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.

Features of Our Student Loans

Competitive Rates

No pre-payment or origination fees, plus score a discount when you use autopay.

Flexible Repayment Options

Full payment, interest only or no payment at all. You decide while still in school.

Co-Borrower Release

Let your co-borrower off the hook once you qualify to hold the loan on your own.

Funding You Can Trust

Unlike many institutions, CommunityAmerica will continue to service your loan.

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.

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college student with a coffee on the table

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.

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Graduate Student Loans

Beginning your graduate career can be stressful enough. With flexible funding, convenient repayment terms and in-school deferment, we’re here to help you successfully fill funding gaps that may remain after you've exhausted lower-cost sources of aid.

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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! Plus, now through 12/31/24, we're offering no interest and no payments for the first three months⁴ and a $300 cash bonus when you refinance with CommunityAmerica.⁵

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Young Adult Financial Resources

College and Career Planning

We offer resources and tools to help you plan your path to college and beyond.

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Starter Credit Card

Created with students in mind, this low-rate card is a great way to start building your credit².

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College Cost & Compare Tool

Determine the true cost of college based on your income level and compare schools.

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Student Checking

Build good money habits with this free account that’s high on convenience and low on fees³.

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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.

Why Does College Cost So Much?

Student Loan Payment Sticky Note Reminder

Will Refinancing My Student Loans Lower My Payments?

What To Know About Student Loan Refinancing

Bridging the College Funding Gap

1 Student Loan Program. Subject to annual review and credit qualification. Must meet school's Satisfactory Academic Progress (SAP) requirements. Membership Eligibility. Must live or work in the Kansas City area in these counties: Kansas City Metro Counties: Live or work in Jackson, Cass, Clay, Platte, Douglas, Johnson, Jefferson, Leavenworth, Miami, Shawnee, or Wyandotte. St. Louis Metro Counties: Live or work in St. Louis County. Family Membership: If a family member is either a current member or is eligible for membership by living or working within one of our 12 counties above, you can join, too. An eligible family member is defined as a spouse, child, sibling, parent, grandparent, grandchild, aunt/uncle, niece/nephew, cousin or legal guardian and includes step, in-law and adoptive relationships.

2 Starter Card. Offer valid for members or applicants that qualify for membership and open a new Visa® Low Rate card account (subject to credit approval) using promo code Credit101. Upon opening the Visa® Low Rate card account with promo code Credit101, you can earn $5 a month and up to $30 max, for on-time monthly payments made in your ﬁrst 6 billing cycles. To qualify for the $5 credit, the payment must be made by the payment due date shown on your billing statement and must be greater than $0 and greater than or equal to the minimum payment due on your account. Each $5 credit, up to $30 max, will be deposited into your membership Savings account within 60 days of the on-time payment. You must be in good standing with the Credit Union at the time of the $5 deposit. Offer ends 12/31/2023 and is subject to change without notice. Limit six $5 deposits (max $30) per member and per qualifying Visa® Low Rate card account. The $5 credits may be subject to IRS tax reporting.

3 Student Checking. Must be age 13-24 to qualify. Must be age 18 to open account online. Automatically converts to a Free Checking account at age 25.

4 Student Loan Refinancing Interest and Payments Offer. To qualify, the loan application must be started between 10/21/2024 and 12/31/2024 and the selected repayment term must be 10 years or less. Upon disbursement of your refinance loan, no payments will be required, and no interest will accrue during a three-month promotional period. After this three-month promotional period ends, this loan requires full payments of principal and interest. The credit union reserves the right to modify the terms of this offer at any point in the future for new applications.

5 Student Loan Refinancing Cash Back Offer. To qualify, the loan application must be started between 10/21/2024 and 12/31/2024. Upon approval and disbursement of your refinance loan, the primary borrower will received a cash deposit of $300. The cash deposit will be awarded in the form of a deposit to your credit union checking or savings account within 90 business days from the funding date of the loan. The primary borrower must be a credit union member in good standing at the time of deposit. Limit one cash award per borrower. The credit union reserves the right to modify the terms of this offer at any point in the future for new applications. Recipient is responsible for any applicable federal, state, or local taxes associated with receiving the cash deposit; consult your tax advisor to determine applicable tax consequences.

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Student Loans and Refinancing

What type of student loan are you looking for?

What type of student loan are you looking for?

Flexible Funding for Higher Education

Features of Our Student Loans

Competitive Rates

Flexible Repayment Options

Co-Borrower Release

Funding You Can Trust

Let’s Get Started

Undergraduate Student Loans

Graduate Student Loans

Student Loan Refinancing

Young Adult Financial Resources

College and Career Planning

Starter Credit Card

College Cost & Compare Tool

Student Checking

Student Loan FAQs

How does interest work on the CommunityAmerica Student Loan?

Is a co-borrower required, and can they be removed from my loan at a later date?

How long does the approval process take?

How do I get the funds to my school?

What is the difference between a private loan like the CommunityAmerica Student Loan and a federal education loan such as the Parent PLUS loan?

What are the repayment options, length of term, etc.?

Is there any penalty for paying my loan off early?

Related Blog Posts

Why Does College Cost So Much?

Will Refinancing My Student Loans Lower My Payments?

What To Know About Student Loan Refinancing

Bridging the College Funding Gap