CampusDoor Borrower Benefits - The CDsavingsSM Program
With the CDsavingsSM program, you may be eligible for interest rate reductions for direct debit and for on-time payment of your CampusDoor loan. You can also prepay on the loan penalty-free at any time.
Discounts
Direct Debit Discount – During repayment, if you choose to make monthly payments by direct debit, your loan interest rate will be automatically reduced by 0.5 percent.*
On-Time Payment Discount – If you make 48 consecutive on-time payments, your loan interest rate will be automatically reduced by 0.5 percent.*
Options
Cosigner Release Request – If you have a loan cosigner and make 36 on-time monthly payments, you can make a written request to have the cosigner released from loan obligations subject to the Lender’s policy on cosigner release.*
Penalty-Free Prepayment Option – There is no penalty for prepayment of loan principal.
Please note that while the Direct Debit Discount can be reinstated at any time, if you make any of the first 48 payments late, the On-Time Payment Discount is permanently lost and if you make any of the first 36 payments late, the Cosigner Release option is permanently lost.
*At all times the discount rates and cosigner release terms are subject to change. The on-time benefit must be earned. Cosigner release is contingent upon the borrower's credit profile which will be reviewed by the Lender prior to release. Loan delinquency, default, or the use of forbearance may result in the revocation of all Borrower Benefits.