FAQs

Why should I choose Custom Choice?

A Custom Choice loan offers competitive rates and flexible terms with no fees, an easy all-online application, and unique borrower benefits.

What information do I need to complete my application?
  • Social Security number
  • School information
  • Loan amount
  • Proof of income (if applicable)

Cosigner (if applicable):

  • Social Security number
  • Proof of income
  • Government-issued ID
Is Satisfactory Academic Progress Required?

We do not require you to be meeting the Satisfactory Academic Process requirements established by your school.

Does a Custom Choice loan have any fees?

There are absolutely no fees associated with a Custom Choice loan, including no late or prepayment fees.

Do I need a cosigner? What are the benefits of a cosigner?

A cosigner is not required; however, it may increase your chances for approval and may provide a lower interest rate.

What is the Graduation Reward?

Custom Choice will reward you for graduating! Receive a 2% principal reduction per loan with proof of graduation.1

Who is Cognition Financial?

Cognition Financial (formerly The First Marblehead Corporation) was founded in 1991 with the goal of helping students reach their educational goals through access to funding. Cognition Financial has over 30 years of experience facilitating more than $23 billion in private student loans for dozens of lender clients and thousands of schools. We've helped more than 1 million families pay for their education.

Do I need to be a full-time student?

Undergraduate and Graduate students must be enrolled at least half-time in a degree granting program at an approved school.

What rate discounts do you offer?

You can get a 0.25% interest rate reduction when you sign up to make automated payments from your checking or savings account.2 You can also receive our Graduation Reward, which is a 2% principal reduction upon graduation.1

How fast is the loan process?

You can apply and check rates within minutes. If approved, you would accept your terms and electronically sign your loan documents. Next, we send your loan application to your school of choice for certification. Each school has their own process and timelines which could take several days or a few weeks. After receiving certification, we’ll schedule loan funds according to the school’s timelines.

Is there a limit to the amount I can borrow?

The minimum loan amount is $1,000 and you may borrow up to $99,999 annually (cumulative loan amount cannot exceed of $180,000).3

Do you offer a cosigner release?

Yes, a cosigner may be released from a loan after making 36 on time payments.4

Contact Us

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Speak with a Custom Choice Loan Specialist

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Email a Custom Choice Loan Specialist

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Reach Us by Mail

Cognition Financial
200 Clarendon Street, 3rd Floor
Boston, MA 02116