If you’ve started running the numbers on college costs, you’re not alone in feeling a mix of pride, anticipation, and sticker shock. Even with savings, scholarships, and federal aid, many families find a gap between the cost of college and what they can afford.
Private student loans are often the next step, but they don’t always simplify the process. Traditional private loans require you to reapply each year and estimate costs upfront – guessing how much to borrow in advance and risking either overborrowing or scrambling for funds mid-semester. Fortunately, more families are starting to find another option: an education line of credit, available from leading credit unions across the country, via StudentChoice.org.
What Is an Education Line of Credit?
Think of it as a private student loan—but more innovative and more flexible.
Instead of applying for a new loan every year, you apply once and unlock access to a line of credit that lasts throughout your student’s college journey*. Each term, you borrow only what’s needed. If tuition rises or a new expense arises (such as a housing change, study abroad, or even a required laptop), the funds are already available. Log in, request the necessary funds, and the money will be certified by the financial aid office and sent directly to the school.
No reapplying. No borrowing extra “just in case.” And no interest charged on money you didn’t use.
The Credit Union Difference
These lines of credit are offered through not-for-profit credit unions, which are built to serve their members, not shareholders. That means:
- Competitive interest rates
- No origination fees
- More personalized service
Families often find that applying with a parent or creditworthy adult as a co-borrower improves their chances of approval and may qualify them for even better rates.
Benefits at a Glance:
- Apply once for a multi-year line of credit – no need to reapply each year*
- Borrow only what you need, when you need it
- Avoid overborrowing and accumulating unnecessary interest
- Flexible funding to adapt to changes in expenses or academic plans
- Backed by credit unions—trusted, community-driven financial institutions
Why It’s Worth Considering
An education line of credit offers families a compelling alternative to the stress and rigidity of traditional private loans. Especially for those who value flexibility, cost-conscious borrowing, and the peace of mind that comes from knowing your child’s education won’t be derailed by a financial curveball.
If you’re exploring how best to cover the full cost of college, this option deserves a closer look.
Visit StudentChoice.org to find out if your school is eligible, estimate rates, and see how this model could work for your family.
Because college is challenging enough, paying for it doesn’t have to be.
*Subject to annual review and credit qualification. Must meet school’s Satisfactory Academic Progress (SAP) requirements