Eligibility, Rates and Fees
Who is eligible for an Edamerica Private Combination Loan?
Any U.S. citizen or permanent resident of legal age in their state of residence with outstanding education-related expenses.
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How much can I borrow?
Minimum: $10,000; Maximum: $250,000.
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How is the interest rate determined for an Edamerica Private Combination Loan?
The interest rate for an Edamerica Private Combination Loan is the Prime Rate, adjusted as and when it changes (5.25% as of Apr 2008), plus a margin depending on your credit history. The margin will initially be between 0% and 4.00% but may be adjusted based upon changes in the Margin Adjustment Index.
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What kind of debt can be consolidated?
Edamerica Private Combination Loans can be used to consolidate all private education-related debt.
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Can I consolidate loans for more than one student?
Yes. Any two individuals can consolidate their student loans together. For example, ?arents can consolidate the loans of one or more children and spouses can consolidate their loans into one Edamerica Private Combination Loan.
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Can I borrow funds for my last year of school and consolidate all my debt?
Yes, you can consolidate all your private education-related debt as well as use the Edamerica Private Combination Loan to pay for your current year's cost of attendance and other education-related expenses.
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How are the monthly payments determined?
It all depends on your maximum repayment period and the repayment plan you select. Combination can extend your repayment period up to 25 years, which in turn can reduce your monthly payment significantly. The term of your loan will depend on your loan balances.
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Are there any fees for an Edamerica Private Combination Loan?
There is an origination fee that is determined by the loan amount and credit evaluation. This fee can range from 0% - 10% of the principal amount of your loan and is added to and financed with the loan amount.There is an origination fee that is determined by the loan amount and credit evaluation. This fee can range from 0% - 10% of the principal amount of your loan and is added to and financed with the loan amount.There is an origination fee that is determined by the loan amount and credit evaluation. This fee can range from 0% - 8% of the principal amount of your loan and is added to and financed with the loan amount.
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Using Your Loan
What can an Edamerica Private Combination Loan be used for?
Edamerica Private Combination Loans can be used to consolidate all private education loans, and can be used to obtain funds for upcoming education-related expenses such as tuition, room and board, off-campus housing, living expenses, transportation, books, fees (even a computer).
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Applying For a Loan
What information do I need to provide to apply for an Edamerica Private Combination Loan?
When you call or apply online, please have the following information available:
- Full name
- Date of birth
- Social Security Number
- Permanent address and number of years at that address
- Previous address if less than one year at current permanent address
- Home telephone number
- Temporary school telephone number
- Employer and how long employed
- Employer address(es) and telephone number(s)
- Gross annual salary
- Previous employer if less than one year at current employer
- Previous employer address(es) and telephone number(s)
- Monthly rent or house payment
- Reference: nearest relative or friend not living with you. Must be different than reference for co-signer
- (Name, Address, Home / Business Telephone Number)?
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How long does it take to be approved for an Edamerica Private Combination Loan?
Pre-approval occurs in as little as three minutes with final approval occurring as quickly as possible after you return all the required documentation and signed forms. We review and verify the paperwork within two to three business days after we receive it, and the loan funds are disbursed within two business days after the process is successfully completed. However, it is important that you continue making payments on debts to be consolidated until you receive notification informing you of final approval.
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What is an acceptable proof of income?
Acceptable proof of income includes:
- Pay stub(s) from your current employer(s), which must be dated within the
past 60 days and must indicate the applicant's name and either Social Security Number or address, company
name and gross annual
salary to date
- Student Aid Report (SAR) – the document generated from the FAFSA process –
for the upcoming
academic year
- W-2 forms, from the previous tax year
- You may include total IRA distributions, annuity, or total pension income
provided you submit 1099 forms
- Taxable and tax exempt interest, or dividend income can be included provided
you submit 1099 forms
- Tax returns (for Self-employed only)
- Employment contracts
- Court order for alimony/child support
- Proof of disability benefits
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What is an acceptable proof of enrollment?
Acceptable proof of enrollment includes one of the following items:
- A copy of your tuition bill from the school, or
- A copy of your acceptance letter from the school verifying enrollment, or
- A copy of your registration schedule from the school printed with your name
Note: We only need proof of enrollment if you are seeking a new education loan with us or if you are seeking to defer your p?yments (interest only) during an in-school period.
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Is applying online secure?
Edamerica's application process and account management tools have been designed to meet industry standards in website security. The site uses Secure Sockets Layer (SSL) encryption to ensure that all information transmitted on LoantoLearn.com is secure and accurate. The site uses Secure Sockets Layer (SSL) encryption to ensure that all information transmitted on edamericaprivateloan.com is secure and accurate. Additionally, all account and financial information is stored on our secure database - not on our website server. For more information on privacy, please see our Privacy Policy.
Repayment
How long do I have to repay the loan?
The repayment term is based on the total loan balance. The maximum repayment term is 25 years.
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Can I make payments online?
If you are an existing borrower and have signed up to use the My Account area of the site, you can make online loan payments. You can also check account activity, update your contact information and view other account information in the My Account area.
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Loan to Learn's application process and account management tools have been designed to meet industry standards in website security. The site uses Secure Sockets Layer (SSL) encryption to ensure that all information transmitted on LoantoLearn.com is secure and accurate. Additionally, all account and financial information is stored on our secure database — not on our website server. For more information on privacy, please see our Privacy Policy.
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Customer Service
How can ? sign up for automatic payment from my bank account and save 0.25% on my interest rate?
Complete the Automatic Payment Authorization form and return it to us using the enclosed instructions.
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