Custom Choice Student Loans Review: Low Rates, Graduation Bonus, But Some Drawbacks

4.3 _/5

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Private Student Loans

• Zero fees
• Generous 2% loan balance reduction after graduation
• Customizable repayment terms
• Relatively low rates

• Lengthy cosigner release
• Loans are only available to full-time students
• Low aggregate loan limit 
• Limited customer reviews
• Degree-granting program requirement

Rates (APR)	4.24 − 14.08 with autopay
Loan amounts	$1,000 – $99,999 annual limit
Repayment terms	7, 10, or 15 years

Custom Choice is a reputable lender, and its student loans have some useful features—low rates, zero fees, and a one-of-a-kind 2% loan balance reduction. Repayment terms are customizable, but the lengthy cosigner release might be a deal breaker for some borrowers. There’s also a low borrowing limit.

Custom Choice is worth considering if you have solid credit, are attending school full-time, and plan to graduate within the next few years. However, you might be able to get a lower rate from a different lender. You need to calculate whether the balance reduction offsets the higher rate from Custom Choice. It’s likely not the right option if you need an extended repayment term or quick cosigner release.

Table of Contents

1. About Custom Choice student loans 
2. Custom Choice student loan rates and terms
3. Eligibility requirements
4. How do Custom Choice student loans compare to alternatives?
5. How do you get a Custom Choice student loan? 

About Custom Choice student loans 

Custom Choice offers variable and fixed-rate loans at competitive rates—the lender’s lowest rates are lower than the federal rates. The loans are funded and serviced by Citizens, one of the largest banks in the U.S., though Custom Choice is branded and marketed separately by Monogram LLC. Eligibility requirements are strict but comparable to those of other lenders. Borrowers with higher credit scores qualify for the best rates. 

Custom Choice’s unique 2% loan balance reduction after graduation is one of its standout features. After you submit proof of graduation, Custom Choice reduces your principal balance by 2%.

For example, let’s say you owe $50,000. After the reduction, your balance would decrease to $49,000 due to a $1,000 reduction. The free money lowers your balance and kick-starts your repayment. It’s a win-win.

Custom Choice student loan rates and terms

Compared to other lenders, Custom Choice stands out as one of the most flexible and customizable. Based on your post-graduation goals and budget, you can choose from a seven-, 10-, or 15-year repayment term.  

The company also has several repayment options you can choose from while in school. 

• Immediate: This option starts immediately and includes principal and interest. While you’re in school, your payments will be higher, but you’ll pay off the loan faster. 
• $25 flat payment: This payment is $25 per month. It’s the lowest payment and doesn’t cover any of the principal, but it still helps reduce the loan cost. 
• Interest-only: You can make interest-only payments while in school, so the balance doesn’t grow. 
• Deferred: You can pay nothing during school. It’s the most expensive option since your balance continues to grow. The trade-off is that you don’t need to worry about making payments until six months after graduation.

Here’s a complete breakdown of Custom Choice’s student loan terms and repayment options. 

Term	Detail
Rates (APR)	4.24 − 14.08 with autopay
Loan amounts	$1,000 – $99,999 annual limit
Repayment period	7, 10, or 15 years
Fees	None

Eligibility requirements

Most of the eligibility requirements for Custom Choice student loans are standard. You must be at least 18 years old and either a U.S. citizen or a permanent resident.

However, enrollment status eligibility is limited: You need to be a full-time student to qualify for a loan. A customer service agent told us the company doesn’t have a minimum credit score, but eligibility requirements are similar to those of other, higher-rated lenders, including College Ave and Earnest. 

Here’s how to qualify for a student loan from Custom Choice.

Requirement	Details
Citizenship	U.S. citizens, permanent residents, or eligible non-citizens (DACA recipients)
State of residence	Available in all 50 states
Minimum age	18 years old
Enrollment status	Full-time
Minimum credit score	No minimum score

Custom Choice student loan pros and cons

Custom Choice’s interest rates are competitive, but the 36-month cosigner release is surprisingly lengthy compared to several other top-rated student loan lenders, and you must attend a degree-granting program full-time. 

Pros

• Zero fees

  Custom Choice doesn’t charge any fees. You won’t pay an origination or administration fee, prepayment penalty, or any other charge. 

• Generous 2% loan balance reduction after graduation

  Once you graduate, you can take advantage of Custom Choice’s 2% loan balance reduction. It’s an easy way to reduce your balance by hundreds or thousands of dollars. 

• Customizable repayment terms

  Custom Choice offers various repayment options, including 7-, 10-, and 15-year repayment terms. You can also choose from immediate, flat, interest-only, or deferred payments while you’re in school.

• Low rates for creditworthy borrowers

  Custom Choice’s rates are comparable to most other lenders. The loan’s interest rate is one of the most important factors to consider when picking a lender since it determines the cost of the loan.
  

Cons

• Lengthy cosigner release

  The company’s cosigner release requires 36 months of on-time payments, about three times longer than Sallie Mae, our pick for the best private student loan for cosigners. 

• Lower aggregate loan limit 

  You can borrow up to $180,000 from Custom Choice. This is a high limit, but depending on your school’s tuition, it might not be enough. 

• Shorter repayment terms

  Custom Choice’s most extended repayment term is 15 years. It’s longer than the standard 10 years but shorter than some lenders that offer 20 years. 

• Full-time attendance requirement

  If you’re in school half-time or part-time, you won’t be eligible for a Custom Choice loan.

• Degree-granting program requirement

  You must attend an undergraduate or graduate program that awards degrees. You can’t qualify for the loans if you’re earning a certificate.

How do Custom Choice student loans compare to alternatives?

The following student loan lenders are solid alternatives if Custom Choice isn’t the best fit.

• College Ave: This lender has no minimum enrollment requirements, making it a solid pick if you attend less than full-time. College Ave allows you to borrow up to 100% of your certified costs. It’s a helpful alternative if Custom Choice’s annual maximum of $99,999 is too low. The only potential downside is that College Ave’s cosigner release requirements are even longer—you need to be at least halfway through repayment before it’s an option. 
• Sallie Mae: You don’t need to attend a degree-granting program to get a loan from Sallie Mae, so it’s a great option if you can’t qualify for Custom Choice loans because of your program. This lender offers cosigner release after just 12 consecutive on-time payments—much shorter than Custom Choice’s timeline. Plus, Sallie Mae’s starting rates are lower than Custom Choice’s rates. But Sallie Mae’s shortest term is 10 years, while Custom Choice offers seven-year repayment options, allowing you to pay less interest.  
• Earnest: This lender offers maximum flexibility, including five repayment terms: five, seven, 10, 12, or 15 years. Like Custom Choice, Earnest doesn’t charge fees, and you can quickly check your eligibility with a soft credit check. You must be enrolled at least half-time to qualify for an Earnest loan, and you can borrow up to 100% of certified costs.

How do you get a Custom Choice student loan? 

Before you apply for a loan from Custom Choice, it’s crucial to understand how to get student loans and financial aid. Here’s what to expect once you’re ready to move forward. 

1. Prequalify (3 – 5 minutes): Complete the prequalification application online. Provide information about your school, income, and location. 
2. Consider your offer (up to 30 days): Your prequalification offer is valid for up to 30 days, so you have time to compare offers and make sure it’s the right fit. 
3. Upload documents (5 minutes): Upload documents that provide proof of income and identity. 
4. Complete the application (10 – 15 minutes): Finalize and submit the application. 
5. Receive funds (1 – 4 weeks): Custom Choice will send the money directly to your school. 

What do Custom Choice customers say?

 Custom Choice Loans are funded and serviced by Citizens Bank, a major U.S. financial institution. You won’t find many online reviews specifically for Custom Choice, but you can look to Citizens for insight into the broader customer experience. The bank earns low average ratings on Trustpilot and the Better Business Bureau—about 1 star. 

However, the reviews are about the bank and all of its offerings. None of the reviews mention Custom Choice student loans, so it’s hard to get much insight from reading them. 

Platform	Rating	Number of reviews
Trustpilot	1.2/5	656
BBB	1.08/5	202

About Custom Choice customer service 

Custom Choice is responsive via chat and phone. Customer service representatives answer the phone quickly and provide thorough answers to questions about the loans. 

Here’s how to contact Custom Choice.

• Call: You can call 866-232-3889 Monday through Friday between 9 a.m. and 6 p.m. Eastern time.
• Email: You can email a loan specialist at [email protected]. 
• Chat: The live chat is available Monday through Friday between 9 a.m. and 6 p.m. Eastern. 

How we rated Custom Choice

We designed LendEDU’s editorial rating system to help readers find companies that offer the best student loans. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.

We compared Custom Choice to several student loan lenders, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take is represented in our rating, recapped below.

Product	Our rating
Custom Choice student loans	4.1/5