Your Loan, Your Terms

Enjoy 3 Months with no interest and no payment³
plus a $300 bonus⁴ when you refinance!

Take Control of Repaying Your Student Loans

CommunityAmerica is proud to offer student loan refinancing options¹. We've partnered with Student Choice to give you flexibility and convenience of refinancing and consolidating your private and federal student loans² (including PLUS loans), into one manageable loan 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, paying off the loan sooner or maybe even both!

Features of Student Loan Refinancing

Competitive Rates

Plus, score a rate discount when you set up automatic electronic payments.

Flexible Terms

Repayment on your terms - pick the rate and term that fits your needs.

Personal Support

Student Choice's Refinance Specialists can help you decide if refinancing is right for you.

Let’s Get Started

CommunityAmerica has partnered with Student Choice to offer refinancing options for your private and federal student loans.

Apply Now

Should I refinance my student loans?

By lowering your interest rate or leveraging a better repayment term, refinancing your student loans (such as private, federal, and/or PLUS loans) could help you save money in the long run or pay them off sooner. If you refinance some or all your federal student loans⁴ into a private student loan, you will lose access to any current or future federal student loan benefits, such as potential debt forgiveness or income-driven repayment options. It’s more important than ever to evaluate your options if you have federal student loans so that you can make educated decisions.

For more information, check out these helpful resources:

Visit studentaid.gov or contact your federal student loan servicer
Read our What to Know About Student Loan Refinancing blog
Consult with our College Planner

Can my cosigner be released at a later date?

Yes, your co-borrower can be released from your student loans after 36 months if you (the primary borrower) meet the criteria to hold the loan on your own at that time.

What is the difference between a fixed and a variable interest rate?

A fixed rate loan is exactly as it sounds – the interest rate is fixed, or stays the same, for the entire life of your loan.

Pros: You’ll know what your interest rate is and won’t have to worry about fluctuations down the road.

Cons: A fixed rate can be a higher rate than a variable rate option.

A variable rate loan is when your interest rate will fluctuate over time based on the current index rate. There is usually a limit or “ceiling rate” on how high your rate can go if the index increases.

Pros: Variable rate options are typically lower than fixed rate at the start of your loan. Additionally, if the index decreases in the future, so will your interest rate.
Cons: There is risk involved; while your rate could go down, it could also increase, meaning your monthly payment could increase.

Do I have to refinance all of my student loans?

You can refinance all or some of your student loans – whichever option is best for you. Some borrowers choose not to refinance their federal student loans so they can hold on to existing benefits such as income-based repayment plans or potential loan forgiveness.

When can I refinance my student loans?

Your student loans can be refinanced if they are in grace or repayment after you’ve graduated from an approved school. If you did not graduate from the school, the loan is not eligible to be refinanced.

Can I refinance loans I’ve previously refinanced?

Yes! If you have previously refinanced some or all your student loans, you may wish to refinance to take advantage of a lower rate.

Should I continue making payments while my refinance application is in process?

Yes, you should continue to make your payments while your application is in process. You will be notified when the funds have been sent to the applicable servicers.

What kind of loans can I refinance?

All loans being refinanced must be post separation from school.

Private & Institutional Education Loans:

Undergrad
Graduate
Consolidation Federal

Education Loans²:

Federal Family Education Loan Program (FFELP)
Subsidized or Unsubsidized (aka Stafford Loan)
Grad or Parent PLUS William D. Ford Direct Loan Program Subsidized or Unsubsidized (aka Direct Stafford Loan)
William D. Ford Direct Loan Program Undergraduate, Grad or Parent PLUS
Perkins, Nursing or Health Education Assistance (HEAL)
Consolidation

If you choose to refinance a federal loan, you will lose federal student loan benefits such as income-driven repayment or loan forgiveness options that may be available on your current federal loan(s). In addition, federal student loans offer deferment and forbearance options that may not be available if you refinance into a private loan.

What’s the difference between consolidation and refinancing?

Consolidation means you are simply combining existing loans. Your total payment amount and total interest will likely remain the same, but you’ll have the convenience of making one payment rather than multiple payments. This type of loan is usually associated with federal government student loans.

When you refinance, you are taking out a single new loan to pay off your old ones. You’ll probably have a new interest rate, new term and a different monthly payment amount.

Do I have to be a credit union member?

You do not need to be a member to start the application, but you will need to be a member of CommunityAmerica Credit to finalize the loan.

Related Blog Posts

1 Student Loan Refinancing. All loans are subject to approval and restrictions may apply. We reserve the right to change rates for new applications at any time and without notice. Credit union membership and a minimum share deposit is required.

2 Important. Please remember that federal loans do offer certain benefits and protections that do not transfer to a private loan. By refinancing your federal student loans to a private loan you will lose any federal benefits that may apply to you. Please review this important disclosure for more information.

3 Three Months No Payments, No Interest Offer. To qualify, the loan application must be started between 11/12/2024 and 09/30/2025 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.

4 $300 Cash Offer. To qualify, the loan application must be started between 10/21/2024 and 09/30/2025. Upon approval and disbursement of your refinance loan, the primary borrower will receive 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.