Student Loan Rates

Student loans and financial aid can help you achieve the goals you have beyond college. We can help with Extra Credit, our student line of credit. You can use Extra Credit to pay for tuition, books, room and board, and other education-related expenses.

Here’s how you’ll benefit with Extra Credit:

  • You’ll save money with interest rates that are competitive with Stafford loans. Extra Credit interest rates are connected to the Wall Street Journal Prime Rate and can go as low as 4.00% APR (Annual Percentage Rate).
  • You’ll also save by borrowing what you need when you need it. With Extra Credit, you borrow the money as you need it, and only pay interest on what you borrow.
  • Save time by applying just once. Many programs require you to reapply year after year. With Extra Credit, you simply apply one time for all that you need. The money is then available whenever you need it.
  • Access your funds 24/7, by writing a line of credit check, using telephone banking or online banking.

All interest rates are effective as of September 22, 2017.

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** 7.00%


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*Secured Extra Credit Line: 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 September 1, 2017, the APR based upon the Prime Rate minus .25% is 4.00%. 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. Property insurance is required and all fees are charged. Offer subject to change without notice.

Subject to appraisal requirements. If we are unable to determine the property value with an Automated Valuation Model (AVM) and Property Condition Report (PCR), the Bank may be required to order an appraisal. The cost of the appraisal will be the applicant’s responsibility. If the line request is over $250,000, title Insurance will be required and the fee will be the applicant’s responsibility. In addition to the information above, for properties located in the state of Maryland, mortgage recordation taxes will be paid by the borrower.

**Unsecured Extra Credit Line: 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 September 1, 2017, the APR based upon the Prime Rate plus 2.75% is 7.00%. 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. Other rates and terms are available. Offer subject to change without notice.

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