Credit Union Membership
How is a credit union different from a bank?
Like banks, credit unions accept deposits, make loans, and provide a wide range of financial services. However, unlike banks, credit unions have no corporate shareholders. Instead, they are structured as not-for-profit financial cooperatives, whereby the members of the credit union are the shareholders. That means a credit union’s profits are reinvested in the form of better rates, fewer fees, and personalized service that benefits its members and the communities it serves.
Student Membership
Borrowers will need to be a member of the credit union from which they intend to borrow. If they are not already a member of a Student Choice partner credit union, our online “Find a Credit Union” tool can match them with one. The membership process can be initiated at the same time as the loan application.
Eligibility
While many credit unions were founded to serve employees of a specific company or residents of a defined geographic location, membership criteria continues to expand. Our extensive network of credit union partners across the country makes it easy for students and families to find a credit union from which they can borrow.
What Credit Union Borrowers Say
Zoey, Wright-Patt Credit Union
