Metro Credit Union

Yes! Metro partners with Credit Union Student Choice to offer education financing including an education line of credit and refinance loan. US citizens and permanent resident undergraduate and graduate students are welcome to apply. Families and students love the simplicity of a line of credit where you apply once and have access to draw from the line each year.

The Metro Education Line of Credit for undergraduate and graduate borrowers ranges from $XX to $XX and the amount you can borrow depends on whether you are an undergraduate or graduate student.

The amount you can draw off your line every year is certified by your school and is calculated based on your school’s cost of attendance less any financial aid you are awarded (including federal student aid, scholarships, and grants).

A co-borrower is not required, however many students (high school and college) do not typically have credit or income history to meet the qualifications to apply on their own. Applying with a co-borrower may also qualify you for a more competitive interest rate.

You do not need to be a member to start the application, but you and your co-borrower will need to be a member of Metro before you can receive funding. Click https://www.metrocu.org/why for information about Metro membership.

It only takes a few minutes to submit an application, and then we need to receive your required documents to finalize your line of credit. During peak loan processing season (July through September), please allow 35-40 business days from the time you submit your completed application documents. During non-peak season, please allow 10 to 15 business days from the time your completed application and all required documents have been submitted.

• You can submit documents by secure upload, fax or mail.
  • Upload: You can safely and securely upload images of your loan documents directly to us by logging into your existing application.
  • Mail: Metro Credit Union, c/o CampusDoor Holdings, 210 York Street, Suite 200, York, PA 17403
  • Fax: 717.241.3188
    

For an initial draw from a new line of credit or for subsequent draw requests, your school is part of the funding process. The amount you are requesting is shared with your school to ensure it falls within your school’s cost of attendance and your financial aid budget. You must be continually enrolled at least half time in a degree-granting program and meet your school’s minimum Satisfactory Academic Progress (SAP) criteria to be eligible for funding. Many schools strongly encourage you to compete a FAFSA and apply for financial aid before processing your Metro loan application. Please check with your school’s financial aid office.

Once your school has processed the loan certification request, they will confirm the date and dollar amount of the disbursement. Schools typically post a pending credit to a student’s bill when they know funds are approved and on the way. You are encouraged to check with your financial aid counselor directly if you have any questions about an outstanding certification request or the timing of your disbursement.

Depending on the timing, we may be able to accommodate your request. Please call us at XXX-XXX-XXXX to discuss your options. When necessary, if your loan has already been funded to your school you may need to contact the financial aid office at your school for assistance.

Your Metro Education Line of Credit is subject to an annual review and credit qualification, and you must continue to meet your school’s Satisfactory Academic Progress (SAP) and enrollment requirements. 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 line of credit may close, and your loan will enter repayment. Your Metro Education Line of Credit will also close when you are reported as having graduated.

Students and families are always encouraged to apply/request a draw as early as possible to avoid funding issues. Please let your financial aid officer 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 ask how they manage late fees and if they can be waived.

Our private education line of credit is available to thousands of public and private non-profits, degree-granting schools nationwide. Unfortunately, if your school is not included in our approved list, then you are not eligible at this time. However, you may wish to contact Metro Credit Union for other possible loan options. Please note that the eligible schools list is subject to change without notice.

No. The Metro Education Line of Credit does not have origination or other application fees. In addition, there are no prepayment fees.

• If you are transferring to a new college/university, 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, please contact our call center XXX-XXX-XXXX to be guided through the process.
• If the school you are transferring to is not on our approved school list you will not be eligible for the Metro Education Line of Credit. You will not be able to place any additional draws from your line, and once you separate or graduate from school, your line will close.

• You have several repayment options.
  • You can choose to make interest-only payments while in school
  • You can defer both principal and interest payments until six months after graduation
  • You can 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.
• While you are in school, you can make a change to your repayment option once per academic year.
• A graduated repayment option is available once you’ve separated/graduated from school. Graduated Repayment provides lower payments during the first two years of repayment, after which the balance is amortized so that it will be paid in the standard repayment time frame.

• Variable Rate Option: the repayment term is 20 years if your principal balance at repayment is $40,000 or less, and 25 years if your principal balance at repayment is more than $40,000.
• Fixed Rate Option: the repayment schedule is fixed at 10 years regardless of the amount you borrow. Full repayment begins at the end of the grace period unless full repayment is selected during enrollment.

The amount you request from your line each year will be divided into a fall and spring disbursement by your school. If the funds from your line of credit exceed your billed charges and create a credit balance on your student account, your school will issue you a refund. Many students use this refund to reimburse themselves for charges they pay out of pocket. These charges can include books, transportation, a computer or laptop, and off-campus housing.