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What is the student loan application process?

The student loan application process includes these steps:

  • The Student (and cosigner or coapplicant, if applicable) completes an application.
    • You can either apply online, over the phone or at branch.
  • The application is submitted to the Student Lending Team for review.
  • The Student lending Team will review application and collect any necessary information.
    • Once the information needed is received, the credit union will decide whether to preapprove your loan request.
  • If the loan request is preapproved the credit union will then:
    • Request a school certification from your school.
      • Once your school validates the funds requested by you, and we receive the school certification form from your school, the loan will be APPROVED.
    • You and cosigner or coapplicant, if applicable will be contacted by a Student Loan Closer to go over terms of your loan and determine ways you would like to sign your loan documents.
    • You will receive an approval disclosure from MACU with the approval and terms of your loan.
    • Once the loan documents have been signed there will be a 3-day federal recission period before we can book the loan.
    • Funds will be sent to your school either on the 4th day after your loan documents have been signed or on the day scheduled by your school, as long as the day does not fall on a holiday or weekend.
      • You can contact us at 1-801-325-6130 or check with your school financial aid office to confirm funds have been received.

To learn more about Student Loans, click here. To apply, click here.