Funding college education in the United States is never easy. It’s even harder to figure out how to pay for college if you’re not a US citizen.
The U.S. Department of Education offers financial assistance (including loans) to all U.S. citizens who fill out the application. Apply for Free Federal Student Aid (FAFSA).
For those who do not qualify for federal student loans, custom choice may provide private student loans another. These loans are “fully indemnified” loans and can help pay for a student’s education even if they are not eligible for federal assistance. This Custom Choice Student Loans Review covers everything you need to know, from key features to fees to pros and cons.
- Private Student Loans for U.S. Citizens, Legal Permanent Residents, or DACA Residents.
- Most loans require a co-guarantor who can financially guarantee the loan.
- Multiple loan repayment options include deferred payment, $25/month while in school, interest-only payments while in school, and immediate full repayment.
- Ability to release a co-guarantor from a loan after 36 months of on-time payments.
Annual Loan Limit $99,999
Alumni Benefits: Graduation certificate reduces loan principal by 2%.
What is Custom Choice?
Custom Choice is a subsidiary of Boston-based Cognition Financial Corporation. Custom Choice focuses on issuing private student loans to undergraduate students who are lawful permanent residents, DACA residents, or U.S. citizens. These loans offer a unique repayment plan and some protections that make repayment more realistic for most borrowers.
Most private student lenders offer “supplemental” loans intended to cover costs that cannot be borrowed directly from the U.S. Department of Education. However, Custom Choice offers a “Full Coverage” loan. These loans can cover the full cost of tuition, books, room and board.
The company doesn’t just issue loans, it builds loan products with a path to repayment. It provides up to two months loan deferment for those affected by unemployment or natural disasters. Loan co-guarantors can request release only 36 months after successful and timely payments.
What do you offer?
Custom Choice offers private student loans for undergraduates. These are some of the loan’s unique features.
private school loans for undergraduates
Many private lenders focus on refinancing student loans and lending to graduate students. Custom Choice is primarily focused on undergraduate loans, including those who are not eligible for federal student loans. A Custom Choice loan could help many first-generation college students finance higher education that they may not be able to afford.
Most loans require a joint guarantor
Custom Choices usually require a joint guarantor because most students cannot qualify for a Custom Choice loan based on their income or credit history. The co-guarantor agrees to pay the loan if the principal debtor fails or fails to make payments as agreed. A joint guarantor greatly reduces the risk of a loan seen by the bank.
Co-Signer Release Program
Custom Choice typically requires a co-signer to take out the loan, but if the primary borrower makes 36 timely repayments on the loan, the co-signer can request release of the loan.
This means that grandparents and those on a tight budget won’t have to run out of Social Security bills to cover their grandchildren’s student loan payments.
Multiple repayment terms
Custom Choice offers loan repayment terms of 7, 10 and 15 years. In addition, borrowers can choose between fixed or variable rate loans.
In addition to basic repayment terms, Custom Choice allows borrowers to customize their repayment schedule while in school. There are 4 payment methods available.
- completely postponed. Borrowers do not make monthly loan payments until 6 months after leaving school or graduating.
- $25 monthly payment while in school. The $25 monthly payment isn’t enough to offset your interest payments, but it will keep your overall loan balance from growing too quickly.
- Interest only payments will be made while you are in school. The borrower does not repay the principal while in school, only the interest is paid monthly. This way, your loan balance will remain stable throughout the university.
- Immediate repayment. Repayment of principal and interest begins immediately.
Grace period of up to 2 months
Borrowers facing unemployment or natural disasters can receive a grace period of up to two months every 12 months (with a total limit of five years). No loan payments will be made during the two-month grace period.
Loans continue to accrue interest and are “capitalized” when repayments resume. Each month you receive a grace period will extend the loan term by exactly one month.
Are there any fees?
Custom Choice does not charge loan origination fees or late fees. However, the borrowed loan must be repaid with interest. Currently, Custom Choice interest rates range from 3.65% to 12.47% for fixed rate loans and 5.97% to 14.45% for variable rate loans.
How does it compare to Custom Choice?
Custom Choice offers the lowest interest rates for private student loans for undergraduates. However, this may be due to strict co-signature requirements. If you don’t have a good co-signer, Custom Choice may not give you a good rate.
We recommend that you consider other options before taking out a loan with a private lender like Custom Choice. apply for scholarship and subsidies. Consider federal student loans if you qualify. Even with higher interest rates, federal loans offer more protection than loans offered by Custom Choice.
Private loans should be the last option to fund college. Make sure he compares the interest rates and terms of two or he three lenders before choosing the right option.we track 10 people best private student loan lenders Make sure you can choose from a quality list.
How do I open a Custom Choice account?
Some financial information is required to apply for a Custom Choice loan. Borrowers need their social security number, school information, the amount they want to borrow, and proof of income. Co-signatories provide social security numbers, proof of income, and government-issued identification to verify their identities.
Applying online takes only a few minutes, but Custom Choice will send the loan to the school for review before disbursing the loan. This process may take several days.
Are you safe and secure?
Custom Choice collects personally identifiable information (PII) regarding loan applications. Loan applications are encrypted and Custom Choice limits the number of people who can view this information. Bank-level security processes are used to hold data, transfer money, and accept payments. Overall, the company has good security measures in place.
As with all online lenders, borrowers and their co-signers are at risk of their information being stolen or misused. Custom Choice partners with leading banks (including Citizen’s Bank) to serve their customers with quality technology. However, there is a real risk of hacking with Custom Choice and other online financial providers.
How do I contact Custom Choice?
Custom Choice displays all contact options prominently on the Contact Us page. Call 866-232-3889 to talk to a loan expert or email email@example.com for general questions.
Is it worth it?
Taking out student loans is not our first recommendation, and private student loans are our least favorite way to finance an education. Having said that, custom choice We offer reasonable student loans for those who have a joint guarantor. These loans have modest interest rates and the company offers a variety of repayment terms to suit every budget. That said, we encourage her to explore private loans before committing to one company.
Custom choice function
Annual Loan Limit $99,999
Yes, after 36 timely payments per month
Customer service phone number
Customer service email address
Alumni Compensation: 2% reduction of loan principal with graduation certificate.