Private Student Loan Rates as low as
APR Effective 5/1/2022*
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. 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).
- Current or incoming students of an eligible college or university.
- U.S. citizen or permanent resident.
- Legal adult in the state in which the 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 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:
- Interest-only payments with a $25/month minimum.
- 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.
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Member (or future members) can always reach out to BECU at 800-233-2328
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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.