2022 Personalized Choice Student Loans Review

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Pros and Cons of Custom Choice Student Loans

Tailor-made undergraduate student loans

Regular APR

Variable: 1.03% – 9.67%, Fixed: 3.20% – 10.76%

  • Advantages and disadvantages

  • Details


  • Advantages
    • No origination fees, prepayment penalties or late fees
    • Competitive APR
    • Get your rates in minutes
    • Low minimum loan
    • Graduation available
    The inconvenients
    • Credit check
    • May need a co-signer
    • Minimum $ 1,000 loan, up to $ 180,000 lifetime loan limit
    • 2% reduction in principal upon graduation
    • 7, 10 or 15 year repayment terms available
    • Customer service available by phone, email or standard mail
    • Loans are made by Citizens Bank, FDIC member

    Custom Choice offers both variable and fixed rate undergraduate loans, and the interest rates on these loans are comparable to or lower than the rates of competing lenders.

    A special feature offered by Custom Choice is a 2% reduction in your loan principal after graduation. It may not seem like much, but it will save you on the overall cost of your loan.

    Custom graduate student loans

    Regular APR

    Variable: 1.03% – 9.67%, Fixed: 3.20% – 10.76%

  • Advantages and disadvantages

  • Details


  • Advantages
    • Super TAP
    • No origination fees, prepayment penalties or late fees
    • May receive a graduation discount
    • Get your rates in minutes
    • Low minimum loan amount
    The inconvenients
    • Credit check
    • May need a co-signer
    • 7, 10 or 15 year repayment terms available
    • Customer service available by phone, email or standard mail
    • Minimum $ 1,000 loan, up to $ 180,000 lifetime loan limit
    • 2% reduction in principal upon graduation
    • Loans are made by Citizens Bank, FDIC member

    Custom Choice’s graduate student loans have the same features as its undergraduate loan offerings: three repayment term options, competitive APRs, and a minimum loan of $ 1,000.

    How to Compare Custom Choice Student Loans

    Custom Choice offers competitive APRs on its undergraduate and graduate loans. Here’s how Custom Choice stacks up against the competition:

    Earnest offers the most options for repayment terms with six, while Custom Choice and Sallie Mae both have three options. However, Sallie Mae determines the length of your repayment for you, so another lender will be better if you want to choose your own duration.

    Custom Choice has the lowest maximum interest rate on both fixed rate and variable rate loans for undergraduates and graduate students, which could mean it’s a good choice if your credit isn’t. not at its best. Earnest offers the lowest minimum interest rates on these types of loans, so if your credit score is excellent, Earnest may be a good choice.

    None of the three lenders charge a set-up fee or prepayment penalties, but Sallie Mae charges a late fee of 5% of the amount owed, capped at $ 25.

    How Custom Choice Student Loans Work

    Custom Choice offers both fixed and variable rate undergraduate and graduate loans. Custom Choice allows you to apply with a co-signer, which can lower your interest rate and the overall cost of your loan. The loans have a term of seven, 10 or 15 years.

    Pursue federal student loan options before considering private student loans, including a Custom Choice loan, as you can often get better terms and protection through the government.

    You’ll get a 0.25% discount if you choose to make automatic payments from a checking or savings account. Plus, Custom Choice offers a 2% reduction on your loan principal after graduation.

    To contact Custom Choice customer service, call the lender, email, or contact them by physical mail.

    Custom Choice will perform a flexible credit check when posting your rates, which has no impact on your credit score. After choosing your loan options and submitting your application, the lender will conduct a thorough credit investigation, giving the company a complete overview of your credit history, but also potentially ringing your score.

    What options do I have for paying off my Custom Choice student loans?

    Custom Choice offers several options for paying off your loans: deferred, lump-sum, interest-only, and immediate payments. The best repayment plan for you depends on your situation.

    Deferred and lump sum payments will cost more than interest-only or immediate payments, as interest will accrue while you are in school and during your grace period. This interest will then be capitalized, meaning it will be added to your loan balance after periods of non-payment, including forbearance, deferral, and after your grace period. This will increase the overall principal of your loan, and you will later pay interest on that larger amount, thus increasing the total cost of your loan.

    Is Custom Choice trustworthy?

    The Better Business Bureau, a nonprofit focused on consumer protection and trust, gives Custom Choice an A + rating. The BBB measures businesses by evaluating responses to consumer complaints, the veracity of advertising, and clarity of business practices.

    You are not guaranteed to have a positive relationship with Custom Choice just because the company has a great BBB rating. Find out from friends and family about their experiences with the lender, and read what other clients are saying about the business online.

    Custom Choice has not been involved in any scandals or controversies, so you can be comfortable borrowing from the lender.

    About Judith J. George

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