By consolidating your loans through us, you may reduce the amount of interest paid over the life of your loan by making consecutive on-time payment and by having your monthly payments automatically debited from your checking or savings account. For additional information on our Borrower Benefits Program, please contact one of our Loan Consultants.
You can lock-in a 0.60% discount on your interest rate when you apply for your consolidation loan at least 20 days before the end of your grace period.
Your new consolidation loan will incorporate the discounted "in-grace" interest rate. Your application must be received prior to the first grace end date on the loans being consolidated. To enable you to take full advantage of your grace period benefits and still receive the lower grace rate, we will then process your application so that funding of your loan will occur near the end of your grace period.
NOTE: You are eligible for our Federal Consolidation Loan as long as you, at the time of funding: (1) are in your loan grace period or have entered repayment on each loan chosen for consolidation; and (2) consolidate eligible federal student loan debt meeting CFS’ minimum balance requirement. Other criteria also apply. Please call for details on all criteria. CFS reserves the right to modify, extend or discontinue this program at any time without notice. Changes to this program, if any, will not affect loans that previously qualified for these or any other benefits as long as they are held by a participating lender. Benefits will not transfer if the loan is sold or consolidated. Borrower benefits will not lower your monthly payment. Interest rate reduction benefits will reduce the amount of interest that accrues. Therefore, a larger percentage of each payment will be applied to the principle balance, thereby decreasing the repayment term. Principle reduction benefits will reduce the principle balance thereby decreasing the amount of interest paid over the life of the loan. The Principle Reduction benefit is based on the principle balance at the time the benefit is earned. Cash rebate borrower benefits are based on the consolidated loan balance and will not affect the monthly payment or the amount of interest paid over the life of the loan. All loan rate reductions and other borrower benefits terminate upon either a loan default or failure to continue to meet a borrower benefit qualification. Borrower benefits apply (1) after a qualifying period expires and as long as monthly payments are received within five (5) days of the payment due date and/or (2) upon initial receipt of completed Automatic Debit Authorization form and for as long as you continue to have your payments automatically withdrawn. If any automatic payment is not made due to insufficient funds in your account or for any other reason, the automatic payment reduction no longer applies and you will be charged the non-discounted rate. All payments must be received by the Payment Due Date to be considered “on-time”. Please call for details on our current benefit offering(s).