General FAQs

What am I applying for?

Meritize is excited to announce a new loan option that could potentially lower your monthly payment amount. You may be able to refinance your existing loan into a 15-year full principal and interest repayment term with either a fixed or variable rate. Variable rates are subject to change.

What is a refinance?

A refinance loan may increase your debt and extend the term of your loan. By refinancing into a longer term and taking advantage of potential monthly payment savings, borrowers will generally pay more total interest over the life of the loan. You should consider that a refinance loan may increase the total number of monthly payments and the total amount paid over the term of the loan.

Can I apply after March 31st?

Everyone is welcome to apply at any time. Applications received on or after April 1st will not be eligible for this promotional offer (the promo interest rate is the same rate that the borrower has today with the existing CPL loan).

Will there be an origination fee?

This promotional offer does not include an origination fee.

Will this application impact my credit?

A soft credit inquiry is performed when you check your loan options through This step allows you to check what rates and terms may be available to you. That inquiry will not affect your credit score. However, if you select a loan offer and choose to continue the application, a hard credit inquiry will be performed. Hard inquiries may affect your credit score and are visible to third parties reviewing your credit report.

Applying for Refinancing

What loan amount do I put in the application?

You can enter the amount you originally requested. The amount will be adjusted once we calculate your payoff amount on your current loan. This amount will be estimated on your Offer and Contract.

What dates do I enter in the application?

  • Start date: April 1, 2020
  • Grad date: April 30, 2020
  • These dates are subject to change based on a review of your application.

What school and program do I select?

Choose the same school and program from your original application. That will be listed on your Contract. I can look that up for you.

Should I apply with a co-borrower?

Everyone is welcome to apply at any time. It is your choice to apply with a co-borrower. Each application will be reviewed individually.

Do I need to submit my Merit Documents?

This is not required. We will use the documents you sent in with your original application.

What rates will I receive?

If approved for a loan the actual loan amount, term, payment, and APR amount of loan that a customer qualifies for may vary based on credit determination, state law and other factors. Borrowers are subject to credit verification to be approved for a Meritize Refinanced Loan.