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.
- In most cases, Extra Credit will be a joint line of credit with both a student and parent or other legal guardian on the line. Adult students who have an established credit history may apply individually.
- You can get cash when you need it by writing a line of credit check. Checks may be made payable to the educational institution or deposited into a personal checking account to cover a wide variety of educational expenses.
- The interest rate is variable and assessed only on the amount used. As payments are made, the line of credit becomes accessible over and over again. The draw period (which is the amount of time you have to access the funds) may last as long as the first 60 months of the line, depending on each student’s situation.
- The repayment schedule was designed with students in mind. During the draw period, all you have to pay are quarterly interest payments. Additional payments may be made at any time when it fits your budget---there is no prepayment penalty.
- You can withdraw whatever amount you need---no minimum amount is required.
- When Extra Credit is secured by collateral, the collateral may be a home or liquid collateral, such as CDs, stocks, bonds, savings or life insurance. The minimum credit line amount is $2,500.
- If Extra Credit is not secured by collateral, the minimum credit line amount is $2,500.
- You can sign up for Overdraft Protection for an ACNB Bank checking account. Funds are transferred from Extra Credit to the overdrawn account automatically. It is the last source of funds for Overdraft Protection if there are also deposit accounts linked to the overdrawn account for Overdraft Protection. Interest begins to accrue on the line once the funds have transferred to the overdrawn account.
Below are some additional links to help you plan and pay for higher education.
Need help? Call us at 1.888.334.ACNB (2262) or send us an email.
*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 July 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. **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 July 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, however this fee will be waived for loan applications submitted before August 31, 2017. In addition to the information above, for properties located in the state of Maryland, mortgage recordation taxes will be paid by the borrower. Other rates and terms are available. Offer subject to change without notice.Member FDIC