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Custom Choice offers affordable, customizable private student loans with an assortment of repayment options, minus the pesky fees and late payment penalties.
$1,000 to $180,000
5.38%-15.21% Variable; 4.49%-14.67% Fixed (with autopay)
7 to 15 years
Custom Choice offers student loans for both undergraduate and graduate students, and borrowers can apply with or without a co-signer. Custom Choice says that borrowers are four times more likely to be approved if they add a co-signer, but co-signers may also be released from the loan in as little as 36 months.
An addition to its core loan offerings, Custom Choice goes beyond simply lending by opening opportunities for scholarships and graduation rewards. It also provides a free guide to navigating private student loans, available to download on its website.
Custom Choice student loans can help you fund higher education, and you’ll even get some benefits for graduating. Still, its loan limits and other drawbacks could mean it’s not the best for you.
Custom Choice does not share other requirements for loan approval, such as a minimum credit score or minimum income requirement. But there are other requirements outlined you will need to meet.
Student loans from Custom Choice are a solid option for those who don’t need to borrow much for school but want flexible options when it comes to paying them off. While the maximum repayment term is 15 years, borrowers have four options for making payments while in school.
Because of Custom Choice’s low starting interest rates, it’s also ideal for borrowers with excellent credit. That said, if you have a lower credit score and no co-signer, you’ll likely want to look elsewhere for funding.
Custom Choice offers a 0.25 percent rate discount for borrowers who agree to use autopay. The rates below reflect the autopay discount.
| Loan product | Variable rate | Fixed rate |
|---|---|---|
| Undergraduate student loans | 5.38% to 15.21% APR | 4.39% to 14.67% APR |
Custom Choice student loans come with no origination fee, prepayment penalties or late fees. Keep in mind that even if you’re not charged for missing a payment, a late payment will still negatively affect your credit score.
Custom Choice student loans can be repaid over seven, 10 or 15 years, and students can begin repaying their loans during school or defer them until graduation. A six-month grace period also applies.
Payments can be made in the following ways:
Applying for a student loan with Custom Choice is easy, and the company even lets you check your rate online and without any impact to your credit score. The company says that you’ll need the following information to start your application.
If you’re applying with a co-signer, they will need a few pieces of information.
Once you’re ready to apply, here’s how to move forward.
Custom Choice has several avenues for customer service, including an online chat feature. If you’d like to speak with a representative, you can also call 888-513-8445 or email info@customchoice.com. You may also send correspondence via mail to Cognition Financial, 200 Clarendon Street, 3rd Floor, Boston, Massachusetts, 02116.
Customer service is available Monday through Friday from 9 a.m. to 6 p.m. ET.
Custom Choice is a direct lender offering undergraduate and graduate student loans with competitive rates and flexible repayment options.
Yes, you can get prequalified online with a soft credit check that doesn’t hurt your credit score.
| Overall Score | 4.0 | |
|---|---|---|
| Repayment Options | 3.4 | Custom Choice doesn’t have many repayment term options and has loan caps, though its minimum loan amount is low. |
| Affordability | 4.6 | Custom Choice offers borrowers low minimum and maximum APRs and no fees, even if its grace period is relatively short. |
| Customer Experience | 4.0 | While Custom Choice makes online access and payments easy, it does not specify customer service hours and has no mobile app. |
The Bankrate team evaluated over a dozen lenders to select our top picks for the best student loans. To do this, Bankrate considers 14 factors, including loan amounts, fees, repayment terms and options, as well as fixed and variable APR ranges. Then, lenders are rated using our vetting system known as the Bankrate Score, which focuses on three main categories.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
