Community Savings Bank
Loan Consolidation Program

Variable rates ranging from: 6.00% to 7.25%

Subject to 6.00% floor rate
APR starting at ~~*

Low Rates, Great Benefits, Apply Today!


  • Simplify Your Finances with one easy monthly payment
  • Interest-Only Repayment Option up to 4 years for eligible borrowers followed by 11 years of principal + interest repayment
  • Cosigner Release Available after 24 consecutive on-time principal & interest payments
  • Lower Payment and Competitive Rate possible with extended repayment term

Are you a candidate for a Student Loan Consolidation?


The ideal candidate for Student Loan Consolidation has:

  • $7,500 - $125,000 in undergraduate student loan debt ($7,500 - $175,000 in graduate debt)
  • Applicants must have reliable gross monthly income of $2,000 to apply alone. To apply with a cosigner, applicants must have reliable gross monthly income and cosigners must have reliable gross monthly income of $2,000.
  • US Citizen or Permanent Resident
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General Questions

What is the Community Savings Bank Student Loan Consolidation?

The Community Savings Bank Student Loan Consolidation can be used to consolidate and refinance your outstanding student loan debt.

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What is a student loan consolidation?

A student loan consolidation allows borrowers the ability to consolidate and refinance one or multiple loans into one loan at a potentially lower interest rate.

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Can I refinance both my federal loans and private loans with the Community Savings Bank Student Loan Consolidation?

Yes! You can consolidate federal and private student loans.

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Student Loan Consolidation Eligibility

Who is eligible for the Community Savings Bank Student Loan Consolidation?

To apply for the Community Savings Bank Student Loan Consolidation, you must be a US Citizen or Permanent Resident who graduated from an eligible school.

To apply alone, applicants must have reliable gross monthly income of $2,000. To apply with a cosigner, applicants must have reliable gross monthly income and cosigners must have reliable gross monthly income of $2,000.

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How do I know if my school is eligible for a loan?

You can confirm whether or not your school is an eligible school on the first page of the application.

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What is a cosigner?

A cosigner is a parent, grandparent, guardian or other adult who is creditworthy and willing to assume legal responsibility for the loan liabilities along with you. The cosigner must be a US Citizen or Permanent Resident.

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Is a cosigner required to obtain a student loan consolidation?

In some instances, a cosigner is required to obtain the Community Savings Bank Student Loan Consolidation. A creditworthy cosigner increases the likelihood of your loan approval and may lead to a lower loan rate. Creditworthy borrowers that meet the credit requirements may apply without a cosigner.

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Will the cosigner’s credit record be affected?

Yes, in a cosigned loan both the borrower and the cosigner are jointly liable for making all loan payments. The loan will appear on both the borrower and cosigner’s credit report.

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Is the cosigner responsible for repaying the loan?

If the borrower fails to repay the loan, then the cosigner is responsible for repaying the loan. However, the cosigner may be released of this obligation once the borrower is able to meet certain criteria to determine creditworthiness and makes 24 consecutive and on-time full payments of principal and interest during the Repayment Period.

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Application Process

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How much can I borrow?

The minimum you can borrow is $7,500 per year. The maximum you can borrow is $125,000 for undergraduate debt and $175,000 for graduate school debt.

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How do I apply for the Community Savings Bank Student Loan Consolidation?

The application process must be completed online at http://csbiowa-consolidation.lendkey.com

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Do I need to be a graduate of an educational institution to be eligible?

Yes, you must provide proof of graduation from an eligible school.

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What proof of graduation do I need to provide?

Your graduation date needs to be verified through documentation, such as a school transcript, copy of the degree, diploma or certificate, written or verbal school verification, or through an electronic method such as the National Student Loan Clearinghouse.

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What proof of income do I need to provide?

You must provide a copy of your two most recent pay stubs within the last 60 days. Pay stubs submitted for review must clearly display the following five pieces of information:

  • 1) Employer Name
  • 2) Pay Period
  • 3) Employee Name
  • 4) Gross Income
  • 5) Deductions

(See an example pay stub with the required fields)

Depending on your type of employment or financial situation, we may be able to accept alternate proof of income:

  • If you are self-employed, you must provide a 2011 and 2012 tax return and required schedules.
  • If you are retired, you must provide a pension and/or social security award letter or 1099R.
  • If you are a commission-based employee, you must provide a 2011 and 2012 W-2 and two recent pay stubs within the last 60 days.

If the loan is cosigned, both the borrower and the cosigner will need to submit these documents.

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What payoff information do I need to provide?

You must provide your last statement(s) on your student loans and a payoff letter or screenshot with a payoff 30-45 days into the future. A payoff letter, obtained from the lender, will state the amount that will satisfy the loan obligation through a specified date in the future.

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Will both the borrower and cosigner’s credit be checked?

Yes. During the application process, and as part of the underwriting process, a credit bureau report on both the borrower and cosigner is pulled. The borrower’s creditworthiness or ability to repay the loan is assessed based on the credit bureau reports of both the borrower and cosigner.

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How do I check the status of my application?

The status of your application is available by signing in to your account. The green status bar you see immediately after login indicates which state your application is currently in.

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What do the stages of the status bar mean?



Applying:

The borrower started the application but it has not been credit reviewed for one of two reasons:

  • The borrower hasn't submitted the application yet
  • The borrower invited a cosigner that has yet to complete his/her portion of the application

Reviewing:

  • LendKey forms an initial credit decision on the borrower and cosigner (if applicable)

Gathering:

  • The borrower is conditionally approved
  • The borrower uploads the requested documents

Approving:

  • Community Savings Bank makes a final review of the application

Signing:

  • The application is final approved
  • The borrower signs the loan agreement and disclosures

Disbursing:

  • The loan disbursement is scheduled
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After filling out an application, is there a commitment to borrow?

No. A borrower may withdraw a request at any time and has up to 3 days after signing the loan agreement to cancel the loan.

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Student Loan Consolidation Terms

What is the repayment term of the Community Savings Bank Student Loan Consolidation?

You will have 15 years to repay the principal and interest of the loan.

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How is the interest rate calculated?

Interest Rate = Base Rate + Loan Margin

The Base Rate is the Prime Rate, which is a variable component that resets quarterly on the first day of January, April, July, and October.

The Loan Margin stays constant for the life of the loan and is determined at loan inception, depending on the borrower’s credit history.

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Do you offer any borrower benefits?

Yes! Qualified borrowers can enjoy:

  • Simplify Your Finances with one easy payment
  • Lower Payment and Competitive Rate possible with extended repayment term
  • Interest-Only Repayment Option available for first 4 years followed by 11 years of principal and interest repayment
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What documentation is provided to borrowers?

Borrowers receive electronic monthly statements summarizing all account activities.

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What are the Forbearance policies?

Borrowers may request Forbearance due to economic hardship for up to 18 months over the life of the loan. Borrowers are eligible to receive three Forbearance periods up to 6 months each, however, only one Forbearance period may be requested in a calendar year. Interest continues to accrue during Forbearance and the term of the loan is not extended.

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Repayment

What repayment options are available?

  • Graduated Repayment: You are responsible for paying interest only for four years and then a level repayment schedule for the remaining term.
  • Level Repayment:You are responsible for standard level repayment for the term of the loan.
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What is the benefit of Graduated Repayment?

The Graduated Repayment option allows you to align expected future earnings with current debt to better manage your cash flow.

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What is the benefit of Level Repayment?

The Level Repayment option maintains one consistent payment structure over the loan term.

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Is there a floor rate on the loan?

Yes, the floor rate is 6.00%.

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Is there a ceiling rate on the loan?

Yes, the ceiling rate is 18.00%.

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How are payments made?

All monthly loan payments are made to the third party loan servicer, using either a monthly electronic transfer from a financial institution account designated during the application process or mailed in by check. Checks can be made payable to:

Educational Computer Systems, Incorporated (ECSI)
181 Montour Run Rd.
Coraopolis, PA 15108

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Can a borrower prepay the loan at any time?

Yes, a borrower may prepay the loan either partially or in full at anytime without incurring any fees or penalties.

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Privacy & Security

Will my personal information be shared with third parties?

Only information that is necessary and required to complete the loan application process, make payments, and transfer funds may be shared. Please consult our privacy policy for additional details.

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How is financial information protected?

LendKey servers are equipped with Secure Socket Layer (SSL) certificate technology, which encrypts the user’s entire online session. Automatic sign out occurs after a period of inactivity. All banking information and social security numbers are stored in a secure off-site data center. All users must pass through our secure verification systems to prevent identity theft.

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How does identity verification work?

All borrowers must provide a valid state issued photo identification and a social security number. This information is used to obtain non-credit based questions from an identity verification agency. The user is asked a series of questions that must be answered correctly. Since these questions are not based on a person’s credit history, obtaining another person’s credit report does not provide sufficient information to pass our identity verification test. Those who violate our security and privacy protections are subject to disciplinary action, including prosecution to the fullest extent allowable by law.

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