Private Student Loan Rates as low as
APR Effective 8/1/2020*
Private Student Loan
What are Private Student Loans?
BECU In-School Private Student Loans are designed to help meet the needs of incoming or current students. Private loans often provide the remaining funds needed after students receive other funding, usually from federal grants, federal loans, work study and scholarships.
- Covers the gap between financial aid and total cost of attendance
- Offers ability to apply individually or with a cosigner
Features and Benefits
- No origination fee (BECU doesn't charge you an application fee to process the loan)
- 0.25% APR interest-rate discount when you sign up for automatic payments2
- No prepayment penalty
- Flexible in-school payment options
- BECU member (it's free to join)
- Current or incoming students of an eligible college or university
- U.S. citizen or permanent resident
- Legal adult in the state in which student resides (age 18 in most states)
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 not qualify without one.
- Cosigners may help a student borrower receive a lower interest rate than if the student applied on his or her own.
- Cosigners can be released from the loan after 24 months of consecutive, on-time payments. This means you can remove their name from the loan.3
Frequently Asked Questions
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Has an established online presence in the Student Lending space since 2009
- Student Loans
- Refinance Student Loans
- Student Checking and Savings Accounts
- Understanding College Costs (studentaid.ed.gov)
- Five Steps to Create Your First College Budget
- 8 Ways to Save: College Edition
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.