Community Bank announced this week that it now offers Private Student Loans to its customers by participating in the iHELP Private Student Loan program.
iHELP administers a simple and transparent lending program with competitive rates through community banks, providing all loan origination and servicing support. Working together, Community Bank and iHELP Private Student Loans will help students fill the gap between the cost of a college degree and federal loans and scholarships.
Working through a trusted community bank as part of the iHELP program gives students and families a compelling option during what can otherwise be a confusing and stressful process.
Community Bank's iHELP Private Student Loans is the exclusive Preferred Service Provider of the Independent Community Bankers of America (ICBA).
"We want to support our customers' college education goals," said Pat McCune, President and CEO. "Participating in the iHELP Private Student Loan Program is a great way to make sure our community has access to outstanding customer service throughout the application and loan servicing process. We are confident that through this program, we can provide a better lending experience for our customers than an unknown financial institution."
Ralph Burchianti, Sr. Vice President, stated, "We believe that where students borrow from matters, with iHELP Private Student Loans they share Community Bank's commitment to providing outstanding customer service, and work with students to make sure they understand their financing options. They provide free resources on U.S. college costs; average salary by career and location, as well as access to scholarship links so that students can make an informed decision and reduce their net cost of college."
Obtaining a college degree is the most important decision a young adult makes in determining their financial success. College graduates earn about $1.5 million more over a lifetime than those with a high school degree. Since the recession in 2008, about 2 million jobs have been created for college graduates, while those with a high school degree have experienced a decline in jobs of about 200,000 (Source: Georgetown University and the Lumina Foundation).
However, paying for college can be difficult. In Pennsylvania, the average annual cost of a 4-year public university is $10,452 while the average annual cost for a 4-year private college is $31,294 (Source: Chronicle of Higher Education). With federal student loans averaging $5,500 per year, many families turn to Private Student Loans, rather than take out equity lines of credit or borrow from retirement accounts. For more information regarding iHELP Private Student Loans please visit our website at www.communitybank.tv and click on the iHELP banner.
Community Bank is a locally-owned full service bank now celebrating 112 years. Community Bank operates 11 offices in Southwestern Pennsylvania. Its stock is listed under the symbol CBFV. Call 888-223-8099 or visit www.communitybank.tv for more information.
For more information about the iHELP private student loan program, contact Kevin Moehn Program Manager at: kmoehn@ihelploan.com (571) 313-1307
