With the unique structure of our education line of credit, you can borrow up to the full cost of the remainder of your education. You will not need to reapply each year (assuming there are no significant changes to the borrower or co-borrower 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 - read more below).
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.
The minimum is $1,000 per year. The maximum loan amount will be the certified need determined by your school, up to a maximum amount set by your credit union (view the product information page for more information) for the remainder of their undergraduate education. The certified need is typically the Cost of Attendance (COA) less other financial assistance and aid received. IMPORTANT: Please note that the maximum co-borrower aggregate amount for borrowing (across multiple lines of credit for multiple borrowers) is $250,000.