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 1/1/2022*


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. 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

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.


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 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.
  • Students and 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 you can remove their name from the 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 other adult 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

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. The payment example illustrates the estimated annual percentage rate (APR) and monthly payment for a $10,000 loan amount with various terms. If you selected a 10-year term, you would make 120 monthly payments of $106.02 to $125.27—depending on your APR.

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.