Student Loan Rates

 

All interest rates are effective as of July 27, 2016.

At the Bank’s discretion, interest rates and terms may change at any time without notice.

 
Extra Credit – Student Line of Credit Annual Percentage Rate (APR)
Secured by Collateral* 4.00%
Unsecured** 6.25%

*No minimum draw is required. The APR is variable and may increase or decrease monthly on the billing date. The minimum APR is 4.00% and the maximum is 18.00%. The APR is based upon The Wall Street Journal Prime Rate minus .25%, but will never be lower than 4.00%. As of July 1, 2016, the APR based upon the Prime Rate minus .25% is 3.25%. The interest rate for your line is based upon your creditworthiness. The minimum credit line is $2,500. The credit line amount depends upon the appraised value and/or equity in your collateral, which may be your home or liquid collateral you own, such as CDs, stocks, bonds, savings or life insurance. Your minimum payments may not be sufficient to fully repay the principal that is outstanding on your line at the end of the term. If they are not, you will be required to pay the entire outstanding balance in a single payment.

**No minimum draw is required.. The APR is variable and may increase or decrease monthly on the billing date. The maximum APR is 18.00%. The APR is based upon The Wall Street Journal Prime Rate plus 2.75%. As of July 1, 2016, the APR based upon the Prime Rate plus 2.75% is 6.25%. The interest rate for your line is based upon your creditworthiness. The minimum credit line amount is $2,500.  Your minimum payments may not be sufficient to fully repay the principal that is outstanding on your line at the end of the term. If they are not, you will be required to pay the entire outstanding balance in a single payment.

A processing fee of $125 applies, however this fee will be waived for loan applications submitted now through August 31, 2016. 

Apply     Calculator

Member FDIC