All loans include a 2% principal reduction upon request with proof of graduation. 3
Earn a 0.25% interest rate reduction by making automatic payments from a savings or checking account.
There are absolutely no fees associated with a Custom Choice Loan, including no late or prepayment fees.
Just because you need a cosigner now doesn't mean you always will. Cosigners can be released upon request after making 36 consecutive on-time monthly principal and interest loan payments. 8
When the going gets tough, we’ve got your back. There are never any extra or late fees with a Custom Choice Loan, including for missed payments due to job loss 9 or natural disaster. 10
Approval is more likely when adding a parent or another adult with good financial standing. Plus, you may get a lower rate than you would if you applied solo.
When you apply for subsequent loans with the same cosigner, you not only have a higher chance of approval, 12 you won’t have to provide income documentation again. This makes the application process easier and faster.
Focus on your education and make no payments while in school
Make a flat $25 payment each month to reduce your interest
Pay the accrued interest each month during school
Make payments on both principal and interest immediately
Students can choose whether they want to lock in a fixed interest rate for the life of the loan or allow the interest rate to change over time with the market.
The choice is yours whether to pay your loan over 7, 10, or 15 years. You know best when it comes to which repayment timeline works for your situation and budget.
Competitive rates. Flexible terms with no fees. Unique borrower benefits. A quick and simple application process. These are just a few reasons students choose Custom Choice.
What we’ll need from your cosigner (if applicable):
While we hope you’ll meet the Satisfactory Academic Process requirements established by your school, it’s not a Custom Choice eligibility requirement.
There are absolutely no fees associated with a Custom Choice Loan. No late fees. No prepayment fees. Oh, and did we mention no fees?
A cosigner is not required, but it’s worth considering. Adding a parent or another adult in good financial standing may increase your chances for approval and provide a lower interest rate.
All loans receive a 2% principal loan reduction upon request with proof of graduation. 3 Congrats, grads.
Monogram was founded with the goal of helping students reach their educational goals through access to funding. Monogram employees have over 30 years of experience facilitating more than $30 billion in private student loans for dozens of lender clients and thousands of schools. They’ve helped more than 1 million families pay for their education.
You can get a 0.25% interest rate reduction when you make automated payments 7 from your checking or savings account.
We also offer a Graduation Reward, which is a 2% principal reduction upon request with graduation. 3
You can apply and get a personalized rate within minutes. If approved, you are asked to accept the terms and sign your loan documents. Next, we send your loan application to your school for certification. Each school has their own process and timelines, which could take several days or a few weeks. Finally, after receiving certification, we’ll schedule disbursement of loan funds according to your school’s timeline.
The minimum loan amount is $1,000, and you may borrow up to $99,999 annually (your total student loan debt cannot exceed $180,000). 1
Yes, you may request to release a cosigner from a loan after making 36 consecutive on-time principal and interest payments. 8
A $1,500 scholarship could be in your future. Custom Choice is sponsoring a $1,500 scholarship every month until October 31, 2024. 15 It’s just one way we’re working to ease the costs of higher education.
There’s a lot to learn when it comes to figuring out how to pay for college. Get answers to the questions you have and maybe even some you haven’t already considered.
Before applying for a private student loan, Citizens and Monogram recommend exhausting all financial aid alternatives including grants, scholarships, and federal student loans.
The Custom Choice Loan® is made by Citizens (“Lender”). All loans are subject to individual approval and adherence to Lender’s underwriting guidelines. Program restrictions and other terms and conditions apply. LENDER AND MONOGRAM LLC EACH RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. TERMS, CONDITIONS AND RATES ARE SUBJECT TO CHANGE AT ANY TIME WITHOUT NOTICE.
1. The minimum loan amount is $1,000 except for student applicants who are permanent residents of Iowa in which case the minimum loan amount is $1,001. The maximum annual loan amount to cover in-school expenses for each academic year is determined by the school’s cost of attendance, minus other financial aid, such as federal student loans, scholarships, or grants, up to $99,999 annually. The loan amount must be certified by the school. The loan amount cannot cause the aggregate maximum student loan debt (which includes federal and private student loans) to exceed $180,000 per applicant (on cosigned applications, separate calculations are performed for the student and cosigner).
2. Any student applicant who is enrolled less than half-time or who applies for a loan the month of, the month prior to, or the month after their graduation date, as stated on the application or certified by the school, will only be offered the Immediate Repayment option. The Interest Only option (defer principal payments), Flat Payment Repayment option ($25 monthly payment) and the Full Deferment option (defer principal and interest payments) are only available while the student is enrolled at least half-time at an approved school. The Flat Payment Repayment option ($25 monthly payment) is only available on loans of $5,000 or more. With the Immediate Repayment option, the first payment of principal and interest is due approximately 30-60 calendar days after the final disbursement date and the minimum monthly payment will be $50.00. Certain repayment terms and/or options may not be available depending on the applicant’s enrollment status and/or debt-to-income ratio. There are no prepayment penalties. See footnote 13 for payment examples.
3. The principal reduction is based on the total dollar amount of all disbursements made, excluding any amounts that are reduced, canceled, or returned. To receive this principal reduction, it must be requested from the Servicer, the student borrower must have earned a bachelor’s degree or higher and proof of such graduation must be provided to the Servicer. This reward is available once during the life of the loan, regardless of whether the student receives more than one degree.
4. In order to estimate the rates and loan options you prequalify for, Citizens will perform a soft credit inquiry, as authorized by you. Soft credit inquiries do not affect your credit. If you prequalify, the rates and loan options offered to you are estimates only. Once you choose your loan options and submit your application, Citizens may perform a hard credit inquiry, as authorized by you. Loan approval, options, and final rate depend on the verification of information provided on your application, and information obtained from the credit inquiry(ies) (and any cosigner’s credit inquiry(ies)).
5. Interest rates and APRs (Annual Percentage Rates) depend upon (1) the student’s and cosigner’s (if applicable) credit histories, (2) the repayment option and repayment term selected, (3) the expected number of years in deferment, (4) the requested loan amount and (5) other information provided on the online loan application. If approved, applicants will be notified of the rate applicable to your loan. Rates and terms are effective as of 8/1/24. The variable interest rate for each calendar month is calculated by adding the 30-Day Average Secured Overnight Financing Rate (“SOFR”) index, or a replacement index if the SOFR index is no longer available, plus a fixed margin assigned to each loan. The SOFR index is published on the website of the Federal Reserve Bank of New York. The current SOFR index is 5.350% as of 8/1/24. The variable interest rate will change if the SOFR index changes or if a new index is chosen. The applicable index or margin for variable rate loans may change over time and result in a different APR than shown. The fixed rate assigned to a loan will never change except as required by law or if you request and qualify for the auto pay discount.
6. APRs assume a $10,000 loan with one disbursement. The high fixed rate APR assumes a 7-year term with the Flat Payment Repayment option, a 1 month deferment period, and a six month grace period before entering repayment. The high variable rate APR assumes a 7-year term with the Fully Deferred Repayment option, a deferment period greater than 30 months and a six-month grace period before entering repayment. The low APRs assume a 7-year term, and the Immediate Repayment option with payments beginning 30-60 days after the disbursement via auto pay. See footnote 7 for auto pay details.
7. Earn a 0.25% interest rate reduction for making automatic payments of principal and interest from a bank account (“auto pay discount”) by completing the direct debit form provided by the Servicer. The auto pay discount is in addition to other discounts. The auto pay discount will be applied after the Servicer validates your bank account information. Automatic payments and the associated discount will be temporarily discontinued (1) if you elect to stop automatic deduction of payments and (2) during periods when you are not required to make payments. The discount will be permanently discontinued in the event three automatic deductions are returned by the financial institution for any reason. The auto pay discount is not available when reduced payments are being made or when the loan is in a deferment.
8. A cosigner may be released from the loan upon request to the Servicer, provided that the student borrower has met credit and other criteria, and 36 consecutive monthly principal and interest payments have been received by the Servicer within 10 calendar days after their due date. Late payment(s), or the use of a deferment or forbearance will reset the number of consecutive principal and interest payments to zero. Use of an approved reduced repayment plan will disqualify the loan from being eligible for this benefit.
9. Available in increments of no more than two (2) months, for a maximum period of twelve (12) months. To be eligible for unemployment protection a required number of monthly principal and interest payments must have been made and the loan cannot be more than fifty-nine (59) days delinquent. During unemployment protection, principal and interest payments are deferred and the interest that accrues during the unemployment protection period may be capitalized at the expiration of such period in accordance with the Credit Agreement. To be eligible for more than one incremental period of unemployment protection, (a) at least twelve (12) monthly principal and interest payments must be satisfied following the prior period of unemployment protection and (b) the borrower cannot have utilized more than two (2) periods of unemployment protection in the five (5) years prior to the last day of the most recent unemployment protection period. The number of months of unemployment protection utilized counts towards the total number of months of forbearance permitted on the loan. The repayment term will be extended by the total number of months of unemployment protection applied to the loan.
10. Natural Disaster Forbearance is afforded at the lender’s discretion based on guidance from the Federal Emergency Management Agency (“FEMA”).
11. A Returning Borrower is a student applicant or a student applicant and cosigner combination with either (a) a prior application that is awaiting school certification, or (b) a prior loan that has a disbursement scheduled or completed. Income verification will be waived for Returning Borrowers who report the same employer, employment status, singular income source and an annual income amount within 25% of the annual income amount previously verified from such income source on a prior application or loan with an income verified date within eighteen (18) months of the hard pull decision date of the new application. If more than one prior application or loan with an income verified date within eighteen (18) months of the hard pull decision date for the creditworthy applicant exists, the most recent qualifying application or loan will be used to verify income.
12. You must submit a new application for a Custom Choice Loan each year. This approval percentage is based on undergraduate borrowers with a Custom Choice Loan from 2020 who were approved again in 2021. Future approval rates can change.
13. The 15-year term and Flat Payment Repayment option (paying $25 per month during in-school deferment) are only available for loan amounts of $5,000 or more. Certain repayment terms and/or options may not be available depending on the applicant’s enrollment status and/or debt-to-income ratio. Making interest only or flat interest payments during deferment will not reduce the principal balance of the loan. Payment examples (all assume a 14-month deferment period, a six-month grace period before entering repayment, no auto pay discount, and the Interest Only Repayment option): 7-year term: $10,000 loan, one disbursement, with a 7-year repayment term (84 months) and a 9.50% APR would result in a monthly principal and interest payment of $163.44. 10-year term: $10,000 loan, one disbursement, with a 10-year repayment term (120 months) and a 9.30% APR would result in a monthly principal and interest payment of $128.31. 15-year term: $10,000 loan, one disbursement, with, a 15-year repayment term (180 months) and a 9.29% APR would result in a monthly principal and interest payment of $103.16.
14. Positive income (a dollar or more of income annually) is required of the student applicant on a student only application and of any proposed cosigner on a cosigned application.
15. NO PURCHASE OR PAYMENT NECESSARY TO ENTER OR WIN. Open to legal residents of the 50 U.S./D.C., age 18+, who are currently a student or parent of a student enrolled in an undergraduate program at an Eligible Institution. An “Eligible Institution” must be: (i) based in the United States; (ii) Title IV eligible according to data from the U.S. Department of Education; and (iii) categorized as a public or private school that offers bachelor’s degree program or higher according to the U.S. Department of Education, excluding for-profit schools (proprietary schools). Void outside the 50 U.S./D.C. and where prohibited. Sweepstakes starts at 12:00:01 AM ET on 05/28/20; ends at 11:59:59 PM ET on 10/31/2024. Total ARV of prize per Entry Period: $1,500; Total ARV of all prizes: $79,500. Odds of winning will depend on the total number of entries received for each Entry Period. For full Official Rules, visit https://sweeps.smartborrowing.org/paying-for-college-sweepstakes-official-rules/. Sponsor: Monogram LLC, 200 Clarendon Street, 20th Floor, Boston, MA 02116.
Custom Choice Loan® is a registered trademark of Monogram LLC.
Monogram LLC (NMLS #2542102) NMLS Consumer Access
