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CordiaGrad has changed their name to Purefy.
More and more students are waking up the day after graduation with a completely new problem to deal with—student loans. Though borrowers may know that they had student loans while still in school, often, no payments are required due during that time. Once these loans enter the repayment phase, many borrowers are shocked at how expensive they truly are.
This is when companies like CordiaGrad step in. CordiaGrad is a student loan refinance lender, which helps eligible customers refinance their loans to a lower interest rate or a lower monthly payment. Similar to other refinance lenders like SoFi and Citizens Bank, CordiaGrad can help those struggling with student loan debt.
CordiaGrad doesn’t offer new student loans to customers—they only refinance old loans. These loans can be either federal or private and both types can be refinanced together into one single private student loan.
How Does CordiaGrad Stack Up?
As more banks and private lenders have begun offering student loan refinancing, the competition has stiffened. Companies are offering lower interest rates, more flexible repayment terms, and even different criteria for eligibility.
CordiaGrad will refinance anywhere between $20,000 and $350,000 in students loans. When opening a checking account with them and enrolling in auto pay, CordiaGrad offers the following interest rates:
|Interest Type||Undergrad Degree||Graduate Degree|
These are competitive rates that are lower than some lenders, but they aren’t as low as the rates from some larger lenders, like the ones mentioned above. Furthermore, CordiaGrad only offers 5, 8, and 12-year repayment plans. These are much shorter than most of the competition, who generally offer at least a 20-year repayment option.
One useful feature of CordiaGrad is their Find My Rate calculator that requires you to submit very little information. By entering your state of residence, degree type, estimated credit score, and email address, you can see a prequalified quote of your interest rate. Furthermore, the calculator features three sliders relating to your current student loans. As you move these sliders to fit your situation, you will be able to see how much money you may save. It is important to note that these are just estimates and your actual offer may differ.
What are Some Benefits of CordiaGrad?
There are some benefits of refinancing your student loans with CordiaGrad—many of which are the norm in the student loan refinance industry. First off, there are no origination, prepayment, or application fees. They do, however, have a late fee for payments that are 30 days past due.
CordiaGrad allows borrowers to refinance undergraduate loans, graduate loans, and even Parent PLUS loans. While most lenders allow for the refinancing of undergraduate and graduate loans, CordiaGrad is one of the only companies allowing for the refinancing of Parent PLUS loans.
CordiaGrad also has a blog section of their website which has various articles relating to student loans, refinancing, personal finance, and random news. Though you don’t have to be a user to access the blog, it includes some valuable information.
Finally, the 0.50% discount for opening a CordiaGrad checking account is fairly unique. This also makes it easier for borrowers to enroll in another benefit, automatic payments. Using auto pay gives customers another 0.25% discount and also makes repayment easier.
Am I Eligible for Refinancing with CordiaGrad
Not everyone is eligible for student loan refinancing. Eligibility and interest rates are determined based on credit score. Those who have struggled with payments in the past, and have a below-average credit score as a result, may not be eligible.
Typically, CordiaGrad requires a credit score of 700 to obtain refinancing without a cosigner. If you have a credit score lower than that, or make less than $42,000 annually, you may be eligible if you have a creditworthy cosigner.
Furthermore, CordiaGrad only accepts those who have had a job for at least two years since graduating. This helps them ensure that borrowers have some form of income to help pay for your new loan.
Alternatives to CordiaGrad
As previously mentioned, the student loan refinancing market is growing quite rapidly. While CordiaGrad has a few unique benefits, their interest rates are higher than many of the other lenders. Furthermore, CordiaGrad doesn’t have many of the same benefits of other lenders. CordiaGrad also has fairly strict eligibility requirements. If you are worried about not meeting these, Earnest student loans might be a good option for you. Earnest has unique eligibility criteria that consider many other things besides credit score.
>> Read More: Student loan companies
Author: Jeff Gitlen