BOSTON, July 9, 2020 -- Cognition Financial announced today that it has entered into an agreement with Citizens Bank to serve as the funding source on the Custom Choice and Union Federal Private Student Loan Programs, two programs facilitated by Cognition Financial.
Cognition Financial will perform all sales, marketing, loan origination, underwriting and portfolio management functions for these two proprietary programs. The Custom Choice and Union Federal loan programs offer borrowers tremendous flexibility in choosing the right loan terms that work for their circumstances. Borrowers are able to choose fixed or variable interest rates and select the repayment term and type that suits their needs.
Any borrower who applies on or before August 31, 2020 can benefit from the Summer Savings discount, which offers borrowers a .50% interest rate reduction on all loans. [i]
Daniel Meyers, Chief Executive Officer of Cognition Financial, said, "We're pleased to have signed this new agreement with Citizens Bank. We have been generating high quality private loan portfolios under the Custom Choice and Union Federal brands for more than a decade. These products are on hundreds of school lender lists and have helped thousands of families better afford their education choices. This coming academic year promises to be one of the most challenging for families and schools and we'll be standing ready to help with our innovative financing programs."
Cognition Financial helps students finance their education through products and services offered with national and regional financial institution partners. Cognition Financial has over 25 years of experience facilitating more than $23 billion in private student loans for dozens of lender clients and thousands of schools, helping more than 1 million families pay for their education. For more information, please see www.cognitionfinancial.com.
 Offer valid for new Custom Choice and Union Federal Private Student Loans for which applications are submitted for a credit decision between 12:00:00am EST on July 1, 2020 and 11:59:59pm EST on August 31, 2020. A 0.50% interest rate reduction will be included in the loan options presented to an applicant during the online application process, upon passing the initial credit review. The interest rate reduction will be applied as of the first disbursement date and will be effective for the life of the loan.