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Student Choice is a platform that connects student loan borrowers with a network of credit unions to find great loan rates.
Student loans can help you pay for college, but once college is over, many students are left with hefty monthly payments. In order to avoid overpaying later, it’s important to carefully shop around for the best possible deal on your student loans.
Unfortunately, getting quotes from multiple lenders can be inconvenient. Thankfully, Student Choice Student Loans can make the process easier by helping you check out student loan rates across multiple credit unions.
In this Student Choice Student Loans review, we'll explain how the platform works, share some alternatives, and show you how to open an account.
Note: Student Choice is the sister company of CU Select Student Loans.
Quick Summary
- Compare student loan options across multiple credit unions.
- Straightforward application process to see estimated rates.
- Get access to a college counselor to answer your funding questions.
- Get a rate discount when you set up automatic electronic payments**
Student Choice Student Loans Details | |
|---|---|
Product Name | Student Choice Student Loans |
Min Loan Amount | Varies by lender |
Max Loan Amount | Varies by lender |
Fixed APR* | Starting at 3.99% |
Variable APR* | Starting at 4.99% |
Loan Terms | Up to 25 Years |
Promotions | None |
What Is Student Choice Student Loans?
What Does It Offer?
Are There Any Fees?
How Does Student Choice Student Loans Compare?
How Do I Open An Account?
Is It Safe And Secure?
How Do I Contact Student Choice?
Is It Worth It?
Student Choice Student Loan Features
What Is Student Choice Student Loans?
Student Choice Student Loans is a platform that connects students with credit union student loan opportunities. It originally opened in the late 2000s with a group of credit unions looking to provide a resource for students to find more affordable student loan options.
As of writing, the platform works with hundreds of credit unions that offer student loan products to students across the country. According to Student Choice, the platform has successfully connected over 115,000 families with student loans.
Student Choices runs a specific comparison engine called CU Select. CU Select does more than student loans, but the same premise - connect credit unions with those looking for loans.
What Does It Offer?
Student Choice is much more than a student loan search engine. Here’s a closer look at what Student Choice Student Loans has to offer:
Search For Student Loans At Hundreds Of Credit Unions
As a borrower, you can search for school funding options based on your zip code, school name, or type of loan offered. After you fill out a quick form, you’ll see any potential loan opportunities available through participating credit unions.
Being able to sort through credit union student loan options in one place saves you from the hassle of having to track down loan details from different credit unions.
Competitive Rates
Credit unions tend to offer more competitive rates than other financial institutions. By exclusively sorting through credit union opportunities, you might be able to lock in a lower rate through Student Choice.
And you won’t have to undergo a credit check to explore your options. Instead, the rates you see are estimates of your finalized interest rate. While the estimates are helpful, you won’t know your true rate until you get a final offer from the credit union you choose to work with.
Ask A College Counselor Questions
Student Choice allows you to speak with a college counselor. You can get one on one support through a free counseling session by filling out a quick form. Someone should get back to you within 48 hours.
If you have specific funding questions or want another set of eyes on your numbers, this can be a useful option.
Student Loans And Refinancing Opportunities
Student Choice isn’t limited to new student loans. They also help borrowers seek out attractive refinancing opportunities.
Depending on your situation, refinancing student loans can help you meet a significant financial goal, like locking in a lower interest rate or more affordable monthly payment.
Check out Student Choice Refinancing here >>
Are There Any Fees?
Credit Union lenders on Student Choice don’t charge any application, prepayment, or origination fees. There may be late payment or past due payment fees, which can vary by lender depending on which credit union is chosen.
How Does Student Choice Student Loans Compare?
Student Choice Student Loans isn’t the only way to compare your student loan options across multiple lenders.
Credible is another strong choice. It’s a marketplace that helps borrowers compare multiple types of loan options, including private student loans. Like Student Choice, Credible doesn’t charge any origination or application fees. But the platform isn’t limited to credit unions - it includes more traditional financial institutions. A final Credible perk is that you can snag a gift card of up to $1,000 when you use our link.
Splash is another option that is especially helpful when looking for student loan refinancing options. Through the platform, you can estimate your rates across multiple lenders.
It doesn’t hurt to explore your options across multiple platforms to make sure you are locking in the best rate for your situation.
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|---|---|---|---|
Rating | |||
Fees | None | None | None |
Private Loans | |||
Refinancing | |||
| Cell | OPEN AN ACCOUNT | READ THE REVIEW | READ THE REVIEW |
How Do I Open An Account?
If you want to work with Student Choice Student Loans, you’ll need to answer the following questions:
- Are you looking for undergraduate or graduate student loans?
- Are you a student or parent?
- Will you apply with a co-borrower?
- Estimate your credit score.
- What is the name of your college?
- How much do you need to borrow?
You’ll need to provide Student Choice with your zip code and email address. From there, you’ll see your matches. If you want to move forward with a particular offer, you’ll need to fill out a formal application through the credit union you decide to work with.
Is It Safe And Secure?
Student Choice Student Loans doesn’t collect any financial information about you, so you don’t have to worry about anyone stealing that information through this platform.
However, the platform does require an email address. You should expect to receive marketing emails, which can be annoying. But for many, the service Student Choice provides is worth the inconvenience.
How Do I Contact Student Choice?
If you need to get in touch with Student Choice, you can fill out a contact form. Once you submit your information, a representative will reach out to you via email or phone.
Is It Worth It?
Student Choice Student Loans is a worthwhile platform for students seeking affordable loan options. In general, credit unions have a reputation for offering loans with lower interest rates. With that, scoping out your options through Student Choice is a good idea, especially because you won’t have to undergo a hard credit pull.
If you find an offer worth taking through the platform, then you might save yourself thousands in interest payments. But if you don’t find the right fit, check out these other student loan lenders.
Check out Student Choice here >>
Student Choice Student Loan Features
Account Types | Credit Union student loan comparison shopping |
Types of loans |
|
| Fixed APR* | 3.99% - 16.25% (10-Year Repayment term‡) |
Variable APR* | 4.99% -15.50% (20 or 25-year repayment term◊◊) |
Fees | None |
Min Loan Amount | Varies by lender |
Max Loan Amount | Varies by lender |
Application processing time | 5-45 days |
Featured Partner Lenders |
|
Customer Service | Via Online Contact Form (response within 48 hours) |
Mailing Address | 1001 Connecticut Avenue NW, 10th Floor Washington, DC 20036-5504 |
Disclosures
* APR = Annual Percentage Rate. Rates shown may include a 0.25% discount for optional enrollment in automatic electronic payments. Variable rates subject to increase after consummation. Rates subject to change without notice. • ◊ Subject to annual review and credit qualification. Must meet school’s Satisfactory Academic Progress (SAP) requirements. • **The APR will not fall below the floor rate regardless of the index or any additional rate discount • ‡Fixed Rate Option: the repayment schedule is fixed at 10 years regardless of the amount you borrow. Full repayment begins at the end of the grace period, unless full repayment is selected during enrollment. • ◊◊ Variable Rate Option: the repayment term is 20 years if your principal balance at repayment is $40,000 or less, and 25 years if your principal balance at repayment is more than $40,000.
Private Student Loan Disclosures: Important notice for private education line of credit borrowers:Our innovative private student lending solution is designed to help you responsibly fill funding gaps that may remain after you’ve exhausted lower-cost sources of aid such as scholarships, grants, and federal financial aid. Variable Rate Education Line of Credit. The Annual Percentage Rate is subject to increase after consummation. The interest rate will be adjusted quarterly, based on changes to the Index. The APR will not exceed a Ceiling rate or fall before a Floor rate set by each credit union regardless of the Index or any additional rate discount. Any increase in the Index may increase the -APR and the amount of your monthly payment. The “Index” for the quarter beginning July 1st, 2023, is 8.25%, which was the Prime index published in the Wall Street Journal on the first business day of June 2023. Current offered rate(s) are calculated by using the Index, Margin and Floor value(s) in effect. Your specific Interest Rate, Margin, Floor, and/or credit approval depends upon the credit qualifications of the student borrower and co-borrower (if applicable). Margin will be disclosed at account opening. The repayment term is 20 years if your principal balance at repayment is $40,000 or less, and 25 years if your principal balance at repayment is more than $40,000. Fixed Rate Education Line of Credit. Your interest rate is fixed and your rate and/or credit approval depends upon the credit qualifications of the student borrower or coborrower (if applicable). The repayment schedule is fixed at 10 years regardless of the amount you borrow. Full repayment begins at the end of the grace period, unless full repayment is selected during enrollment.
Editor: Colin Graves
Reviewed by: Robert Farrington
The post Student Choice Student Loans Review: Pros And Cons appeared first on The College Investor.
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