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Student Loan FAQs

Student loan questions? Find the answers here.

Undergrad & Graduate Loans


The total lending aggregate (maximum amount you can borrow in order to complete your undergraduate education) is $30,000.

No. You must be a U.S. citizen or permanent resident alien in order to be eligible for a student loan with OKCU.

You can use your loan to pay for all education-related expenses (such as books, supplies, off-campus room and board, etc).

We still need to know how much you would like us to disburse. For example, your school may certify $10,000, but you only need $5,000 because you have other funds (such as savings) to pay the remaining cost.

The money will be sent directly to the school. If there are excess funds after your direct school related costs are paid, the school will issue a check to you with those remaining funds.

Students may choose full deferment while in school, elect to make interest only payments while in school, or choose full principal and interest only payments. Please note that our loan does offer a grace period of six (6) months immediately following the borrower's separation from school (or drop below half-time enrollment). During the Grace Period the borrower is not required to make any payments.


Student Loan Refinancing


All loans being refinanced must be post separation from school.

Federal Education Loans:

  • Federal Family Education Loan Program (FFELP)
  • Subsidized or Unsubsidized (aka Stafford Loan)
  • Grad or Parent PLUS William D. Ford Direct Loan Program Subsidized or Unsubsidized (aka Direct Stafford Loan)
  • William D. Ford Direct Loan Program Undergraduate, Grad or Parent PLUS
  • Perkins, Nursing or Health Education Assistance (HEAL)
  • Consolidation

If you choose to refinance a federal loan, you will lose federal student loan benefits such as income driven repayment or loan forgiveness options that may be available on your current federal loan(s). In addition, federal student loans offer deferment and forbearance options that may not available to you if you take out a private refinance loan. You may qualify for a Federal Direct Consolidation Loan. For additional information about a consolidation option for federal loans, contact the Department of Education. See disclosures for more details.

Private Education Loans: 

  • Undergrad
  • Graduate
  • Consolidation

Institutional Education Loans: 

  • Undergrad
  • Graduate
  • Consolidation

The minimum consolidation loan amount is $5,000. The maximum loan amount will be $25,000. Make sure to review your existing loans carefully so that you borrow the exact amount you need.

A borrower is not required to apply with a cosigner. However, applying with a credit worthy cosigner may improve a borrower's chance of meeting the credit union's approval criteria and potentially qualify for the loan at a lower interest rate.

A cosigner release option is available to credit worthy borrowers who make 48 consecutive on-time payments during the principal and interest repayment period, elect to make automated payments, and meet additional requirements (such as salary and debt-to-income ratio). You must apply and be approved for this option after the 48 month period. Other terms and conditions may apply, and option may be revoked or modified without notice.

Payoff verification may be a payoff statement from the creditor with a payoff valid through a specified date, a screen shot from the creditor’s website showing this information, or a monthly billing statement no more than 30 days old.  The payoff verification must include the creditor name and address, current loan balance or calculated payoff amount, and the borrower account number.

Yes, you should continue to make your payments while your application is in process. You will be notified when the funds have been sent to the applicable servicers.

We do not offer an in-school deferment option. Our refinance loan is intended for borrowers who have completed their education and do not plan on returning to school.

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I have had several instances over the years when OKCU has helped me get through a financial pinch. The most recent situation was not a need but a want. OKCU allowed us to borrow the funds to take a dream vacation!
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