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Student Loan FAQs

Does ECU offer a loan for educational purposes?

ECU knows that a college education is an important investment.  That’s why we offer a student loan product at a competitive rate that is hassle-free and covers all the bases.  To be eligible for an ECU student loan, the student should be enrolled in an eligible program at a participating school.  A participating school is described as a four-year or two-year public or private educational institution, a career school, or a trade school.

ECU student loans are opened as a line of credit based on an estimate of expenses to carry the student through graduation. Once the line of credit is established, the student may then obtain advances against the line of credit based on the amount of each semester’s expenses.  

Principal payments will be deferred for up to six months after graduation.  While completing their education, students pay interest-only payments based on the balance of the student loan.

What are the benefits of ECU’s student loan program?

An ECU student loan offers many exceptional benefits not found with other, non-government funding:

  • Great, fixed rates
  • No annual renewal
  • No application or processing fees
  • No pre-payment penalties
  • No lengthy forms
  • Fast approval*
  • Covers tuition, room/board, books, fees and other expenses*
  • Interest-only payments until graduation
  • Up to 21 years financing*

*Certain restrictions apply.

Must I 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(r) at, 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-applicant 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)
  • 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.

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
  • Other required expenses

Documentation of expenses is required prior to an advance.

If a student opts to live off-campus and on-campus housing is available, only normal on-campus fees will be used for the estimate of expenses, with a cap of $650.00 per month.

Who is eligible for a student loan?

The student should be enrolled in an eligible program at a participating school.  A participating school is described as a four-year or two-year public or private educational institution, a career school, or a trade school.  The student must also be 18 years of age.  However, if the student is not 18, the loan may be processed in the parent or guardian’s name and refinanced in the student’s name when he/she turns 18.

What amount can a student borrow each semester?

Semester limits are based on actual expenses, which the student will provide to ECU each semester.

How do I request an advance on my student loan?

  • Complete the Student Loan Advance Request form* in one of three ways:
    • Click - ECU Online under 'Secure Forms'
    • Call 800.999.2328
    • Visit any ECU branch
  • Submit an official statement of costs for tuition, room/board, etc.  (i.e. bill, invoice, letter).
  • Submit a copy of current class schedule.
  • Submit a copy of the previous semester's grades.  You must have earned at least a 2.50 GPA the previous semester.
  • All documents should have the member's name.
  • Advances for tuition, room/board, etc. will be paid directly to the school. Students must submit the address to which the check should be mailed.
  • All documentation can be emailed to or faxed to 423.578.7310

*Advances are processed with 24 hours or application, providing all documentation has been received.

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 day 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.   

*Some Federal student loans may qualify for forgiveness.  Applicants should visit for information pertaining to forgiveness.

 If you have additional questions about ECU student loans or other ECU products and services, stop by any branch or call 800.999.2328.



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