Custom Choice Review: Private Student Loans

Custom Choice Loans were previously offered through a partnership between SunTrust Bank and Cognition Financial. When SunTrust ended its student loan program, Cognition Financial partnered with Citizens Bank to offer new loans as of July 2020.

Custom Choice Loans are best for upperclassmen who are confident they can take advantage of the Grad Reward. Borrowers receive a 2% principal reduction with proof of graduation.

CUSTOM CHOICE PRIVATE STUDENT LOANS AT A GLANCE

• No late payment fees.

• Borrowers have the option of making interest-only, fixed $25 or full payments during school or deferring payment until graduation.

• Grace period can be extended up to six months.

HOW CUSTOM CHOICE COULD IMPROVE

• Longer than 12 months of forbearance.

• Lend to students in all 50 U.S. states.

• Provide loans to students enrolled less than half-time.

Before applying for a Custom Choice student loan

Before taking out a Custom Choice Loan or any other private student loan, exhaust your federal loan options first. Submit the Free Application for Federal Student Aid, known as the FAFSA, to apply.

Compare your private student loan options to make sure you’re getting the best rate you qualify for. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments.

If you aren’t eligible for a Custom Choice student loan

If Custom Choice denies your student loan application, the lender will let you know why. Depending on the reason, you may want to consider other lenders or, if you haven’t already, try applying with a co-signer.

If you don’t have access to a co-signer or still aren’t eligible with one, consider lenders that don’t require co-signers or specialize in bad or no credit student loans.

Student loans ratings methodology