A guide to private student loans.

What should you look for in a private student loan? What are the qualifications you need to meet before you can borrow? If you’re looking for answers to questions like these, this guide is a good place to start.

Frequently Asked Questions

Why should I choose Custom Choice?

Competitive rates. Flexible terms with no fees. Unique borrower benefits. A quick and simple application process. These are just a few reasons students choose Custom Choice.

What information do I need to complete my application?
  • Social Security number
  • School information
  • Loan amount
  • Proof of income (if applicable)1

What we’ll need from your cosigner (if applicable):

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

While we hope you’ll meet the Satisfactory Academic Process requirements established by your school, it’s not a Custom Choice eligibility requirement.

Does a Custom Choice Loan have any fees?

There are absolutely no fees associated with a Custom Choice Loan. No late fees. No prepayment fees. Oh, and did we mention no fees?

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

A cosigner is not required, but it’s worth considering. Adding a parent or another adult in good financial standing may increase your chances for approval and provide a lower interest rate.

What is the Graduation Reward?

All loans receive a 2% principal loan reduction upon request with proof of graduation.2 Congrats, grads.

Who is Monogram?

Monogram was founded with the goal of helping students reach their educational goals through access to funding. Monogram employees have over 30 years of experience facilitating more than $30 billion in private student loans for dozens of lender clients and thousands of schools. They’ve helped more than 1 million families pay for their education.

What rate discounts do you offer?

You can get a 0.25% interest rate reduction when you make automated payments3 from your checking or savings account.

We also offer a Graduation Reward, which is a 2% principal reduction upon request with graduation.2

How fast is the loan process?

You can apply and get a personalized rate within minutes. If approved, you are asked to accept the terms and sign your loan documents. Next, we send your loan application to your school for certification. Each school has their own process and timelines, which could take several days or a few weeks. Finally, after receiving certification, we’ll schedule disbursement of loan funds according to your school’s timeline.

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 (your total student loan debt cannot exceed $180,000).4

Do you offer a cosigner release?

Yes, you may request to release a cosigner from a loan after making 36 consecutive on-time principal and interest payments.5