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Last update: January 18, 2024

5 minutes read

CUSelect: Private Student Loan Review

Explore our comprehensive review of CUSelect, a credit union-focused financing option with competitive interest rates, no-fee policies, and personalized financial guidance.

By Yerain Abreu, M.S.

CUSelect Review Snapshot

CUSelect logo

BEST FOR:

Student seeking a credit union loan

Check rate

VARIABLE APR

4.99% - 15.50%*

FIXED APR

3.99% - 16.25%*

Choosing the right student loan can be overwhelming. That's why we're taking a look at CUSelect, a key player in student financing. In this post, I'll break down what CUSelect offers, from loan terms and interest rates to repayment options and customer service. Whether you're a student or a parent, this review aims to give you a clear and straightforward understanding of CUSelect, helping you decide if it's the right choice for your educational journey.

Our final verdict

CUSelect shines with its credit union-focused approach. Plus, their approach to crowdsourcing payment adds an innovative, community-driven angle to student loan repayment. However, initial soft rates are estimates, so the final rates may be unpredictable. Overall, CUSelect has carved out a niche for the cost-conscious and community-minded, making it a standout choice.

    About CUSelect

    CUSelect was founded in 2008 with the founding of Student Choice by a consortium of credit unions. They stands out for primarily focusing on connecting students with credit union-based private student loan options. This initiative focused on providing fair-value student lending solutions.

    Recognizing a broader need in 2020, CUSelect expanded its scope to facilitate connections between families and credit unions for a variety of financial needs beyond just student loans.

    CUSelect operates on principles of transparency and consumer advocacy. At its core, CUSelect champions transparency and student advocacy. The platform allows students to access its services without any fees. This approach aligns with the principles of credit unions – prioritizing member benefits over profits – by also empowers students to secure financial solutions that are in their best interest while leveraging the unique benefits of credit unions.

    TuitionHero tip

    Remember to borrow wisely and always explore federal loans, grants, scholarships, and work-study options before taking out a private student loan. Our user-friendly platform lets you explore and compare college financing options personalized to your unique situation.

    Undergraduate loan details

    CUSelect provides loans that range from $5,000 up to Varies (aggregate) for undergraduate students. They offer fixed rates from 3.99% % to 16.25%*% or variable rates from 4.99%% to 15.50%*% (including the autopay discount!).

    Borrowers can rest easy knowing that there are:

    • No application fees

    • No origination fees

    • No prepayment penalties

    Adding a cosigner to your loan, such as a friend or relative with strong credit, may also be an attractive option because you may likely get a lower rate and a higher chance of approval.

    Repayment options

    CUSelect offers various hardship and other repayment options that provide borrowers with relief during times of financial stress. Some choices include deferring payments until after graduation, making interest-only payments while in school, or temporarily making partial payments.

      CUSelect

      Best for: Student seeking a credit union loan

      CUSelect

      Check My Rate
      VARIABLE APR

      4.99% - 15.50%*

      FIXED APR

      3.99% - 16.25%*

      LOAN AMOUNT

      Varies

      TERMS LENGTH

      10, 20, 25-year

      MIN CREDIT SCORE

      620

      VARIABLE APR

      4.99% - 15.50%*

      FIXED APR

      3.99% - 16.25%*

      LOAN AMOUNT

      Varies


      TERMS LENGTH

      10, 20, 25-year

      MIN CREDIT SCORE

      620

      WHAT WE LIKE

      • Wide Selection of Credit Unions: Offers access to numerous credit unions, increasing the chances of finding a suitable loan option

      • Competitive Interest Rates: Generally lower rates compared to other financial institutions

      • No Credit Check for Estimates: Allows for rate exploration without impacting credit score.

      • Auto Pay discount: You get a rate discount when you set up automatic electronic payments

      • Free College Counseling: Provides one-on-one counseling for funding questions and financial planning.

      • No Application, Prepayment, or Origination Fees: Reduces the extra costs often associated with loan processing.

      • Multi-Year Approval: No need to reapply every year, offering convenience and stability.

      WHAT WE DON'T LIKE

      • Limited to Credit Unions: Might miss out on offers from other types of financial institutions.

      • Final Rates Uncertain Until Offered: Estimated rates may differ from the actual rates offered upon application.

      • Application Processing Time: Varies widely from 5 to 45 days, which might be inconvenient for some.

      • Rate Variation by Lender: Interest rates and terms can vary significantly depending on the chosen credit union.

      • Potential Uncertainty in Final Rates: Estimated rates might differ from final offered rates.

      • Repayment Terms Restriction: Fixed rate loans have a set 10-year repayment term, and variable rates have 20-25 year terms, which may not be ideal for all borrowers.

      • Autopay discount: Many of their credit union lenders offer a 0.25% interest rate discount when you sign up for automatic debit payments.

      • Added benefit: A counselor provides 1:1 support for your financial aid, award letter, and other funding questions.

      Eligibility

      Who can benefit from CUSelect's loan options? Here are the core eligibility requirements for their private student loans:

      1. Age: You must be at least 18 years or the age of majority in your state of residence.

      2. Class load: For fall and spring terms, you must be enrolled at least half-time. For summer term, you may be enrolled less than half-time.

      3. Location: CUSelect works by matching you with a credit union to help fund your private student loan. Different credit unions will service different states.

      4. School attended: You must be continually enrolled in a degree-granting program.

      5. Academic performance: You must meet your school’s minimum Satisfactory Academic Progress (SAP) criteria to be eligible.

      TuitionHero tip

      If you're not eligible, try applying with a cosigner! Adding a cosigner to your loan application may help you get a lower interest rate and increase your chances of being approved.

      Compare CUSelect to other lenders

      Unsure if CUSelect is the right lender for you? Take a moment to check out some of their biggest competitors to see which lender works best for you.

      Our top pick

      CUSelect

      CUSelect

      Disclosures

      Variable APR

      4.99% - 15.50%*

      Fixed APR

      3.99% - 16.25%*

      Repayment Options
      • In-school deferment
      Fees
      • No application fees
      • No prepayment penalties
      • No origination fees
      Discounts & Benefits
      Autopay discount: 0.25%
      Added benefit: Financial aid counselor
      Loan Details
      Loan amount: Varies
      Term lengths: 10, 20, 25-year

      CUSelect

      CUSelect

      Disclosures

      Variable APR

      4.99% - 15.50%*

      Fixed APR

      3.99% - 16.25%*

      Repayment Options
      • In-school deferment
      Fees
      • No application fees
      • No prepayment penalties
      • No origination fees
      Discounts & Benefits
      Autopay discount: 0.25%
      Added benefit: Financial aid counselor
      Loan Details
      Loan amount: Varies
      Term lengths: 10, 20, 25-year

      CUSelect

      CUSelect

      Disclosures

      Variable APR

      4.99% - 15.50%*

      Fixed APR

      3.99% - 16.25%*

      Repayment Options
      • In-school deferment
      Fees
      • No application fees
      • No prepayment penalties
      • No origination fees
      Discounts & Benefits
      Autopay discount: 0.25%
      Added benefit: Financial aid counselor
      Loan Details
      Loan amount: Varies
      Term lengths: 10, 20, 25-year

      College Ave

      College Ave

      Disclosures

      Variable APR

      5.59% - 16.65%¹

      Fixed APR

      4.11% - 15.44%¹

      College Ave

      College Ave

      Disclosures

      Variable APR

      5.59% - 16.65%¹

      Fixed APR

      4.11% - 15.44%¹

      College Ave

      College Ave

      Disclosures

      Variable APR

      5.59% - 16.65%¹

      Fixed APR

      4.11% - 15.44%¹

      Sallie Mae

      Sallie Mae

      Disclosures

      Variable APR

      6.37% - 16.70%¹

      Fixed APR

      4.50% - 15.49%¹

      Sallie Mae

      Sallie Mae

      Disclosures

      Variable APR

      6.37% - 16.70%¹

      Fixed APR

      4.50% - 15.49%¹

      Sallie Mae

      Sallie Mae

      Disclosures

      Variable APR

      6.37% - 16.70%¹

      Fixed APR

      4.50% - 15.49%¹

      Ready to get started?

      Compare student loan rates from all the top lenders with zero impact to your credit score.

      Customer service

      Customer support can be a make-or-break factor when evaluating a potential lender. CUSelect offers multiple ways to contact them.

      You can aslo start a live chat with them with a chatbot available 24/7.

      • Website: https://www.cuselect.com/

      • Email:

      • Phone: 844-654-5656

      • Hours:

      Frequently asked questions (FAQ

      Here are some of the most common questions we get asked about CUSelect.

      Many credit unions offering loans through CUSelect provide in-school deferment options. This means you may not be required to make payments while you are enrolled in school. The terms of deferment, including whether interest accrues during this period, will depend on the specific credit union's policy.

      CUSelect enables students to find credit unions they are eligible to join, offering a range of products even if they are not currently members of any credit union.

      CUSelect provides loans that cover a variety of education-related expenses, including tuition, books, housing, and more, offering flexible funding options for students.

      CUSelect promotes transparency in lending, and the credit unions they partner with typically do not charge application, origination, or prepayment fees. However, there may be late payment or other fees depending on the lender’s policies. It's important to review the fee structure of the specific credit union you are considering.

      CUSelect offers a unique line of credit with multi-year approval, meaning students don’t need to reapply every year once they are approved.

      CUSelect offers both fixed and variable intrest rate loans, giving students the option to choose based on their financial preferences and market conditions.

      CUSelect provides personal support through college counselors who offer one-on-one guidance for financial aid, award letters, and other funding questions.

      CUSelect lists estimated rates and terms on their site, but the final terms are determined after application and may vary based on the selected credit union and the student’s creditworthiness.

      CUSelect assists not only in new student loans but also offers opportunities for students looking to refinance their existing loans.

      The maximum loan amount available through CUSelect varies by lender, as they partner with multiple credit unions. The specific amount you can borrow will depend on the credit union's policies, your creditworthiness, and the cost of your education. It's advisable to check with individual credit unions for their maximum loan amounts.

      CUSelect loans are generally accepted at most accredited colleges and universities across the United States. However, it's important to verify whether the specific credit union's loan product is compatible with your chosen institution. CUSelect's platform allows you to search for loan options based on your school name.

      Yes, CUSelect offers support for applicants. You can contact them directly by phone for personal assistance or use their online chatbot for quick answers. Additionally, they provide a contact form on their website for any specific queries or issues you might encounter during the application process, with a promise of a response within 48 hours.

      Final thoughts

      CUSelect Student Loans, with over 15 years of experience and having assisted more than 116,000 families, stands out in the marketplace as a prime destination for credit union-based student loans. Its competitive rates, member-centric approach, and dedication to providing flexible funding options and personalized financial guidance make it an attractive choice for borrowers who value the benefits of credit unions.

      Despite some limitations like rate variability and a specific focus on credit union loans, CUSelect's commitment to streamlining the student loan process and offering affordable financial solutions makes it a noteworthy choice for students and parents seeking dependable and cost-effective financing options.

      Sources


      Author

      Yerain Abreu avatar

      Yerain Abreu is a Content Strategist with over 7 years of experience. He earned a Master's degree in digital marketing from Zicklin School of Business. He focuses on college finance, a niche carved out of his journey through the complexities of academic finance. These firsthand experiences provide him with a unique perspective, enabling him to create content that's informative and relatable to students and their families grappling with the intricacies of college financing.

      At TuitionHero, we're not just passionate about our work - we take immense pride in it. Our dedicated team of writers diligently follows strict editorial standards, ensuring that every piece of content we publish is accurate, current, and highly valuable. We don't just strive for quality; we aim for excellence.


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