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| As of Friday, November 20, 2009. |
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Private loans are often used to supplement federal student loans when they are not sufficient to cover the full cost of education.
Students should always explore the advantages of grants, scholarships and federal student loans before applying for a private loan.
U.S. Bank offers the following school certified private student loans. Not sure if your school participates? Check with your college
financial aid office or call 800-242-1200.
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U.S. Bank No Fee Education Loan
U.S. Bank Bar Review Education Loan
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| U.S. Bank No Fee Education Loan |
A non-federal loan designed for students enrolled in a four-year undergraduate or any graduate program at an eligible college or university.
Loan Details:
- These loans are credit-based. You don't have to demonstrate financial need.
- Must be enrolled part-time or more and making satisfactory academic progress in a four-year undergraduate or any graduate program at an eligible college or university.
- No application, administration or reserve fees.
- Automatic deferment of payments while in school and for six months after graduation or less than half-time enrollment. Or, choose to make interest payments while in school.
- Repayment term up to 15 years.1
- Affordable repayment options.
Loan Limits:
- Borrow up to the cost of attendance, less financial aid received. This amount will be the lesser of what the borrower requests, program limits, or school certified amount.
- Applicants approved at the highest interest rate are limited to an annual borrowing amount of up to $20,000.
- Minimum loan amount is $1,000.
- Aggregate Borrowing Limits:
- $50,000 in U.S. Bank Private Student Loans
- $120,000 from all student loan programs (which includes federal)
Interest Rates:
- Interest rates are dependent upon credit history. All rates are variable over the life of the loan.2
- Prime + 1.95%
- Prime + 4.95%
- Prime + 8.95%3
Cosigners:
- With the help of a qualified cosigner, you may more easily qualify for a loan and receive a better rate.
- Cosigner release options are available.
Repayment Discount:
- Use our convenient AutoPay option and receive a .50% interest rate reduction.4
Note: Program rules and qualifications are subject to change at any time without notice.
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| U.S. Bank Bar Review Education Loan |
Designed for graduates of ABA (American Bar Association) approved law schools, this loan helps you support yourself while you are studying for and taking the Bar Exam.
Loan Details:
- Must be a graduate of an ABA approved law school.
- Reserve fees of 4% or 9% of the loan amount will be assessed depending upon credit history.5
- Repayment term up to 15 years.5
- Affordable repayment options, no payment required until six months after graduation.
Loan Limits:
- Minimum loan amount is $1,000.
- Maximum loan amount is $12,000.
- Aggregate Borrowing Limits:
- $50,000 in U.S. Bank Private Student Loans
- $120,000 from all student loan programs (which includes federal)
Interest Rate:
- Interest rate of Prime + 0%, variable over the life of the loan.2
Cosigners:
- With the help of a qualified cosigner, you may more easily qualify for a loan.
- Cosigner release options are available.
Repayment Discount:
- Use our convenient AutoPay option and receive a .20% interest rate reduction.4
Note: Program rules and qualifications are subject to change at any time without notice.
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| Contact our Student Loan Center or call 800-242-1200. |
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Loan payment example assume a $10,000 loan at a constant interest rate of 5.20%, assuming 45-month in-school period, a six month grace period (i.e., a 51-month "interim period"), no reserve fee, and 15 years in repayment, would require a monthly payment of $97.80. The interim APR would be 4.81%; the repayment period APR would be 5.05%. This interest rate is effective as of 11/01/09 through 11/30/09, and assumes a Prime Rate value of 3.25%. APR may increase or decrease after consummation. Consummation occurs upon disbursement of loan proceeds. The interest rate is variable and can therefore increase and/or decrease over the life of the loan.
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APR may increase or decrease after consummation. Consummation occurs upon disbursement of loan proceeds. The interest rate is variable and can therefore increase and/or decrease over the life of the loan.
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Borrowers approved at the Prime + 8.95% tier are limited to an annual borrowing amount of cost of attendance less financial aid received up to $20,000.
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The automatic payment is a requirement to be qualified for the interest rate reduction benefit. If the auto payment feature is canceled, the rate reduction benefit is lost.
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Loan payment example assume a $7,000 loan at a constant interest rate of 3.25%, assuming one month in-school period, a six month grace period (i.e., a 7-month "interim period"), a reserve fee of 4%, and 15 years in repayment, would require a monthly payment of $52.12. The interim APR would be 10.33%; the repayment period APR would be 3.82%. This interest rate is effective as of 11/01/09 through 11/30/09, and assumes a Prime Rate value of 3.25%. APR may increase or decrease after consummation. Consummation occurs upon disbursement of loan proceeds. The interest rate is variable and can therefore increase and/or decrease over the life of the loan.
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