Student Loans and Refinancing
What type of student loan are you looking for?
Flexible Funding for Higher Education
When scholarships, grants and federal aid aren’t enough, private student loans can be a necessary and cost-effective way to fill educational funding gaps. At CommunityAmerica, we want to make financing college easy so you can focus on achieving your dreams of higher education at the school of your choice.
As a not-for-profit lender, helping members is our bottom line. The unique structure of our student loan allows you to borrow up to the full cost of the remainder of your education without having to reapply each year.1 This flexible line of credit allows you to simply request additional funds each year for the amount you wish to have disbursed to your school.
As a not-for-profit lender, helping members is our bottom line. The unique structure of our student loan allows you to borrow up to the full cost of the remainder of your education without having to reapply each year.1 This flexible line of credit allows you to simply request additional funds each year for the amount you wish to have disbursed to your school.
Features of Our Student Loans
Let’s Get Started!
CommunityAmerica has partnered with Student Choice to offer this unique student loan, which operates as a line of credit, for both Undergraduate and Graduate programs.
Undergraduate Student Loans
Federal aid and scholarships not cutting it? At CommunityAmerica, we’ve got your best interests in mind with our private student loan options. The convenient and flexible line of credit structure allows you to secure funding for your entire undergraduate career with just one application.
Student Loan Refinancing
With competitive rates and flexible repayment terms, CommunityAmerica makes it easy to consolidate your existing student loans into one convenient payment. Refinancing offers you the potential to lower your interest rate or adjust the loan term to better fit your financial goals, whether that means lowering the monthly payment or paying off the loan sooner or maybe even both!*
Young Adult Financial Resources
Student Loan FAQs
- You may choose to make interest-only payments while in school; defer both principal and interest payments until six months after graduation; or make full payments while in school. If you defer both principal and interest payments during school, interest begins accruing at disbursement and will be capitalized when you enter repayment.
- Variable Rate Option: the repayment term is 20 years if your principal balance at repayment is $40,000 or less, and 25 years if your principal balance at repayment is more than $40,000.
- Fixed Rate Option: the repayment schedule is fixed at 10 years regardless of the amount you borrow. Full repayment begins at the end of the grace period unless full repayment is selected during enrollment.
- A co-borrower is not required, however, applying with a credit worthy co-borrower may improve your chance of meeting our approval criteria and potentially qualifying for the line of credit at a lower interest rate.
- A co-borrower release is available to credit worthy borrowers who make 36 consecutive on-time payments during the principal and interest repayment period and meet additional requirements (such as salary and debt-to-income ratio). You must apply and be approved for this option after the 36 month period. Other terms and conditions may apply, and the option may be revoked or modified without notice.
- During peak loan season (July through September), please allow 35-40 business days from the time you submit your completed loan documents. During non-peak season, please allow 10 to 15 business days from the time your completed loan application has been submitted.
- Though your loan may be processed, it is up to the school to "certify" your loan. Certification involves selecting a disbursement date and loan amount for your loan. The school has the final say on when your loan disburses and in what amount.
- Each year, you will simply request additional funds – called a "draw" – for the amount you wish to have disbursed to your school. Funds are disbursed to your school based on the school's disbursement cycle after you request the specific draw amount from your line of credit each year. This line of credit allows you to borrow up to $75,000 for Undergraduate borrowing and $100,000 for Graduate/Professional School borrowing.
- When comparing student loans, it’s important to consider key factors such as interest rates, fees, repayment terms, and eligibility requirements. If you have good credit history and can qualify for a lower interest rate on a private student loan, such as the CommunityAmerica Student Loan, it may be a better option for you. Private sector loans also come with more flexible repayment options, no origination fees, and in most cases, lower interest rates. However, there are protections and benefits of federal loans that could be beneficial in some circumstances, so in that regard a Parent PLUS loan may be the better choice.
- You may choose to make interest-only payments while in school; defer both principal and interest payments until six months after graduation; or make full payments while in school. If you defer both principal and interest payments during school, interest begins accruing at disbursement and will be capitalized when you enter repayment.
- The standard repayment terms are:
- Variable Rate Option: the repayment term is 20 years if your principal balance at repayment is $40,000 or less, and 25 years if your principal balance at repayment is more than $40,000.
- Fixed Rate Option: the repayment schedule is fixed at 10 years regardless of the amount you borrow. Full repayment begins at the end of the grace period unless full repayment is selected during enrollment.
- Graduated Repayment is repayment of principal and interest using an extended amortization period intended to lower the monthly payment amount, after which payments are higher and based on the remainder of original term.
- No. You can pay off your loan at any time, even if you're still in school.
