US Bank Student Loans

Please Note**

According to the company’s website, U.S. Bank is no longer accepting applications for any of its private student loan programs. They suggest consulting other resources, such as the internet, to find lenders who still make such loans. Should you have other questions, please contact U.S. Bank’s Student Loan Center at 800-242-1200. The following information has been retained for historical reference.

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US Bank offers several different types of assistance for students who need to borrow funds to help defray the cost of post-secondary education. The Bank even offers scholarships to high school seniors!

U.S. Bank no longer offers the Stafford, PLUS or consolidated loans for students, however they offer private student loans, and a scholarship offer which (based upon the filename of "marketing" under their "student loans" section) appears to be used as a lead generation tool to promote their private student loan products.

Federal Stafford Loans

Two types of Federal Stafford Loans are available. The first is a subsidized loan, where the government pays the interest on the loan while the student is attending school, either full-time or part-time. No repayment is required until six months after graduation or the applicant ceases to be enrolled in school.

The second type of Federal Stafford Loan is an unsubsidized one. The interest payment can be deferred while the applicant is in school but once the applicant ceases to be a student, he or she is responsible for all interest accrued from the time the funds were advanced.<

The US bank will cover the origination fee (2%) charged on Stafford Loans. The default fee (1%) will also be covered by the US bank in most states. Individuals who make their payments on time may be eligible for interest rate discounts. See their Stafford choices here.

Federal PLUS Loan

The Federal PLUS Loan program is designed for graduate students or parents of undergraduate students. Unlike the Federal Stafford Loan, the PLUS Loan is not based on financial need; applicants are able to apply an amount up to the full cost of the college education, minus the dollar amount of other assistance received. Applicants for a Federal PLUS loan will be subject to a credit check.

As in the case of the Federal Stafford Loan, the US Bank will cover the default fee (1%) in most states.

It is possible to be pre-approved for a Federal PLUS Loan; the application can be filled out online.

Federal Consolidation Loan

US Bank also offers clients who have more than one student or parent loan the opportunity to consolidate them into one loan. This would be of interest to those who would like to arrange for a longer repayment term, a lower interest rate, and a single student loan payment.

Once again, individuals with an excellent repayment history will qualify for a lower interest rate. In addition, a lower interest rate will be charged to clients who choose to make their loan payments by automatic withdrawal from either their savings or checking account.

Supplemental College Education Loan

Funding decisions on Supplemental College Education Loans are based on the applicant's credit history, not on financial need. No payments for either principal or interest are required while the applicant is in school or for a six-month grace period afterwards. No application fees are required and it is possible to apply for a loan online, quickly and conveniently.

The range of loan products falling under the umbrella of Supplemental College Education Loans includes no-fee loans (these are limited to students attending university in specific locations), loans designed to top-up other financial aid, and loans for those attending graduate school or studying for the Bar Exam.

In addition to the foregoing, US Bank offers an Internet Scholarship to high school seniors planning on attending college or university. Thirty-$1,000.00 scholarships are being offered to US citizens; interested persons must fill out an online form. Scholarship recipients will be chosen at random.