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Private Student Loans

Reach your academic and financial goals.

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Private Student Loan Rates as low as

APR Effective 12/1/2025*

7.60
%
APR

Private Student Loan

Fixed Rate

*See important information about rates, fees and other costs

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What Are Private Student Loans?

BECU Private Student Loans are designed to meet the needs of incoming and current students. They can help you pay for tuition, books and living expenses that remain after other sources of funding have been applied, including federal loans and grants, work-study programs and scholarships.

Close the gap between financial aid and the total cost of attendance with a Private Student Loan. Apply as an individual or with a cosigner.

Features and Benefits

  • No origination fee. BECU doesn't charge an origination fee to process the loan.1
  • 0.25% APR interest-rate discount when you're enrolled in automatic payments.2
  • Flexible in-school payment options.
  • Interest-only repayment option. Keep payments low while in school.
  • Cosigner release option after 24 on-time payments.3
  • No Prepayment penalty.

If you are a returning student loan borrower and are ready to apply for the upcoming school year, get started faster by logging in to your account, accessing the LendKey site and selecting the Apply for an Additional Loan button.

Eligibility

There are a few eligibility requirements you must meet to apply for private student loans through BECU.

  • Have a BECU membership (it's free to join).4
  • Be a current or incoming student of an eligible college or university.
  • Be a legal adult in the state in which the applicant resides (18 years old in most states).
  • Have a valid Social Security number (SSN); U.S. citizenship is not a requirement.
  • If you're applying with a cosigner, your cosigner must have a valid SSN. U.S. citizenship is not a requirement.

Cosigner Information

Approximately 83% of loans for the 2024-25 school year are cosigned.5

Here's what you need to know:

  • Cosigners aren't required for private student loans, but students may be less likely to qualify without one.
  • Cosigners may help a student borrower receive a lower interest rate than if the student applies on their own.
  • Students/primary borrowers start the application and invite the cosigner to apply.
  • Cosigner release is available after 24 months of consecutive, on-time payments.3

Frequently Asked Questions

  • Private student loans are credit-based loans for college that are used to pay for qualified educational expenses including tuition, room and board, books, and other school-related costs. They are offered by private lenders.
  • Federal student loans are offered by the government.

Your loan funds are paid directly to your school. Your school's financial aid office applies the funds they receive to any balance you may owe to the school and then returns any remaining money to you.

Yes, while enrolled in school you have two payment options:

  1. Interest-only payments with a $25/month minimum.
  2. Fixed payments of $25/month.

No. Your private student loan(s) will be serviced by LendKey, our trusted student loan partner.

A cosigner can be a parent, grandparent, guardian or any financially supportive individual who is creditworthy and willing to assume legal responsibility for the loan liabilities along with you. In other words, they are also responsible for helping pay back the loan. In a cosigned loan application both the borrower and the cosigner are applying for the loan and are jointly responsible for making all loan payments.

In the event the primary borrower does not fulfill their obligation, the cosigner is required to make the monthly payments.

For specific student loan questions, contact LendKey at 866-291-6868 or becu@lendkey.com.

If you are attending a school that is not among the eligible colleges or universities, or if you are not in a degree program, we invite you to apply for a personal line of credit or to research alternative financial aid options available through your state of residency. Washington state residents can visit the Washington Student Achievement Council (WSAC). Residents of Oregon can go to the Oregon Student Aid website.

Related Content

1Financing is subject to BECU membership, credit approval, and other underwriting criteria; not every applicant will qualify. Rates are based on an evaluation of credit history and other factors specific to your loan (such as loan term and loan amount) and may be higher than the lowest rates advertised. Your final APR may differ from your loan interest rate due to additional fees that may apply. Loan program including rates, terms, and conditions are subject to change without notice.

2All rates shown include the automatic payment discount of 0.25%. If the automatic payment is canceled any time after enrollment, the rate reduction will discontinue. This rate reduction may be suspended during any period of forbearance or deferment.

3Primary borrower may apply to remove cosigner after 24 on-time payments of principal and interest during the repayment period, subject to credit approval and other underwriting criteria.

4Member Share, Member Advantage, or Early Saver savings account required to establish membership; not everyone will qualify.

5According to LendKey Student Loan data from 6/24/24 - 3/25/25.

On the LendKey application site, you'll be asked to indicate your citizenship status (citizen, resident or nonresident). Your response will not affect your eligibility for a BECU Private Student Loan, but you must select an option in order for your application to be processed.