The CampusDoor School-Certified Student Loan FAQs
THE LOAN APPLICATION
Whose credit history is checked for loan approval, the cosigner's or the borrower's?
Both credit histories are checked.
What if I (the student-borrower) have a minimal credit history or no credit at all?
With minimal or no credit history, you will most likely require a cosigner to gain approval for a loan.
If I obtained a loan last year, do I have to reapply again this year?
Yes. You must reapply each academic year, but the loan can span 12 months of consecutive attendance.
If I continue to get loans each year, are the loan amounts added to the first loan? Or do I have a separate loan for each year?
You will have a separate loan for each year, but for your convenience you will receive one monthly bill.
Can I add any costs or fees to the loan amount rather than having them deducted from the proceeds?
Yes. The loan fees will be added to the total loan amount.
If my personal information, for example, my address or telephone number, changes after I submit an application, what should I do to notify CampusDoor?
Application information cannot be changed once submitted, but your personal account information can be changed at any time in My Account or by contacting Customer Support.
If the amount that I want to borrow changes after I submit the application, what should I do?
Call Customer Support at 800.786.0002.
When is the best time to apply for a loan?
You should apply for a loan as soon as you have received your acceptance letter from the school you plan to attend.
Is the information I give on my online application protected?
CampusDoor employs a multi-layered approach to ensuring the security of your personal information. You can read our security policy here. Although these security measures are in place, if you would rather not handle financial transactions online, you can submit a paper version of the CampusDoor School-Certified Student Loan application form or call 800.786.0002 to apply over the phone. Click here to download a blank application form.
Back to Top LOAN ELIGIBILITY
How old do I have to be to apply or be eligible for a CampusDoor loan?
To be eligible for a CampusDoor loan you must be at least 18 years of age (19 in Nebraska and Alabama, 21 in Puerto Rico & Mississippi.) Mississippi residents under the age of 21 may borrow with written consent from a parent or guardian.
Is it possible to borrow funds for an entire year rather than one semester at a time? If so, how are the funds disbursed?
Yes, funds can be borrowed for up to 18 months of attendance. The disbursement dates are obtained from your school's financial aid officer. Generally the disbursement is made immediately before each term (semester, trimester, or quarter) begins and sent directly to the school.
As an applicant, do I need to have a Social Security number to apply for a loan?
The borrower and any cosigner are required to supply a Social Security number.
Can I apply for a loan if I am a resident alien?
Yes, certain non-citizens are eligible to apply, generally those who hold a valid Proof of Residency (I-151 or I-551) card.
Do I need to be accepted to a school before I can get a loan?
You must be enrolled at an eligible institution to be approved for and receive a loan. Enrollment is verified after you submit an application, as part of the loan approval process.
How many credits do I need per semester to be considered at least a half-time student?
The school you are attending determines your attendance status based on school-specific requirements. Check your school's catalog or with the registrar's office for these requirements.
Should I apply with a cosigner?
CampusDoor encourages all loan applicants to apply with a creditworthy cosigner to increase their chances of approval and increase their chances of obtaining a lower interest rate and/or loan fee.
What if my enrollment status changes after I have applied for a loan? After I have received the disbursement? - If your enrollment status changes to that of less than the required amount before the loan is disbursed, the loan application is cancelled.
- If your enrollment status changes after the disbursement occurs, the loan is not cancelled and you are responsible for repayment.
- Loan repayment begins six months after you cease to be enrolled on at least a half-time basis (versus 12 months after you graduate).
Back to Top APPLICATION APPROVAL
What information about the applicant and the cosigner is checked for pre-approval?
When you submit the pre-approval form, CampusDoor requests credit information about the borrower (and any cosigner) from one of the three major credit bureaus.
What happens if I get approved for a loan but not for the amount I requested?
Your school's financial aid officer can change the amount for which you are eligible. If this happens, you will either receive a letter with your Promissory Note indicating any changes to the loan amount or you will receive a second Truth-In-Lending Disclosure Statement indicating the final amount of the loan. Contact your school's financial aid office if your financial requirements have changed or if you have questions about the institution's Total Cost of Attendance.
How long does it take to get the loan check after I am approved?
This depends a great deal on how quickly the borrower and cosigner sign and return their Loan Documents and also on how quickly the school certifies the loan. Once both are complete, CampusDoor is ready to disburse the funds. The actual timing of disbursement coincides with the start date for the enrollment/loan period, and usually is dictated by the school's financial aid officer.
Can I get a loan regardless of which school/college/university I attend?
For CampusDoor's private undergraduate and graduate loans, the borrower must attend an eligible institution.
If an applicant receives grants or scholarships, does this affect the amount that can be borrowed through CampusDoor?
Your school's financial aid officer determines your school's Cost of Attendance. Grants and scholarships are subtracted from this total. You can use a CampusDoor School-Certified Student Loan to pay for the difference if the amount is at least $500.
If the borrower has other loans, does this affect the amount that can be borrowed through CampusDoor?
The financial aid officer determines the total financial aid package for each student. The financial aid officer calculates the student's unmet financial need by using the Cost of Attendance (COA) and deducting from this figure the expected family contribution (EFC) and any grants, scholarships, and federal (subsidized) loans the student will be receiving for the current enrollment period.
Since CampusDoor contacts the financial aid officer for certification of the loan amount requested, the financial aid officer can increase or decrease the loan amount based on the COA calculation.
Is there any other paperwork that I need to complete after my loan is approved?
After your loan approval, you will need to sign and return the Promissory Note, and any other information that may be requested.
If I am pre-approved, will I automatically be approved for a loan?
Not necessarily, however, most applicants who are pre-approved will be approved for a loan provided the school certifies at least the minimum loan amount and the student's enrollment on at least a half-time basis.
If your application is not approved, you will receive a letter via your preferred method of communication (mail or email) explaining why. At that time you may supply additional information and reapply.
Can I reapply for a loan with additional information if I am refused a loan?
Yes. You can reapply at any time.
What are the reasons that my loan application could be not approved?
Loan applications are not approved if applicants fail to meet CampusDoor underwriting criteria. To be approved for a CampusDoor loan, applicants must:
- Meet the Lender’s underwriting requirements (either alone as borrower or with a cosigner).
- Borrower must be a student enrolled in or attending an eligible institution (on at least a half-time basis, for a private undergraduate or graduate loan).
- Be a U.S. citizen or give proof of eligibility as a non-citizen, typically verified with a Proof of Residency (Form I-151 or I-551) card.
- Receive enrollment certification from the school's financial aid officer verifying a loan amount that satisfies our minimum loan amount requirement (noted in "How Much Can I Borrow?" under Loan Amounts, Fees, Interest).
Back to Top LOAN AMOUNTS, FEES, INTEREST
How much can I borrow?
This amount is determined by the costs associated with attending the school you have selected. For a CampusDoor School-Certified Loan:
- The minimum loan amount is $500.
- The lifetime maximum aggregate loan amount per borrower is $250,000.
Does it cost anything for me to apply for a loan?
No.
What is the Index?
"Index" means the highest "Prime Rate" reported in the "Money Rates" column in the "Credit Market" section of The Wall Street Journal (Eastern Edition) five (5) Business Days before the beginning of a calendar quarter, rounded up or down to the nearest one hundredth of one percent (0.01%). However, if the "Prime Rate" is not reported in The Wall Street Journal (Eastern Edition) five (5) Business Days before the beginning of a calendar quarter, the Lender will use the highest immediately preceding reported "Prime Rate" in The Wall Street Journal (Eastern Edition) as of that date, rounded up or down to the nearest one hundredth of one percent (0.01%). The "Prime Rate" is only a pricing index and is not necessarily the lowest rate at which loans are made by Lender. If the "Index" described here is no longer available, the Lender will choose a comparable substitute index, and that substitute index will then be considered the "Index".
Are there any loan fees that I need to pay?
A loan fee may be assessed on approved loans based on the credit profile of the applicant/s and other underwriting criteria. These fees are included in the amount financed.
How much are the fees?
Loan fees depend on the creditworthiness of the borrower and/or cosigner and other underwriting criteria. For more information, check out our Rates and Fees page.
Is there a maximum amount a borrower can borrow from CampusDoor?
CampusDoor will allow each borrower to borrow up to a lifetime aggregate maximum of $250,000. However, your school's financial aid officer approves the maximum loan amount you are eligible for based on all sources of financial aid and the school's Total Cost of Attendance.
Does it cost anything for me to be pre-approved?
No.
What happens if I no longer want the loan?
At any time prior to the first disbursement date you can contact CampusDoor to cancel your application.
Back to Top DISBURSEMENT OF FUNDS
If I am approved for a CampusDoor School-Certified Student Loan, how do I receive the funds?
Generally disbursement is made by a check co-payable to you and to your school or can also be made by electronic funds transfer (EFT). Disbursement is made at the beginning of each term (semester, trimester or quarter). You will receive an email on the day that your funds are disbursed so that you know that your funds are on the way to your financial aid officer.
Typically, the financial aid officer applies the funds to tuition, fees, and room and board and then provides the student with a check for any remaining balance.
Back to Top REPAYING LOANS
Does the organization sell its loans and if so, how often, to whom, and with what consequences?
CampusDoor owns the relationship with each and every one of our borrowers and that relationship will continue through the life of the loan, either directly with CampusDoor personnel or with those service providers chosen by CampusDoor to assist us in providing top-tier service to our customers. Interest rate terms, customer service and borrower benefits will remain as offered by CampusDoor for the life of the loan.
How soon do I have to start paying on my loans after I graduate? What if I don't graduate?
After you graduate, there is a 12-month grace period before you need to start repaying a loan. There is a six-month grace period if you leave school but do not graduate.
If I want to go to graduate school but I have undergraduate loans, are the undergraduate loans deferred until I received my graduate degree?
Yes, you can defer your loan repayment while you are at least a half-time student.
After you graduate, there is a 12-month grace period before you need to start repaying a loan. There is a six-month grace period if you leave school but do not graduate.
Back to Top