Yes, as long as your loans are still considered student loans by your lender once you refinance, they will still be eligible for contributions. However, if your student loans are refinanced into a personal loan or line of credit product, they will no longer be eligible for contributions.
The full description from our terms of what is considered a valid student loan for SLP (Student Loan PayDown) contributions is:
"Valid Student Loan” refers to a loan under the terms of which you are designated as the Primary Borrower. The loan must be originated and disbursed from, and when in repayment, the loan must be paid to a valid U.S. student loan servicing agency exclusively used to fund higher education at an accredited U.S. institution. Valid student loans include U.S. federal loans (e.g., Stafford loans, PLUS loans, Perkins loans, etc.), private student loans, and refinanced student loans. Debt taken for education via a lending vehicle other than a student loan, such as a personal loan, credit card, or home equity loan, does not qualify as a valid student loan. We have complete discretion in determining whether a loan is a valid student loan.
If you complete a refinance of your student loans, be sure to add your new loan account details to your Gradifi account. Following these steps, you can add your new refinanced loan account details and remove the outdated loan details from your member account in the Gradifi platform.
To add new loan account details:
- Log into the Gradifi platform using your email and password via www.gradifi.com.
- Click My Accounts at the top of the landing page.
- Click Add Account.
- Type the name of your loan servicer into the Student Loan Servicer Name field. If your loan servicer name does not populate from the list of options, you can enter this manually.
- Select the associated payment address for your loan servicer.
- Enter your Account Number in both requested fields and confirm the Name on the Loan.
- Depending on your loan servicer and employer program requirements, you may also be required to select your Student Loan Type as well as a validation document.
- Click Submit.
To remove old loan account details:
- Click My Accounts at the top of the page.
- Select the Loan account you are looking to update.
- Select Account Options.
- Click Remove.
- Select I have refinanced this loan.
- Select Remove Loan.