Here are a list of frequently asked questions about Cedar Education Lending products. However, if you have additional questions do not hesitate to contact us. We pride ourselves on excellent service.
Can I refinance both my federal loans and private loans with an Cedar Ed Private Student Loan Consolidation?
Yes, you can consolidate your federal student loans with your private student loans with our Student Loan
Consolidation. However, federal student loans may offer you certain benefits, options, and protections that private loans don’t, such as extending the amount of time that you may need to repay your loan, or giving special considerations for members of the military.
Who is eligible for a Cedar Ed Private Student Loan Consolidation?
To apply for an Private Student Loan Consolidation, you must be a graduate of an eligible school.
You or your cosigner must have a gross monthly income of $2,000 or greater and the credit
requirements. Choosing a creditworthy cosigner will increase the likelihood of being approved and may lead to a lower loan rate. You can apply without a cosigner if you meet all of the credit criteria by
yourself.
How much can I borrow?
The minimum you can borrow is $7,500 per year. The maximum you can borrow is $125,000 for
undergraduate debt and $175,000 for graduate school debt.
What is the repayment term of the Cedar Ed Private Student Loan Consolidation?
You will have 15 years to repay the principal and interest of the loan.
How is the interest rate calculated?
Interest Rate = Base Rate + Loan Margin. The Base Rate is a variable component which resets quarterly based on the average 3-Month LIBOR (London Interbank Offered Rate) Index. The LIBOR Index resets on the first business day of each of the three months immediately preceding each quarterly adjustment date. Interest rates adjust quarterly on the first day of January, April, July and October.