Custom Choice Student Loans Review 2026

Custom Choice offers private student loans with both fixed and variable interest rates, a wide range of repayment terms, and forbearance options. Features include in-school default protection, a 2% balance reduction after graduation, and discounts that can reduce your interest rate. Custom Choice also offers cosigner release once you make 12 consecutive, on-time payments. 

Here’s what you need to know about Custom Choice as a private student loan lender.

Custom Choice private student loans review

Best for: Discounts and rewards

Custom Choice’s standout features are its discounts and rewards. It offers two types of rate discounts: a 0.25 percentage point discount for setting up autopay, and an additional 0.05 percentage point discount for every six months you make on-time payments (up to a maximum of 0.25 percentage points). That’s a potential total interest rate reduction of half a percentage point.

Once you graduate, Custom Choice also has another perk — a 2% reduction of your loan’s principal balance. You just have to request the reduction and show proof that you graduated with a bachelor’s degree or higher. 

Custom Choice has other advantages, too, including its in-school default protection that automatically places you on a deferred payment plan if you fall behind on payments, its cosigner release option, and various repayment terms and plans. If you take out a second Custom Choice loan with a cosigner, there’s even a “Returning Borrower Advantage” to make the application process faster and easier.

Pros and cons

Eligibility requirements 

Custom Choice doesn’t disclose its credit score or income requirements, but it does outline the following eligibility criteria:

• Must be a U.S. citizen, permanent resident alien, or eligible noncitizen (permanent residents must not live in West Virginia)
• Must be the age of majority in your state
• Must borrow at least $1,000

Current private student loan rates

Borrowing limits

Custom Choice allows you to borrow up to $225,000 total in student loans. The minimum amount you must borrow is $1,000. (In Iowa, the minimum is $1,001, and in Massachusetts, it’s $6,001).  

Repayment terms

Custom Choice offers five repayment terms: 

• 5 years
• 7 years
• 10 years
• 15 years
• 20 years

The lender also has four distinct repayment plans for its borrowers:

• Deferred payments: There are no payments required while you’re in school. You’ll only start repaying your loans after you’ve left school or graduated. This option results in the highest long-term interest costs.
• Flat payments: You’ll make $25 monthly payments while in school. This reduces some of your overall costs, but keeps your in-school expenses to a minimum.
• Interest-only payments: You’ll pay only the accrued interest on your balance while in school. This significantly reduces your overall costs, but comes with higher in-school payments than the previous 2 options.
• Immediate payments: You’ll make full principal and interest payments monthly while in school. This reduces your overall costs the most, but comes with the highest in-school expenses.

If you choose interest-only or flat payments and are unable to make your payments for 90 days or more, Custom Choice offers in-school default protection and will switch you to deferred payments, allowing you to push payments until you’ve left school or graduated.

Notable benefits 

Custom Choice’s many term and repayment options, plus its rate discounts and 2% graduation reward, are the lender’s biggest perks. Its forbearance options and in-school default protection program are also notable and can protect you if you fall on hard times. 

In addition, Custom Choice offers a scholarship sweepstakes where it provides one $1,500 scholarship every month through June 2026. 

What to consider before borrowing from Custom Choice

Before taking out a Custom Choice student loan, consider how much you’ll need to borrow, what sort of repayment plan you’re looking for, and your ideal term. If these align with Custom Choice’s offerings, it may be worth getting a quote to see what rate and terms you’re offered. Remember to get quotes from several additional lenders to ensure you get the best deal. 

It’s also important to note the rules that vary by state. For example, Massachusetts residents must take out a loan of at least $6,001, rather than $1,000. And if you’re a permanent resident, you’re not eligible for a Custom Choice loan if you live in West Virginia. 

How to apply for a Custom Choice student loan 

You can apply for a Custom Choice student loan online, either on your own or jointly with a cosigner. 

When applying, you (and your cosigner, if applicable) will need the following information on hand:

• Social Security number
• The loan amount you’re requesting
• Proof of income
• School information
• Government-issued ID 

Custom Choice will perform a soft credit inquiry initially, which will allow the lender to estimate your rates and loan options. When you submit a full application, a hard credit inquiry will be performed, which will temporarily ding your credit score. 

Why you can trust our Credible experts

The Credible editorial team is independent and unbiased. Partners do not influence our editorial content. To help you find the best student loan for your situation, we conduct thorough research and analyze thousands of lender data points. Using data-driven methodologies, we score criteria that are important to you. This allows us to objectively rank student loan lenders and products. To learn more, read our methodology below.

Methodology

To determine Custom Choice’s lender rating, Credible collected more than 1,000 points of data on two dozen private student loan companies and evaluated them on several different categories: repayment options, eligibility, interest rates, loan terms, and customer support. We assigned a score out of five stars to each lender based on our findings. Below are the weightings assigned to the general categories for the best student loan companies — which comprise individual criteria that are also weighted.

• Repayment options: 30%
• Eligibility: 25%
• Interest rates: 20%
• Loan terms: 15%
• Customer support: 10%

While the best lender for you will depend on your unique needs and financial circumstances, these findings should help answer your questions and assist you in your search for the best student loan.

Learn more about our methodology.