CordiaGrad Student Loan Refinancing – Important Updates

ByIniobong Reading Time: 6 minutes
Cordiagrad Student Loan Refinancing: Have you ever benefited from Cordiagrad Student Loan Refinancing? If yes, then you should read this. It’s a vital information.Also, comprises of the updates in regards to the refinancing process.
But before going forward, please know this. Cordia Bancorp Inc., is a parent company of Bank of Virginia. There is an information that it sold its student loan origination platform CordiaGrad.CordiaGrad Student Loan Refinancing - Important Updates
The news has it that, it is sold to its chief executive officer, Jack Zoeller.  It is believed he has stepped down from his positions with Cordia and Bank of Virginia. This is in connection with the transaction. Also, the transaction was approved by a committee of disinterested Board of Directors. As well as RP Financial, LC. provided a fairness opinion.

About Cordia Bancorp 

Cordia Bancorp Inc. is a public bank holding company. It was founded in 2009. It seeked to invest in undervalued community banks. Also, it aimed at pursuing organic and strategic growth. This was in the Mid-Atlantic banking market. All its assets consist of its investment in Bank of Virginia.

Bank of Virginia provides retail banking services to individuals and commercial customers. This is through six full-service banking locations in the greater Richmond market. It includes Chesterfield and Henrico Counties. Also, it involves Colonial Heights and Virginia.

On CordiaGrad

CordiaGrad, was launched in late 2014. It is an online lending channel. Also, it offers Cordiagrad student loan refinancing to highly qualified borrowers.

These borrowers may be holding federal, private, or parent student loans. CordiaGrad provides student loan refinancing services through two offices. They are in Midlothian, VA and Washington, DC.

CordiaGrad is a smaller financial company. It is actively competing with large institutions. Its smaller size means more room for negotiation.

Also, it is for one-on-one advisors to assist with every step of the process. The main selling point for CordiaGrad is full transparency. This transparency is at all time. That may come from a founding mentality that large institutions are not the best fit for every lender.

CordiaGrad is one of several companies that can be compared using Credible. When shopping for student loans, you can get a 95% accurate rate quote with Credible. this happens in just a few minutes. Also, College Investor readers get a $200 bonus when refinancing with Credible.

Information on Cordiagrad Sale

Under the terms of the agreement, these took place. Bank of Virginia transferred certain marketing rights to Mr. Zoeller. This is in exchange for his nominal consideration. Also, they transferred internet domains, and intellectual property to him too.

And Mr. Zoeller’s agreed to relinquish his rights under his employment agreement with Cordia. But Bank of Virginia will continue to originate student loans on behalf of CordiaGrad for some time.

Five Bank of Virginia employees, in addition to Mr. Zoeller, will transfer to the new entity. As such, no loans are being sold as part of this transaction. In connection with the transaction, there is new development.

Ed Barham has been appointed as President and Chief Executive Officer of Cordia. Also, as a director of Cordia and as Chairman of the Board of Directors of Bank of Virginia.

It is important you note this. This transaction will permit CordiaGrad to accelerate its growth. Also, it will help it focus on competing in the dynamic market.

This competition is for on-line lending. Also, it is for student loan refinancing. This will be without the constraints of operating within a small community bank.  Furthermore, the transaction will reduce Cordia’s non-interest expense.

Updates on CordiaGrad Student Loan Refinancing

Updates on CordiaGrad Student Loan Refinancing

Requirements

When applying for CordiaGrad Student Loan Refinancing, please note.

  • Applicants must be a US Citizen.
  • Also, you must be over 23 years of age at the time of signing.
  • Furthermore, there should be proof of income.
  • Also, there must be proof of credit.
  • Co-signers may be added. But other terms related to their current credit score and income may apply.
  • Also, references are required for both lendees and their co-signers.
  • Each reference should be over age 18 and not living at the same address of either party.

However, please note. Many requirements are standard for the lending industry. Other requirements are:

  • Term Lengths

When applying for CordiaGrad Student Loan Refinancing, please note. Both fixed rate and variable rate selections are available to qualified applicants.

The fixed rate can be set to 5 year, 8 year, or 12 year options. Variable rates last between 5 to 8 years. Also, CordiaGrad reserves the right to deny an option. This may be based on possible credit issues.

  • Credit Review

A standard credit review is necessary to process any application. There is no fee charged for the service.  Also, the applicants may ask to see any data retrieved during the search. This includes a full list of reasons for denials.

Interest Rates for CordiaGrad Student Loan Refinancing

Interest Rates for CordiaGrad Student Loan Refinancing

CordiaGrad Student Loan uses prime rate to establish their interest rates. It can change quarterly.  Also, it can affects the rate of the variable APR.

A lower interest rate is available to lendees with a CordiaGrad checking account. Automatic payments from selected accounts may also lower the interest rate. This is on long-term loans.

Deferments of CordiaGrad Student Loan Refinancing

When applying for CordiaGrad Student Loan Refinancing, please note. Unlike some financial companies, it offers deferment options. These options are based on various circumstances.

These circumstances include job loss. Also, it includes death of the lendee. Other deferments may be available.

Why CordiaGrad?

  • Contact

When applying for CordiaGrad Student Loan Refinancing, please note. The company works to reach customers through a variety of sources and customer service avenues. Whether it’s questions or comments, CordiaGrad actually promotes communication. Also, lendees can arrange a face to face meeting with a representative.

Offers

  • Rewards Program

When applying for CordiaGrad Student Loan Refinancing, please note. There are offers and rewards. Rewards programs have become popular among many smaller lending companies.

CordiaGrad offers their own incentive. This is based on referral program for current lendees. For each successful application, the referrer receives $200. Other restrictions may apply. Also, referrers are encouraged to ask for more details.

  • Special Loans

When applying for CordiaGrad Student Loan Refinancing, please note. Medical students will find special loans available. This is based on their degree.

Participants programs that cover MD, DO and DDS degrees can obtain loans over $350,000. Applicants in these situations are encouraged to call. This call is to the service for special processing instructions.

In a Nutshell

It is important you know this. CordiaGrad offers a safe and easy application process. This works with the applicant to address every concern. Their refinancing programs help Students with high-interest loans. It helps them to reach a more manageable monthly payment.

In a Nutshell

This is especially helpful for recent graduates just starting out. Also, their well-written blog offers helpful information. This information answers a wide range of issues and situations

However, before you consider CordiaGrad, please note. Make sure you compare all student loan refinancing options at Credible. You can get a quote in just 2 minutes. Also, as a bonus, College Investor readers get $200 when they refinance with Credible.

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