FAQs

• What do I need to apply?
  • Official statement of costs for tuition, room/board, etc. (i.e. bill, invoice, award letter)
  • Acceptance letter (if applicable)
  • Last semester's grades (if applicable)
  • Class schedule, if available
  • Proof of income for student and/or guarantor (two most recent pay stubs)
  • Driver's license or Student I.D.
• Do I have to schedule an appointment to apply for a student loan?

  ECU conveniently offers multiple application channels for an ECU student loan. Students may apply by calling ECU’s Lending Center at 1-800-999-2328, ECU Online® at www.ecu.org, or visit any branch. Once the online application is received, an ECU Lending Representative will contact the applicant for any additional information needed. Often, the entire application process can be completed via phone, internet or fax.

• Is a co-signer required for student loans?

  Most college-bound students have not had the opportunity to establish credit; therefore, a co-signer or guarantor may be required. The line of credit will be in the student’s name and will help them establish credit for the future.

• What does the student need to submit for the initial student loan application?

  The following documentation must be provided when applying for an ECU student loan:

  • Official statement of costs for tuition, room/board, etc. (i.e. bill, invoice, award letter)
  • Other financial aid such as scholarships, grants, lottery funds, etc.
  • Acceptance letter (if applicable)
  • Class schedule, if available
  • Last semester’s grades (if applicable)
  • Proof of income for student and/or guarantor (two most recent pay stubs)
  • Driver’s License or Student ID
• When can I apply for a student loan?

  ECU urges students to apply for their ECU student loan as soon as appropriate documentation can be provided (see above) in order to avoid the last minute rush. ECU will send tuition payments directly to the college, school or university. Please allow adequate time to process the application and for delivery of funds via regular first class mail.

• What expenses are eligible to be included in the student loan?

  An ECU student loan covers many expenses that other funding options do not typically include. The following expenses will be covered:

  • Tuition
  • Books
  • Room/board
  • Fees
  • Computer
  • Study abroad tuition
  • Other required expenses

  Documentation of expenses is required prior to an advance.

  For students attending a school with on-campus living, a maximum allowance of $650 per month will be covered, should the student choose to live off campus.  All expenses will be verified via a lease agreement.

• How do I apply for a Student Loan Advance?

  Obtaining an advance on an ECU student loan is simple. We encourage you to request your advance by completing the Student Loan Advance form found at www.ecu.org within ECU Online® or calling the ECU Service Center at 800.999.2328.

  In order to complete the advance, the student will need to submit the following:

  • Bill/Invoice from the school
  • Last semester’s grades—must be 2.50 or higher
  • Current class schedule
  • If requesting funds for books, documentation showing the cost of the books is needed

  As long as all documentation is received and the 2.50 GPA has been maintained, an advance can generally be completed within 24 hours of being requested. A check will be mailed for tuition (and other expenses paid directly to the school) via regular first class mail. Advances for books, supplies and other miscellaneous expenses can be deposited to the student’s ECU savings or checking account.

• When do I have to begin principal payments on my student loan?

  Students pay interest-only payments while they are attending school. Principal payments begin six months after the date of graduation or last date of attendance.

• How much will my student loan payment be?

  While attending school, students will only be required to pay the interest due on the student loan each month. Once principal payments begin, the minimum principal and interest payment is $100.00; however, a student’s payment could be higher as the payment amount is based on the amount borrowed.

• What is the maximum term for a student loan?

  The term on an ECU student loan is based on the amount financed. The maximum term is 21 years.

• Does ECU offer a consolidation loan for educational expenses?

  Yes. ECU can simplify your life and save you money by eliminating student loan payments to multiple lenders and consolidating them into one easy monthly payment at ECU.