The ideal candidate for Student Loan Consolidation has:
The |default_lender_name| Student Loan Consolidation can be used to consolidate and refinance your outstanding student loan debt.
[TOP]A student loan consolidation allows borrowers the ability to consolidate and refinance one or multiple loans into one loan at a potentially lower interest rate.
[TOP]Yes! You can consolidate federal and private student loans.
[TOP]To apply for the |default_lender_name| Student Loan Consolidation, you must be a |cl_citizenships| who graduated from an eligible school and a member of |default_lender_name|.
|cl_faq_cosigner_eligible_loan|
[TOP]You can confirm whether or not your school is an eligible school on the first page of the application.
[TOP]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. The cosigner must be a |cl_citizenships|.
[TOP]In some instances, a cosigner is required to obtain the Congressional Federal Student Loan Consolidation. A creditworthy cosigner increases the likelihood of your loan approval and may lead to a lower loan rate. Creditworthy borrowers that meet the credit requirements may apply without a cosigner.
[TOP]Yes, in a cosigned loan both the borrower and the cosigner are jointly liable for making all loan payments. The loan will appear on both the borrower and cosigner’s credit report.
[TOP]If the borrower fails to repay the loan, then the cosigner is responsible for repaying the loan. |cl_faq_cosigner_release|
[TOP]The minimum you can borrow is |cl_minimum_amount| per year. The maximum you can borrow is |cl_undergraduate_maximum_amount| for undergraduate debt and |cl_maximum_amount| for graduate school debt.
[TOP]The application process must be completed online at http://|domain|.cuconsolidation.org
[TOP]Yes, you must provide proof of graduation from an eligible school.
[TOP]Your graduation date needs to be verified through documentation, such as a school transcript, copy of the degree, diploma or certificate, written or verbal school verification, or through an electronic method such as the National Student Loan Clearinghouse.
[TOP]You must provide a copy of your two most recent pay stubs within the last 60 days. Pay stubs submitted for review must clearly display the following five pieces of information:
(See an example pay stub with the required fields)
Depending on your type of employment or financial situation, we may be able to accept alternate proof of income:
If the loan is cosigned, both the borrower and the cosigner will need to submit these documents.
[TOP]You must provide your last statement(s) on your student loans and a payoff letter or screenshot with a payoff 30-45 days into the future. A payoff letter, obtained from the lender, will state the amount that will satisfy the loan obligation through a specified date in the future.
[TOP]Yes. During the application process, and as part of the underwriting process, a credit bureau report on both the borrower and cosigner is pulled. The borrower’s creditworthiness or ability to repay the loan is assessed based on the credit bureau reports of both the borrower and cosigner.
[TOP]The status of your application is available by signing in to your account. The green status bar you see immediately after login indicates which state your application is currently in.
[TOP]Applying:
The borrower started the application but it has not been credit reviewed for one of two reasons:
Reviewing:
Gathering:
Approving:
Signing:
Disbursing:
No. A borrower may withdraw a request at any time and has up to 3 days after signing the loan agreement to cancel the loan.
[TOP]You will have 15 years to repay the principal and interest of the loan.
[TOP]Interest Rate = Base Rate + Loan Margin
The Base Rate is the |cl_explained_index_to_s|, which is a variable component that resets quarterly on the first day of January, April, July, and October.
The Loan Margin stays constant for the life of the loan and is determined at loan inception, depending on the borrower’s credit history.
[TOP]Yes! Qualified borrowers can enjoy:
Borrowers receive electronic monthly statements summarizing all account activities.
[TOP]Borrowers may request Forbearance due to economic hardship for up to 18 months over the life of the loan. Borrowers are eligible to receive three Forbearance periods up to 6 months each, however, only one Forbearance period may be requested in a calendar year. Interest continues to accrue during Forbearance and the term of the loan is not extended.
[TOP]Yes, the floor rate is |cl_floor_rate|.
[TOP]Yes, the ceiling rate is |cl_ceiling_rate|.
[TOP]All monthly loan payments are made to the third party loan servicer, using either a monthly electronic transfer from a financial institution account designated during the application process or mailed in by check. Checks can be made payable to:
Educational Computer Systems, Incorporated (ECSI)
181 Montour Run Rd.
Coraopolis, PA 15108
Yes, a borrower may prepay the loan either partially or in full at anytime without incurring any fees or penalties.
[TOP]Please consult our privacy policy for details.
[TOP]LendKey servers are equipped with Secure Socket Layer (SSL) certificate technology, which encrypts the user’s entire online session. Automatic sign out occurs after a period of inactivity. All banking information and social security numbers are stored in a secure off-site data center. All users must pass through our secure verification systems to prevent identity theft.
[TOP]All borrowers must provide a valid state issued photo identification and a social security number. This information is used to obtain non-credit based questions from an identity verification agency. The user is asked a series of questions that must be answered correctly. Since these questions are not based on a person’s credit history, obtaining another person’s credit report does not provide sufficient information to pass our identity verification test. Those who violate our security and privacy protections are subject to disciplinary action, including prosecution to the fullest extent allowable by law.
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