CordiaGrad is a branch of the Bank of Virginia that focuses entirely on refinancing student loans. Although smaller than many of the big names in banking, it provides competitive rates and favorable terms to college and university graduates with a solid credit history who want to reduce costs on their student loans. The company was founded in 2015 by Jack Zoeller, who has been CEO of many large corporations, such as EF Hutton Indemnity, Capital Risk Management and Cordia Bancorp, which he co-founded in 2009.

How Does CordiaGrad Work?

Students who borrow from the federal government receive the same interest rate, regardless of their credit profile. This is not a problem for most students who weren't likely to get loans from private lenders at lower rates. However, as time goes by, the credit profiles of graduates may improve, but their loans' interest rates and terms don't. The same can apply to the parents of students who take on loans to help pay for their children's tuition costs.

CordiaGrad gives graduates and their parents the option of refinancing their student loans based on their current credit. The only catch is that borrowers will lose some of the benefits that come with Federal loans, such as loan forgiveness and income-based repayment, if they refinance. Having said that, this is not usually a concern for CordiaGrad's target audience: successful graduates who are optimistic about their futures.

What Are CordiaGrad's Interest Rates?

Interest rates vary depending on a borrower's credit profile, type of degree and whether it is a variable or fixed rate. This is the interest rate range by degree type.

Undergraduate degrees have a fixed APR range of 4.15% to 6.25% and a variable APR range of 2.90% to 4.95%.

Graduate and advanced degrees have a fixed APR range of 3.95% to 5.90% and a variable APR range of 2.75% to 4.40%.

These rates include a 0.50% discount for people who use autopay to make their monthly loan payments. Those who don't register for autopay will need to add 0.50% to their interest rate.

How Much Money Can I Borrow from CordiaGrad?

CordiaGrad provides loans ranging from $30,000 to $350,000 to eligible borrowers. Loan terms range from 5 to 12 years. To illustrate the cost of a CordiaGrad refinance, a $100,000 loan with a 12-year term and a 3.45% variable APR would cost $1,816.94 a month and represent a total saving of $42,936 over the same loan with a typical 7.50% ARP.

Which States Does CordiaGrad Operate In?

CordiaGrad is available to graduates in all 50 states.

What Is CordiaGrad's Application Process Like?

To refinance a student loan with CordiaGrad borrowers must complete an online form and upload the required documentation, which includes a driver's license, paystub or tax return, transcript to verify the degree and a payoff statement from the current loan servicer.

CordiaGrad's eligibility criteria is simple. Borrowers must:

- Be U.S. citizens and at least 23 years of age

- Have a strong credit history

- Have at least one student loan

- Have a minimum of 2 years of employment

- Have an annual income of $42,000 or $25,000 with a cosigner

How Is CordiaGrad Better than Other Lenders?

A big differentiating point about CordiaGrad is that it also refinance the student loans of parents. It doesn't charge an origination fee and there are no prepayment penalties. CordiaGrad provides better interest rates than most student loan refinance providers and does so with a streamlined, simple and fast application process. This is partly because CordiaGrad only considers graduates who have a good credit profile and are unlikely to default on their loans. Nevertheless, eligible borrowers can save a lot of money by refinancing their student loans with CordiaGrad.

  • Loan Term (Years)
    5 - 12
  • Min Loan
  • Variable APR
    2.9% - 4.95%
  • Fixed APR
    4.15% - 6.25%
  • Graduate Students
  • Parents
  • Undergraduate Students
  • Up to Cost of Attendance
  • New Loan
  • Refinance
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