Updated on 06/29/2021

Custom Choice

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About Custom Choice

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Custom Choice is a private student loan company. Its loans are backed by Cognition Financial, and the company offers a no-fee loan with competitive rates and potential discounts. Custom Choice provides an entirely online application process and multiple repayment options. It also offers some support programs. In the case of a job loss or natural disaster, you won’t have to pay fees for missed payments.

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Pros

No late or prepayment fees
2% principal reduction upon graduation
Competitive interest rates

Cons

School must be on approved list
Limited repayment terms

Bottom Line

Custom Choice is a private student loan company. It provides students with competitive rates and no fees. It has several repayment options and offers a principal reduction when you graduate. It works with only some schools.

What is Custom Choice?

Custom Choice is a private student loan company. You can use flexible repayment options and competitive rates to tailor loans to fit your needs. Loans are available for both undergraduate and graduate students attending school full-time or half-time.

In order to qualify for a Custom Choice loan, you must be enrolled at one of the company’s partner schools. Custom Choice doesn’t require a cosigner, though having one can help you get approved and possibly secure a lower rate. If you do have a cosigner, they can be released after 36 on-time payments.

How does Custom Choice work?

Custom Choice offers a simple application process, which you can complete entirely online. The process starts with a quick application that requires some personal information, including your name, birthdate, school, major and loan amount. The company then performs a soft credit check on you, your cosigner or both. You’ll find out in minutes if you pre-qualify for a loan.

Once you pre-qualify, you can continue your application. You’ll have four repayment options to choose from:

Deferred payment: These payments start six months after graduation. This option has the highest overall costs.
Flat payment: You make a flat $25 payment every month, reducing your interest and some of your overall costs.
Interest-only payment: You’ll pay the accrued interest each month while studying. This has higher monthly payments than the flat payment options, but with significantly reduced overall costs.
Immediate payment: Payments got to both principal and interest costs. This is the highest monthly payment option, but it has the lowest overall cost.

Once you complete your application, Custom Choice forwards it to your school for approval. This could take anywhere from several days to several weeks, depending on the school and its process.

Custom Choice rates

Custom Choice loans range from a minimum of $1,000 to an annual maximum of $99,999. Your overall cumulative amount can’t surpass $180,000. Variable rates are between 1.15% and 9.36% APR; fixed rates are between 4.14% and 10.70% APR. You can receive a 0.25% discount if you choose automatic payments.

Custom Choice offers loan terms of seven, 10 or 15 years. When you graduate, you receive a 2% reduction on your principal as a graduation reward. The company charges no fees.

Custom Choice FAQ

How long does it take to get a Custom Choice loan?

You can pre-qualify for a Custom Choice loan in minutes. Once you accept the terms and sign, your application is sent to your school. From there, it depends on the school’s process. It could take several days up to a few weeks.

Does Custom Choice offer rate discounts?

Custom Choice does offer rate discounts. You can get a 0.25% rate reduction if you choose automatic payments. You can also receive a 2% principal reduction upon graduation.

Do I have to be enrolled full-time to get a Custom Choice loan?

You don’t need to be a full-time student for a Custom Choice loan. Qualifying students must be in an undergraduate or graduate program at least half-time at a qualifying school.

What information do I need to provide to apply?

In order to apply for a loan with Custom Choice, you will need:

Your Social Security number
School information
Loan amount
Proof of income (if applicable)

If you have a cosigner, they will need to provide:

Their Social Security number
Proof of income
Government-issued ID

Is Custom Choice legit?

If you need money for your schooling, Custom Choice is a good option for those who qualify. As long as you attend a school the company works with, you can get a loan with competitive rates and a repayment plan that works with your budget. The loan terms aren’t as flexible as with some other companies, but this likely isn’t a deterrent for many. We recommend shopping around to ensure you get the best rates, but the Custom Choice pre-qualification process makes it easy to see what you qualify for; if your rate results are good, Custom Choice is a legit option.