Edamerica Private Consolidation Loan - Frequently Asked Questions

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Private Consolidation Loan Frequently Asked Questions

Eligibility, Rates and Fees Who is eligible for an Edamerica Private Consolidation Loan? How much can I borrow? How is the interest rate determined for an Edamerica Private Consolidation Loan? What kind of debt can be consolidated? Can I consolidate loans for more than one student? Can I borrow funds for my last year of school and consolidate all my debt? How are the monthly payments determined? Are there any fees for an Edamerica Private Consolidation Loan?	Applying For a Loan What information do I need to provide to apply for an Edamerica Private Consolidation Loan? How long does it take to be approved for an Edamerica Private Consolidation Loan? What is an acceptable proof of income? What is an acceptable proof of assets? What is an acceptable proof of enrollment? Is applying online secure?	Using Your Loan What can an Edamerica Private Consolidation Loan be used for? Repayment How long do I have to repay the loan? Can I make payments online? Customer Service How can I sign up for automatic payments?
Eligibility, Rates and Fees Who is eligible for an Edamerica Private Consolidation Loan? Any U.S. citizen or permanent resident of legal age in their state of residence with outstanding education-related expenses. Return to Top How much can I borrow? Minimum: $10,000; Maximum: $250,000. Return to Top How is the interest rate determined for an Edamerica Private Consolidation Loan? The interest rate for an Edamerica Private Consolidation Loan is the Prime Rate, adjusted monthly (5.25% as of Apr 2008), plus a margin depending on your credit history. Return to Top What kind of debt can be consolidated? Edamerica Private Consolidation Loans can be used to consolidate education-related debt, including all private education loans as well as any federal student loans. Other types of installment loans may be consolidated if they can be shown to have been used solely for educational expenses. Edamerica CANNOT consolidate credit card debt. Return to Top Can I consolidate loans for more than one student? Yes. Any two individuals can consolidate their student loans together. For example, parents can consolidate the loans of one or more children and spouses can consolidate their loans into one Edamerica Private Consolidation Loan. Return to Top 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. Return to Top How are the monthly payments determined? It all depends on your maximum repayment period and the repayment plan you select. Consolidation 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. Return to Top Are there any fees for an Edamerica Private Consolidation Loan? 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. Return to Top Using Your Loan What can an Edamerica Private Consolidation Loan be used for? Edamerica Private Consolidation 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). Return to Top Applying For a Loan What information do I need to provide to apply for an Edamerica Private Consolidation 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). Return to Top How long does it take to be approved for an Edamerica Private Consolidation 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. Return to Top 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 Return to Top What is an acceptable proof of assets? Acceptable proof of assets includes the following items: Student Aid Report and worksheets (FAFSA form) Checking/Savings/Money Market account statements dated within the last 30 days Brokerage/Investment Account (CD, Stocks, Bonds, etc.) statements dated within the last 30 days Retirement Account (401K, 403b, Keogh, IRA, etc.) statements dated within the last 30 days. Return to Top 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 payments (interest only) during an in-school period. Return to Top 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. Return to Top an 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. Return to Top s applying online secure? 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. Return to Top Is applying online secure? 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. Return to Top Is applying online secure? 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. Return to Top Is applying online secure? 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. Return to Top Is applying online secure? 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. Return to TopIs applying online secure? 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. Return to Top Customer Service How can I 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. Return to Top