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So you’re ready to get started…that’s great! Below are some tips to help you get the funds you need.


1. Figure Out How Much and How Long 

Have an idea in mind of how much you’ll need to cover college expenses. Make a list of all costs involved. 

If you plan on using your home’s equity, find out what the principal amount is that you owe on the mortgage, and compare it to the original loan amount. If the principal amount is at the most 75% of the original amount, you may be in good shape. Keep in mind that housing values often change. If your home has not been appraised within the past two years, a new appraisal may have to be done, and the equity that you have in your home will be based on the results of that new appraisal.

Once you know how much you’ll need to borrow, you’ll want to consider the monthly payment you can afford. It’s smart to use our loan payment calculator to get an idea of your potential loan payment, so you can make sure it fits into your budget.


2. Get the Funds 

Once you know how much you want to borrow, you’re ready to contact the bank and apply for Extra Credit! At ACNB Bank, there are several different ways you can apply. You can call to make an appointment and apply in person---loan applications are taken at every office of ACNB Bank. Click here for a list of our offices. You can also fax your application, apply over the phone or online.

Please note that new federal regulations require a waiting period of seven business days, after certain disclosures are signed and in the bank’s possession, before the loan can be settled or finalized. If the disclosures are sent through the mail, the time period of when the loan can be settled will be a few days longer. If you apply in person, you will be given the disclosures that need to be signed, so you have a better chance of keeping the waiting period to the seven business day time frame. 

When you contact the bank to apply for Extra Credit, the bank will verify that you have the capacity to repay the line. Copies of your two most recent pay stubs will be needed to verify your income. If you’re self-employed, the last two years of your federal income tax returns are needed. If you’re using the equity in your home, new federal regulations require the bank to have copies of your property and school tax statements, as well as the declaration page from your home owners’ insurance policy.

Federal regulations also require banks to verify the identity of their customers, so bring along your driver’s license or other government-issued photo ID so the bank can update its records.

Once you’ve applied, the application will go through underwriting. Within 24 hours, we’ll tell you whether or not your application has been approved. The approval may be conditional depending upon whether or not an appraisal is needed. We’ll work with you every step of the way to make sure the process keeps moving and you get the loan that fits your needs just right.

Equal housing Lender    Member FDIC