The CampusDoor DirectAdvantage® 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 most likely will 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 for all your CampusDoor loans during repayment.
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 which 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. Click here to read our security policy. 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 DirectAdvantage Student Loan application form or call 800.786.0002 to apply over the phone. Click here to download a blank application form.
Should I apply with a cosigner?
CampusDoor encourages prospective customers 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.
Back to Top LOAN ELIGIBILITY
How old do I have to be to apply or be eligible for a 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 12 months of attendance. Upon receipt of all required documentation and final loan approval, the check made co-payable to the student and cosigner (if applicable) will be mailed to the loan carrier 45 days in advance of the start of the enrollment period. Interest accrual will begin on that date and interest will capitalize quarterly. If you would like the check to be mailed on a date closer to the start of the enrollment period, please email your request with the date you wish your check to be released to loanchange@CampusDoor.com or call 800.786.0002.
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 is enrollment verified?
Enrollment verification documentation must be provided by the borrower (student). Acceptable forms for enrollment verification include a tuition bill, an acceptance letter, a letter from the registrar's office, official school transcripts or a semester or term schedule.
How many credits do I need per semester to be considered at least a half-time student?
You must be enrolled on at least a half-time status at an eligible institution. Check your school's catalog or with the registrar's office for these requirements. We will verify half-time enrollment through the enrollment verification process using the documentation submitted by the borrower.
Does the number of credits I am taking influence the amount I can borrow?
For a private undergraduate or graduate loan, you must carry at least a half-time credit load.
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.
Back to Top APPLICATION APPROVAL
What information about the applicant and the cosigner is checked for conditional approval?
When you submit the application form, CampusDoor requests credit information about the borrower (and any cosigner) from one of the three major credit bureaus.
How long does it take to get the loan check after I am approved?
This depends on how quickly the borrower and cosigner sign and return their Loan Documents and any other requested information and is based on the start of the enrollment period. Upon receipt of all required documentation and final loan approval, the check made co-payable to the student and cosigner (if applicable) will be mailed to the loan carrier 45 days in advance of the start of the enrollment period. Interest accrual will begin on that date and interest will capitalize quarterly. If you would like the check to be mailed on a date closer to the start of the enrollment period, please email your request with the date you wish your check to be released to loanchange@CampusDoor.com or call 800.786.0002.
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?
No. The amount that each borrower can borrow is based in part on the maximum Cost of Attendance as reported by your school to the Department of Education for the previous year.
If the borrower has other loans, does this affect the amount that can be borrowed through CampusDoor?
The amount that each borrower can borrow from CampusDoor is based in part on the maximum Cost of Attendance as reported by your school to the Department of Education for the previous year. A borrower can have several DirectAdvantage Loans up to the calculated Total Cost of Attendance. Please note: a borrower cannot take a CampusDoor School-Certified Student Loan and a CampusDoor DirectAdvantage Student Loan in the same academic year.
Is there any other paperwork that I need to complete after my loan is approved?
After your loan approval, you will need to sign, date and return the Promissory Note, provide verification of enrollment, and remit any other information that may be requested including but not limited to documentation to verify your identify and/or documentation to verify your income.
If I am conditionally approved, will I automatically be approved for a loan?
Not necessarily, however, most applicants who are conditionally approved will be approved for a loan provided the student's enrollment is verified for at least a half-time basis and all neccessary documents are returned.
If your application is not approved, you will receive a letter via your preferred choice 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. If you are not approved for a CampusDoor DirectAdvantage Student Loan, you may still be able to qualify for a CampusDoor School-Certified Student Loan.
What are the reasons that my loan application may not be approved?
Loan applications are not approved if applicants fail to meet CampusDoor underwriting criteria. To be approved for a CampusDoor loan, applicants must:
- Meet credit requirements (either alone as borrower or with a cosigner) and other underwriting criteria including income and debt-to-income requirements.
- 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).
- Provide documentation verifying income and enrollment.
- 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.
How is income verified?
Income verification is needed for both the borrower and cosigner, if applicable.
Acceptable forms include:
- A pay-stub dated within the last 60 days.
- Your most recent W-2 form
- Two years of 1040 tax forms with all schedules (if self-employed)
- And other forms as required.
How is debt-to-income verified?
An acceptable debt-to-income ratio is required to be approved for this loan. Verification is performed utilizing documentation provided by the applicant as well as use of independent verification methods. If further verification is required, the borrower and/or cosigner will be contacted.
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 loan:
- The minimum loan amount is $2,500.
- The maximum yearly loan amount is determined by your school's Cost of Education.
- The lifetime maximum aggregate loan amount per borrower is $250,000 for all CampusDoor loans. This aggregate includes the CampusDoor School-Certified Student Loan, the CampusDoor DirectAdvantage Student Loan, and any loan fees and incidental loans.
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 and cosigner (if applicable) and other underwriting criteria. These fees are included in the total loan amount.
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 and each cosigner to cosign up to a lifetime aggregate maximum of $250,000.
Does it cost anything for me to be pre-approved?
No.
What happens if I no longer want the loan?
At any time before funds are disbursed you can contact CampusDoor to cancel your application.
Back to Top DISBURSEMENT OF FUNDS
If I am approved for a CampusDoor DirectAdvantage Student Loan, how do I receive the funds?
Upon receipt of all required documentation and final loan approval, the check made co-payable to the student and cosigner (if applicable) will be mailed to the loan carrier 45 days in advance of the start of the enrollment period. Interest accrual will begin on that date and interest will capitalize quarterly. If you would like the check to be mailed on a date closer to the start of the enrollment period, please email your request with the date you wish your check to be released to loanchange@CampusDoor.com or call 800.786.0002.
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. However, repayment always begins 60 months from the first disbursement date.
If I want to go to graduate school and 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 as long as you enroll in graduate school within six months of graduation. Repayment always begins five years from the first disbursement date. A borrower can submit a deferment request form to the servicer.
Back to Top