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What Are Private Student Loans?
Private Student Loans are designed to meet the needs of incoming, current, and recently graduated 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 an AbeSM student loan.
Features and Benefits of an Abe Student Loan
- No origination fee (or any type of fee).
- 0.25% interest-rate discount when you're enrolled in automatic payments.2
- An additional 0.05% interest rate reduction for every six consecutive, on-time principal and interest payments made (up to a maximum reduction of 0.25%).3
- Earn a 2% principal reduction simply by graduating.4
- Four repayment options and five loan terms.5
- Cosigner release option after 12 consecutive, on-time principal and interest payments.6
- No prepayment penalty.
- Up to 100% of college expenses covered.7
If you borrowed a private student loan with LendKey in the past and are looking for additional funding, you have the option to continue borrowing by logging in to your LendKey My Account Portal and selecting the Apply for an Additional Loan button. LendKey will assign a new lender to your application and servicing of all your loans remain at LendKey.
- 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.
No but you can. While enrolled in school you have four repayment options to choose from:
- Immediate repayment
- Interest only repayment
- Flat repayment5
- Deferred repayment
No. Your AbeSM student loan(s) funded after 5/29/2026 will be serviced by American Education Services.
You also may have student loans funded prior to 5/29/2026 and those are serviced at LendKey or UAS.
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.
To speak with an AbeSM student loan specialist call 833-499-2253 or email Abe at customerservice@cd.abestudentloans.com.
If you need to talk to the servicer of loans you took out prior to 5/29/2026, contact the servicer:
- For refinance student loans opened in 2019 or later, or private student loans opened between 2019 and 5/28/2026, visit LendKey, or call 866-291-6868.
- For Loans opened prior to 2019, visit UAS Connect, or call 877-530-9782.
If you are attending a school that is not among the eligible colleges or universities, or if you are not in a degree or graduate certificate 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
As of 5/29/2026, BECU is no longer originating private student loans. If you select “Apply Now,” you will be routed to Abe's website. BECU may receive compensation for referrals to Abe. BECU is not endorsing Abe, DR Bank, or other companies or lenders, nor must you apply with Abe. If you originate a private student loan on or after 5/29/2026, BECU will not be the lender, we will not have access to this loan, we will not be able to provide you with any information on this loan, and you must work directly with your servicer.
Before applying for a private student loan, BECU, DR Bank and Monogram LLC recommend exhausting all financial aid alternatives including grants, scholarships, and federal student loans.
Abe℠ student loans are made by DR Bank, Member FDIC (“Lender”). All loans are subject to individual approval and adherence to Lender's underwriting guidelines. Program restrictions and other terms and conditions apply. LENDER AND MONOGRAM LLC EACH RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. TERMS, CONDITIONS AND RATES ARE SUBJECT TO CHANGE AT ANY TIME WITHOUT NOTICE.
1In order to estimate your available rates and loan options, with your authorization, DR Bank will initiate a soft credit inquiry. Soft credit inquiries do not affect your credit. Any rates and loan options offered to you are estimates only.
2Earn a 0.25% interest rate reduction for making automatic payments from a bank account (“auto pay discount”) by completing the direct debit form accessible on the Servicer's website. The auto pay discount is in addition to other discounts. The auto pay discount will be applied after the Servicer validates your bank account information. Automatic payments and the associated discount will be temporarily discontinued (1) if you elect to stop automatic deduction of payments and (2) during periods when you are not required to make payments. The discount will be permanently discontinued in the event three automatic deductions are returned by the financial institution for any reason.
3The 0.05% interest rate reduction will automatically be applied for every 6 consecutive on-time monthly payments of principal and interest made during the repayment term up to a maximum interest rate discount of 0.25%. During any period of deferment or forbearance the interest rate will increase by any previously received On-time Payment Benefit reduction(s). The interest rate will return to the reduced interest rate following such period. Use of a deferment or forbearance will reset the number of consecutive monthly payments of principal and interest made to zero. A late payment will disqualify the loan from receiving any additional interest rate reductions for on-time payments.
4The principal reduction is based on the total dollar amount of all disbursements made, excluding any amounts that are reduced, canceled, or returned. The reward must be requested from the Servicer, and the student borrower must have earned a bachelor's degree or higher and must provide proof of graduation to the Servicer. This reward is available once during the life of the loan, regardless of whether the student receives more than one degree.
5The 15- and 20- year term and Flat Payment Repayment option are only available for loan amounts of $5,000 or more. Making interest only or flat interest payments during deferment will not reduce the principal balance of the loan.
6The student borrower must meet certain credit and other criteria, and 12 consecutive monthly principal and interest payments or lump sum payments equal to 12 monthly principal and interest payments must have been received by the Servicer during any 12-month period. While a loan is in a reduced repayment plan or while a request for a reduced payment plan is pending, borrowers are not eligible to apply for cosigner release.
7The minimum loan amount is $1,000, except for (a) student applicants who are permanent residents of Iowa in which case the minimum loan amount is $1,001, and (b) student applicants or cosigners who are permanent residents of Massachusetts in which case the minimum loan amount is $6,001. The maximum loan amount to cover in-school expenses for each academic year is determined by the school's cost of attendance, minus other financial aid, as certified by the school. The requested loan amount cannot cause an individual applicant's aggregate education loan debt (which includes federal and private student loans) to exceed $300,000 per applicant applying for an undergraduate loan, $350,000 per applicant applying for a graduate, graduate certificate, Healthcare Professionals, Law or MBA loan, or $500,000 per applicant applying for a Medical or Dental loan.
8The student must be the legal age of majority at the time of application, or at least 17 years of age if applying with a cosigner who meets the age of majority requirements in the cosigner's state of residence. The legal age of majority is 18 years of age in every state except Nebraska (19 years old, only for wards of the state), and Puerto Rico (21 years old). Private student loans funded by DR Bank are available to applicants in all 50 states who are U.S. citizens, permanent resident aliens, Eligible Non-Citizens (DACA recipients), or international students. Eligible Non-Citizens (DACA recipients) and international students must apply with an eligible cosigner who is a U.S. citizen or permanent resident alien.