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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 6/1/2024*


Private Student Loan

Fixed Rate

*See important information about rates, fees and other costs

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
  • 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 and selecting the "Apply for an Additional Loan" button.


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).1
  • 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  

Most new students apply with 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 applies on their own.
  • Students/primary borrowers need to start the application before adding a cosigner.
  • After 24 months of consecutive, on-time payments, cosigners can be released from the loan. This means the cosigner removes 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 costs. They are offered by private lenders.
  • Federal student loans are offered by the government and include fixed interest rates.

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.

About LendKey 

  • LendKey is a marketplace that connects borrowers with private student loans and refinanced student loans from credit unions and community banks.

  • With LendKey, you can get preapprovals and rate estimates without a hard credit inquiry.

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 principle and interest during the repayment period, subject to credit approval and other underwriting criteria.

*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.