Site Info On:
CFS Student Loan or Collegiate Funding Services
note:
On December 15th, 2005 JPMorgan Chase Bank, N.A. (NYSE: JPM) had signed an agreement to purchase Collegiate Funding Services, Inc.
(NASDAQ: CFSI), a leader in student loan servicing and consolidation. They will join forces to provide student loans and will be run by the Chase
Student Loan Department.
A CFS student loan used to offer Federal Student Loans. Federal Student Loans are non-credit based student loans to college
students which may at the same time also reduce their payments. Federal Student loans can be consolidated to provide students and
former students with the ability to take advantage of lower interest rates and less paperwork. With a Federal Student Loan
Consolidation, students strived to gain the ability to reduce their payments and interest. A loan through provides numerous
other advantages for students including the following:
- The ability to reduce the amount of interest paid throughout the life of the loan
- The option of an interest rate reduction
- Tax deductible interest
Eligibility requirements do apply for Federal Student Loan. Common eligibility requirements include:
- Level Repayment Plan-fixed monthly payments
- All loans considered for consolidation must be in either the grace period or in repayment status
- Student loans considered for consolidation include: subsidized and unsubsidized Stafford loans, Federal Supplemental Loans for Students,
Federal Perkins Loans, Federal Insured Student Loans, Federal PLUS loans, Direct PLUS loans, Subsidized Federal Consolidation loans, Direct
Subsidized Consolidation loans, Direct Unsubsidized Consolidation loans and Federal Nursing loans.
Various repayment options are also offered with a Federal Student Loan which CFS used to provide befor the Chase Bank purchase. In some
cases repayment options can be extended up to 30 years; primarily depending upon the amount of the student loan. Five different repayment plans
are offered:
- Level Repayment Plan-fixed monthly payments
- Two Year Graduated Repayment Plan-lower payments over the first two years of the loan with increases that begin in year three of
repayment
- Four Year Graduated Repayment Plan-lower payments over the first four years of the loan with increases that begin in year five of
repayment
- Income Sensitive Repayment Plan-Payment options calculated on current income levels and adjusted annually.
- Extended Repayment Plan-Under special circumstances, a borrower may be able to repay the amount of their loan over a 25 year period of
time.
Individuals considering a Federal Student Loan should know that no origination or loan fees are charged and interest rates are set
by the federal government each July 1. Discounts are offered for certain incentives, such as signing up for automatic payments and making
payments on time. A Federal Student Loan has loans available for college students, graduate students, recent graduates,
high school students, parents and even continuing education.
As always, we recommend that you first see if you qualify for a free college scholarship by going to: Need money for college? Use FastWeb's free scholarship search to find information on more than 1.3 Million
scholarships! Chances are very good that you will qualify for some type of free scholarship because most scholarships are not used up by
the various participating colleges because people simply do not apply to find out. Colleges want to give them away so students will attend
school their.
Chase Bank after purchasing CFS Collegiate Funding
Services is a major student loan provider on private as well as other various types of college loan programs.
Related Article
To repay student loans, students are assessed
based on income and ability to pay. Before you repay student loans students first meet with
their financial aids administrator to discuss which option is best.
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