Private Student Loans

Private Student Loans

Fill the gap between financial aid and the cost to attend school

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Private Student Loan Rates as low as

APR Effective 2/1/2024*


Private Student Loan

Fixed Rate

*See important information about rates, fees and other costs

What Are Private Student Loans?

BECU In-School Private Student Loans are designed to help meet the needs of incoming or current students. If you need help with costs such as tuition, books and living expenses, these loans have you covered. 

Private loans often cover expenses that are left over after other sources of funding have been applied. Other sources of funding often include federal loans and grants, work-study and scholarships.

Private Student Loan Highlights

  • Covers the gap between financial aid and total cost of attendance.
  • Offers individual applicant and co-signer options.

Features and Benefits 

  • No origination fee. BECU doesn't charge you an application fee to process the loan.1
  • Get a 0.25% APR interest-rate discount when you sign up for automatic payments.2
  • No prepayment penalty.
  • Flexible in-school payment options.

If you are a returning student loan borrower, log in to your account by accessing the LendKey site. Once you're logged in click the green "Apply for an Additional Loan" button.


  • Be a BECU member (it's free to join).
  • Be a current or incoming student of an eligible college or university.
  • Be a legal adult in the state in which the applicant resides (age 18 in most states).
  • Applicant must 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.

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

Cosigner Information  

Thinking of cosigning? You're in good company. Most new students use a cosigner to qualify for student loans. 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 applied on their own.
  • Students/primary borrowers will need to initiate the application before adding a cosigner.
  • Cosigners can be released from the loan after 24 months of consecutive, on-time payments. This means the cosigner remove their name from the student's loan.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 expenses. They are offered by private-sector lenders.
  • Federal student loans are offered by the government and include fixed interest rates.  

Your funds are paid directly to your school. When received at your school, the Financial Aid Office applies loan funds to any remaining balance you may owe to the school.

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

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

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

A cosigner is 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 unlikely event the borrower does not fulfill their obligation; the cosigner is required to make the monthly payments. Failure to do so will cause negative information to be reported on the cosigner's credit report.

Contact LendKey for specific student loan questions at 866-291-6868 or

Note: For security reasons, LendKey doesn't accept emails with attachments. As many automated signatures contain logos, please delete imagery before sending.

Member (or future members) can always reach out to BECU at 800-233-2328

If you are attending a school not listed among eligible colleges or universities or you are not in a degree-seeking 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. For Washington state residents, please visit WSAC. Residents of Oregon state may visit OSAC.

Who do I contact for more information?
Contact LendKey for specific student loan questions at 866-291-6868 or

Note: For security reasons, LendKey doesn't accept emails with attachments. As many automated signatures contain logos, please delete imagery before sending.

Member (or future members) can always reach out to BECU at 800-233-2328.

About LendKey 

  • 4.5 star rating on Nerdwallet.

  • Has an established online presence in the Student Lending space since 2009

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. PAYMENT EXAMPLE: These examples assume a 4-year in-school period and a 6-month grace period (54 total months) before you are required to make full principal and interest payments. During the 54-month in-school and grace period, borrowers have the option to either make a fixed payment of $25 each month or to pay only the interest that accrues each month, which for a $10,000 loan amount would be between $74.92 and $110.33—depending on your APR. During the repayment period you would make 120 monthly payments of $160.75 - $220.19—depending on your APR—if you select the fixed $25 in-school payment, or you would make 120 monthly payments of $126.62 to $150.73—depending on your APR—if you select the interest only in-school payment option.

2All rates include the auto-pay 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 principle and interest during the repayment period, subject to credit approval and other underwriting criteria.