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FAQs

General Questions

What is an EdSucceed Private Student Loan Consolidation?
The EdSucceed Private Student Loan Consolidation is issued from a not-for-profit credit union
participating in the cuStudentLoans program and can be used to consolidate your outstanding private
student loan debt.

What is a private student loan consolidation?
A private student loan consolidation allows borrowers the ability to consolidate and refinance one or
multiple loans into one loan at a potentially lower interest rate.

Can I refinance both my federal loans and private loans with an EdSucceed Private Student Loan Consolidation?
At this time, you can only consolidate private student loans with the EdSucceed Private Student Loan
Consolidation. To consolidate federal loans, please visit: http://loanconsolidation.ed.gov/.

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Privacy & Security

Will my personal information be shared with third parties?
Only information that is necessary and required to complete the loan application process, make
payments, and transfer funds may be shared. Please consult our Privacy Policy for additional details.

How is financial information protected?
Our servers are equipped with Secure Socket Layer (SSL) certificate technology, which encrypts
the user’s entire online session. Automatic sign out occurs after a period of inactivity. All banking
information and social security numbers are stored in a secure off-site data center. All users must pass
through our secure verification systems to prevent identity theft. Please consult our Privacy Policy for
additional details.

How does identity verification work?
All borrowers must provide a valid state issued photo identification and a social security number. This
information is used to obtain non-credit based questions from an identity verification agency. The user
is asked a series of questions that must be answered correctly. Since these questions are not based on a
person’s credit history, obtaining another person’s credit report does not provide sufficient information
to pass our identity verification test. Those who violate our security and privacy protections are subject
to disciplinary action, including prosecution to the fullest extent allowable by law. Please consult our
Privacy Policy for additional details.

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EdSucceed Private Student Loan Consolidation Eligibility

Who is eligible for an EdSucceed Private Student Loan Consolidation?
To apply for an EdSucceed Private Student Loan Consolidation, you must be a graduate of an eligible school and a member of a participating credit union.

If you’re currently not a member of a credit union, don’t worry, we’ll help you find one that you can join
during the application process.

You or your cosigner must have a gross monthly income of $2,000 or greater and meet our 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.

What is a cosigner?
A cosigner is a parent, grandparent, guardian or other adult who is creditworthy and willing to assume
legal responsibility for the loan liabilities along with you. The cosigner must be a U.S. citizen or
Permanent Resident.

Is a cosigner required to obtain an EdSucceed Private Student Loan Consolidation?
In some instances, a cosigner is required to obtain an EdSucceed Private Student Loan Consolidation.
A creditworthy cosigner increases the likelihood of your loan approval and may lead to a lower loan
rate and fewer fees. Creditworthy borrowers that meet the credit requirements may apply without a
cosigner.

Will the cosigner’s credit record be affected?
In a cosigned loan application both the borrower and the cosigner are applying for the loan and are
jointly responsible for making all loan payments. In the unlikely event the borrower does not fulfill their
obligation, the cosigner is required to make the monthly payments. Failure to do so will cause negative
information to be reported on the cosigner’s credit report.

Is the cosigner responsible for repaying the loan?
If the borrower fails to repay the loan, then the cosigner is responsible for repaying the loan. However,
the cosigner may be released of this obligation once the borrower is able to meet certain criteria to
determine creditworthiness and makes 12 consecutive and on-time full payments of principal and
interest.

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Application Process

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.

How do I apply for an EdSucceed Private Student Loan Consolidation?
The application process must be completed online at https://consolidation.custudentloans.org/.

Do I need to be a graduate of an educational institution to be eligible?
Yes, you must provide proof of graduation from an eligible school within the cuStudentLoans program.

What proof of graduation do I need to provide?
Your graduation date needs to be verified through documentation, such as a school transcript, copy of
the degree, diploma or certificate, written or verbal school verification, or through an electronic method
such as the National Student Loan Clearinghouse.

How does the cosigner complete their portion of the application?
The cosigner simply completes the application by providing certain security information that will
designate them as your cosigner. They complete the same origination, verification, and underwriting
procedures as the borrower since they will be jointly responsible for repayment of the loan in the
unlikely event that the borrower fails to make the required payments.

Will both the borrower and cosigner’s credit be checked?
Yes. During the application process, and as part of the underwriting process, a credit bureau report on
both the borrower and cosigner is pulled. The borrower’s creditworthiness or ability to repay the loan is
assessed based on the credit bureau reports of both the borrower and cosigner.

How do I check the status of my application?
The status of your application is available by signing in to your account. The green status bar you see
immediately after login will tell you what state your application is currently in.

What do the stages of the status bar mean?

Applying:

The borrower started the application but it has not been credit reviewed for one of two reasons:
- The borrower hasn’t submitted the application yet
- The borrower invited a cosigner that has yet to complete their portion of the application

Reviewing:

cuStudentLoans forms an initial credit decision on the borrower and cosigner (if applicable)

Gathering:

The borrower is conditionally approved
The borrower uploads the requested documents

Approving:

The credit union lender makes a final review of the application

Signing:

The application is final approved
The borrower signs the loan agreement and disclosures

Disbursing:

The payment is scheduled

After filling out an application is there a commitment to borrow?
No. A borrower may withdraw a request at any time and has up to 3 days after signing the loan
agreement to cancel the loan.

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EdSucceed Private Student Loan Consolidation Terms

What is the repayment term of the EdSucceed 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 PRIME Index. The PRIME 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.

Do you offer any borrower benefits?

Simplify Your Finances with one easy payment
Lower Payment and Competitive Rate with a 15 year loan repayment option
Cosigner Release Available after 12 consecutive on-time principal & interest payments
Interest-Only Repayment Option up to 4 years for eligible borrowers

What is the PRIME Rate?
The PRIME rate is used as an index in calculating rate changes to variable rate short term loans,
including oftentimes private student loans.

What documentation is provided to borrowers?
Borrowers receive electronic monthly statements summarizing all account activities. Each borrower and
cosigner also receives a copy of the Promissory Note, applicable Disclosure Statements and an annual
Privacy Policy. All documents are made available to the borrower and cosigner electronically.

What are the Forbearance policies?
Borrowers may request Forbearance, due to economic hardship, for up to 18 months over the life of
the loan. Borrowers are eligible to receive three Forbearance periods up to 6 months each, however,
only one Forbearance period may be requested in a calendar year. Interest continues to accrue during
Forbearance and the term of the loan is not extended.

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Repayment

What repayment options are available?

Graduated Repayment: You are responsible for paying interest only for four years and then a
level repayment schedule for the remaining term.
Level Repayment: You are responsible for standard level repayment for the term of the loan.

What is the benefit of Graduated Repayment?
The Graduated Repayment option allows you to align expected future earnings with current debt to
better manage your cash flow.

What is the benefit of Level Repayment?
The Level Repayment option maintains one consistent payment structure over the loan term.

Is there a floor rate on the loan?
Yes, the floor rate is 4.75%.

Is there a ceiling rate on the loan?
Yes, the ceiling rate is 18%.

How are payments made?
All monthly loan payments are made to the third party loan servicer using either a monthly electronic
transfer from a financial institution account designated during the application process or mailed in by
check. Checks can be made payable to:

Educational Computer Systems, Incorporated (ECSI)
181 Montour Run Rd.
Coraopolis, PA 15108

Can a borrower prepay the loan at any time?
Yes, a borrower may prepay the loan either partially or in full at anytime without incurring any fees or
penalties.

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