As an independent, transparent marketplace for student loan refinancing, Credible will be producing a series of articles profiling lenders in the refinancing space.
There are many student loan refinancing lenders on the market willing to help you with your student loans. A newer entrant, CordiaGrad, is offering student loan refinancing to graduates across the country. If you have or haven't heard of CordiaGrad yet, it may be worth your time to learn a little bit more about their product offerings.
CordiaGrad Student Loan Refinancing Highlights:
- Refinance federal, private, and parent PLUS loans
- Must be employed for at least two years with a minimum income of $42,000 (or have an income of $25,000 and a cosigner with an income of $50,000)
- Small bank with more personalized service
CordiaGrad's founders worked in large banks before deciding to create a small, customer-oriented bank with an added focus on refinancing student loans. Not only do the company's co-founders have a combined 172 years of financial experience, but CordiaGrad was also the first lender from the Virginia, Maryland, or Washington, D.C., area to enter the student loan refinancing space. Back in 2013, CordiaGrad's affiliate bank, Bank of Virginia, tested the student loan market and purchased $23 million worth of student loans that came with a government guarantee. This was part of the bank's long-term strategy, which has resulted in the CordiaGrad venture in 2015.
CordiaGrad focuses on client service. Borrowers can benefit from personal interaction via email, chat, phone, or in-person services. The company also guarantees no closing costs, loan fees, or early payoff penalties on loans. By keeping a small staff with low overhead, CordiaGrad passes on the savings to its clients.
CordiaGrad is affiliated with the Bank of Virginia and offers a checking account specifically for clients. Borrowers can set up auto-drafts for their student loan payments and save an extra 0.5 percent off the interest rate. The bank also offers mobile deposits, text banking, a money management app, and free ATMs across the nation.
Rates (valid as of May 23, 2015):*
3.95% - 5.25%
2.75% - 4.25%
4.45% - 6.00%
2.75% - 4.45%
5.15% - 6.25%
*Rates include 0.5-percent auto-draft discount
Applicants may borrow a minimum of $30,000 to a maximum amount of $350,000. Borrowers must be at least 23 years old, have employment for at least two years, and have an annual income of $42,000. Additionally, he or she must provide proof of income and meet certain credit requirements. Cosigners must meet the same requirements, except they must have an income above $50,000 and co-sign on both the application and the loan promissory note. If applying with a cosigner, the applicant only needs an income of $25,000. In order to disburse a loan with CordiaGrad, an applicant will need a driver's license, tax return or pay stub, transcript, and current loan payoff statement.
Graduates who are career-focused with strong credit benefit from CordiaGrad's low rates and flexibility in repayment options. CordiaGrad can provide personal consultations to provide the best options available and make sure you are on track to repay your loan successfully. The CordiaGrad team is also committed to helping out in the community by providing education seminars and community volunteering each quarter.
Who should explore CordiaGrad?
Borrowers with at least a bachelor's degree may consider refinancing with CordiaGrad, as should parents with PLUS loans. CordiaGrad student loan offers a broad product, which is great for high-balance loan borrowers with high interest rates. If you prefer a small, customer-focused lender and have settled into your career since graduating a couple of years ago, CordiaGrad could be a great refinancing option for you.
If you are interested in refinancing with CordiaGrad or exploring other refinancing options from other great lenders, visit Credible to see what options may be available to you.