FREQUENTLY ASKED QUESTIONS
1CAVEAT is a service that helps people make supplemental student loan payments using creative and painless solutions. 1CAVEAT allows friends and family to contribute to member accounts using our credit card roundup function that rounds transactions to the next dollar and applies the loose change to your member account. We also allow members to contribute weekly fixed amounts from their bank account(s), as well as use the credit card roundup function on one or more credit card. We are also rolling out a new groundbreaking human resource benefit that allows employers to become contributors to their employee's 1CAVEAT accounts.
HOW DOES 1CAVEAT WORK?
1CAVEAT works through scheduled and/or transactional contributions from contributor bank and credit card accounts. Members will create their 1CAVEAT account, setup their bank/credit card accounts, register their student loan accounts and set a weekly contribution amount. Once you are a registered member, you can invite family and friends to be contributors, as well. Contributions will be collected throughout the month and at the end of each month, payments will be made to your student loan account(s). 1CAVEAT is a supplemental student loan payment program and not meant to replace your normal loan payments.
STUDENT LOAN ACCOUNT(S)
What if my lender is not listed as a selection?
You can submit your lender information to our team at after which 1CAVEAT will notify you if your lender has been approved and added to our list. We take every precaution to validate every lender and to follow strict setup procedures.
When are payments made to my student loan account(s)?
Your contributions made throughout the month will be accumulated in a secure account. Monthly payments toward your student loan(s) are made the end of each month from your secure account. A balance of $5 is always left in your 1CAVEAT account at the end of each month.
Can I setup more than one student loan account?
Yes. You may setup up more than one student loan account. If multiple student loan accounts are setup, then monthly contributions will be split evenly and paid toward all active student loan accounts. One active student loan setup is required.
Can I setup a non-student loan account?
No. 1CAVEAT is focused on setting up relationships with institutions that are working in the student loan industry only. We are committed to developing secure relationships with these institutions and will validate the accounts setup for each member are valid student loan accounts.
BANK AND CREDIT CARD ACCOUNT(S)
How do I setup my credit card and bank accounts?
Your accounts will be setup during the registration process when you create a new account. Once you are member, you can update you account information through the PROFILE option.
Can I setup more than one bank and credit card account?
Yes. You may setup multiple bank accounts that funds can be drawn from. Each account can be set with their own individual contribution amounts. You may also setup multiple credit/debit card accounts that roundups will be drawn from. Transactions will be rounded up to the next dollar and the loose change will be applied to your 1CAVEAT account throughout the month.
How do I make changes to my personal information?
You can make changes to your personal information by clicking the PROFILE link at the top of the home page. Your password will be required to save the changes to your account.
Can I update alerts and notifications?
Yes. You have the options to turn off any alerts and notifications that are normally sent to your email address or cell phone on file. Please note that turning off these notifications may impact how you receive important information from us.
FAMILY & FRIENDS PROGRAM
How does the family and friends program work?
Just fill out the contact information requested and we'll send a request to your family and friends on your behalf to become contributors to your 1CAVEAT account.
How can I let friends know about 1CAVEAT, so they can open their own account?
You can tell friends about 1CAVEAT through our RECOMMEND US function. Just supply your friend's contact information and we will send a message on your behalf telling them about our service.
How does the employer contributions program work?
We have setup a process by which employers can provide their employees with a new groundbreaking benefit. We will work with employers to become contributors to your 1CAVEAT account. We've also developed an employer portal to manage and view contribution activity.
How can I get my employer to participate?
We are always open to finding new employers interested in our product. We actively market 1CAVEAT to employers nationwide. If you think your employer would be interested in our product, please let us know through our contact us page.
Is 1CAVEAT safe?
Yes. 1CAVEAT will use the latest security technologies to protect member and contributor information. Personal information will be encrypted and securely stored. We will use encrypted methods of transferring funds and data to lenders and banking institutions. Data security will be built into our design.
How do I close my 1CAVEAT account?
You can close you 1CAVEAT account at anytime from within your PROFILE. Simply click on CLOSE MY ACCOUNT. Your account will be closed and all funds reimbursed in 7- 10 business days. Your password will be required to complete this transactions.
What if I forgot my 1CAVEAT username of password?
On the Login page, click "Forgot Password?" Enter the email address associated with your account and an email will be sent to your email inbox with your password. Further security questions will be required.
Where are my contributions stored until payments are made to my student loan account(s)?
Contributions collected throughout the month are saved in a secure checking account until the end of each month, when student loan payments are made. A minimum of $5 is kept in every 1CAVEAT account after payments are made. All interest earned on your 1CAVEAT account is retained by 1CAVEAT.
We will initially charge our members $1 a month, which is applied when loan payments are made. We will also collect all monthly interest earned on your 1CAVEAT account.