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Us Bank Student Loans

College education is not cheap, and many students have problems financing it even after being granted federal or institutional financial aid. In the past US Bank student loan center offered private student loans but these have since been discontinued.

Types of US Bank Student Loans

There were two types of US Bank student loans that differed on whether the interest rate was fixed or varied.

No Fee Student Loan:

A No Fee US Bank student loan was a variable-rate student loan with no repayment, application, and reserve fees. As interest rates were variable, hence they could be lower than the fixed rate of interest at the time. Students had the option of deferring their payments; however, interest would still accrue on the loan during the deferment period.

If students graduated successfully, they were awarded a 2% reduction on their principal; a further 1% reduction was added for a 3.30 or higher cumulative GPA. Repayment options up to fifteen years were available after the student graduated or discontinued his/her studies. The US Bank student loan center usually recommended that the students apply with a cosigner. The US bank would also release the cosigners if the repayments were consecutive for a certain number of times.

Fixed-rate Student Loan:

This US Bank student loan program had the same perks and features as the no fee loan, but the interest rate was fixed and a reserve fee was part of the package. Again, the US Bank student loan center advised the students to apply with a cosigner to improve his/her chances of qualification for the loan and reducing the reserve fees.

Applying for US Bank Student Loans

Applying for the US Bank students loans was fairly simple and online. To be eligible, the students or their cosigners (if applicable) would have to be permanent residents or U.S citizens. Students had to be studying in or planning to attend a baccalaureate or post-baccalaureate program at a school eligible for US Bank student loan.

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