you link to another web site not maintained by 1st Ed Credit Union, you are subject to the terms and conditions of that web site, including but not limited to its privacy policy.

You will be redirected to

Click the link above to continue or CANCEL