The growing trend of refinancing and consolidating student loans and the respective debt they represent continues. Many options are now available to graduated alumni, often through their employers. Jack Zoeller is one such person trying to provide aid to individuals paying back hefty loans, or at least, claims to be.
Zoeller was CEO of Cordia Bancorp, owner of Bank of Virginia. Was, because he recently stepped down to focus specifically on the company’s student loan refinancing arm – CordiaGrad. Effective post March 1st of this year, what exactly did he intend from his departure of a rather lofty, safe position?
Mr. Zoeller isn’t new to the formula, having created several start-up businesses in the past, all related in some way to loans, insurance, or other financial affairs. In fact, when Zoeller started Cordia Bancorp to assist in a fledgling Bank of Virginia, his system helped said bank to find themselves in steady monetary affairs.
According to Zoeller, today CordiaGrad has now refinanced about $5 million worth of student loans. Zoeller, of course, sees this as only the first step and believes if CordiaGrad was able to reach out it could refinance hundreds of millions of dollars-worth in student loan debt, helping tens of thousands of borrowers.
As for the student body Zoeller is looking at, he mentions his loan repayment system would help high income earners with good credit take advantage of his version for repayment terms. These will take over any current Bank of Virginia loans currently responsible for student refinancing. Zoeller hopes, ultimately, that his refinancing options are of interest to those unhappy with their current repayment methods.
The accumulated debt of student loans in the United States is $1.4 trillion and counting, and Zoeller remarks his program would get a piece of that, would it be successful. Of course, the intentions of a banker might be looking to help their own pockets before a student, so precisely how beneficial CordiaGrad is remains to be seen.
 

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