Updated: June 1, 2023

Custom Choice Student Loan Review

Custom Choice Loan

Advertising disclosure
Undergraduate
Student Loan Rating
4.5 of 5
Check Rates
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.65% - 12.46%
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
6.14% - 14.59%
Repayment Terms
7, 10, 15 years
Important Information

Rewards: Auto-Debit Discount and Graduation Reward

Yearly Loan Limits: $99,999

Overall Loan Limits: $1,000 (minimum), $180,000 maximum aggregate student loan debt

Cosigner Terms: Cosigner is optional, allows for cosigner release after 36 consecutive on-time monthly principal and interest payments

The bottom line:

The Custom Choice Loan offers students no fees and a 2% graduation principal reduction, keeping overall costs low. While there are only 3 available repayment terms, choosing between 7, 10, and 15 year repayment periods is satisfactory for most borrowers.

Pros

  • No fees
  • Graduation principal reduction
  • Offers cosigner release

Cons

  • No discharge in event of cosigner death or disability
  • 36 months of payments required before cosigner release
  • Call center not open on weekends
View full rankings of the best student loans for college
Custom Choice Loan Earnest College Ave
Rates from (APR) i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Fixed:
3.65% - 12.46%
Variable:
6.14% - 14.59%
Fixed:
4.45% - 14.90%
Variable:
5.15% - 16.20%
Fixed:
4.44% - 15.32% 1
Variable:
5.09% - 15.32% 1
Loan repayment terms (Years) 7, 10, 15 years 5, 7, 10, 12, 15 years 5, 8, 10, 15 years
Cosigner release? Yes, after 36 months consecutive on-time principal and interest payments None Yes, after 24 months on-time principal and interest payments
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The Custom Choice Loan is a low-cost student loan option that offers both no fees and generous rewards like an auto-debit discount and 2% reduction in principal with proof of graduation. Applying with a cosigner is optional, and if you do, you'll be able to apply for cosigner release after 36 months of consecutive on-time principal and interest payments. The minimum loan size is just $1,000 ($1,001 for student applicants who are residents of Iowa) and you can borrow up to your full cost of attendance, less aid up to $99,999 annually and as long as your aggregate student debt does not exceed $180,000.

Only 7, 10, and 15 year repayment periods are available, which will be satisfactory for most students, and you'll be able to check your rate in minutes without impacting your credit. 

Custom Choice Loan - Private Student Loan Details

Interest Rates, Fees and Terms
  • Credit Check: Soft to check rates, hard to process application
  • Repayment Terms: 7, 10, 15 years
  • Minimum Borrowing Limit: $1,000
  • Yearly Borrowing Limit: $99,999
  • Aggregate Borrowing Limit: $180,000
  • Application Fee: None
  • Origination Fee: None
  • Prepayment Penalty: None
  • Late Fee: None
Requirements to Qualify
  • Minimum Credit Score: 625
  • Minimum Annual Income: $1
  • Citizenship Restriction: Citizens or Residents
  • Minimum Enrollment Restriction: Half-Time
  • List of States where Loan is Not Available: None
  • Approved Schools Include: Title IV + Non-Profit
Repayment Options
  • Immediate Principal and Interest Repayment: Yes
  • Fixed Monthly Repayment: Yes
  • Interest-Only Repayment: Yes
  • Full Deferment: Yes
Repayment Details
  • Length of Grace Period: 6 months
  • Maximum Deferment Period: 60 months
  • Maximum Forbearance Period: 12 months
  • Cosigner Release Option: Yes, after 36 months consecutive on-time principal and interest payments
  • Death Discharge: If the borrower dies, cosigner is released and the outstanding balance is forgiven. If the cosigner dies, borrower continues to be obligated to the loan
  • Disability Discharge: Borrower only
Customer Service
  • US-Based Call Center: Yes
  • Hours of Operation (in addition to weekdays): No Evenings or Weekends
  • Application Timeline: Decision is rendered in under 10 minutes
Extras
  • Scholarship Search Tool: None
  • Sponsors a Scholarship: Yes
  • Job and Career Assistance: None
  • Financial Literacy Training: Yes
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