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U.S. Bank Student Loans
After making use of grants, scholarships and federal loans, there still may be unmet education expenses. That's why U.S. Bank offers the following private student loans. Apply today!
Apply With a Co-signer
While not required, we strongly encourage undergraduate students to apply with a creditworthy co-signer if they may have difficulty qualifying for a loan due to limited income and credit history. This may increase an applicant's chances of approval and of possibly obtaining a better interest rate.
Start Your US Bank No Fee Student Loan Application »
U.S Bank Student Loan Benefits and Features
- No fees - you receive the approved loan amount in full
- Variable interest rates as low as Prime + .20%1
- Graduation Perk2: 2% principal reduction at graduation
- Good Grades Perk2: 1% principal reduction at graduation
- 0.50% interest rate reduction with U.S Bank Autopay3
- If you have a qualified co-signer, you may receive a better rate
- Allows for deferment of payments4
- Repayment plan of up to 15 years5 makes payments more affordable
Start Your US Bank No Fee Student Loan Application »
U.S Bank Fixed Rate Student Loan Benefits and Features
- One low fixed interest rate of 7.99% (7.80 % APR) for all borrowers
- Graduation Perk2: 2% principal reduction at graduation
- Good Grades Perk2: 1% principal reduction at graduation
- 0.50% interest rate reduction with U.S Bank Autopay3
- If you have a qualified co-signer, you may receive a better rate
- Allows for deferment of payments4
- Repayment plan of up to 15 years6 makes payments more affordable
Start Your US Bank Fixed Rate Student Loan Application »
Eligibility Requirements
You must:
- Be enrolled and/or making satisfactory academic progress in a bachelor's degree or post-baccalaureate program at an eligible college or university.
- Be a U.S. citizen, U.S. national, permanent resident alien without conditions, or international student who is a temporary resident alien with a current U.S. address and proper evidence of eligibility. For permanent and temporary resident aliens, a U.S. citizen must cosign the loan.
Subject to normal credit approval. Loan approval subject to program guidelines. Program rules and qualifications are subject to change at any time without notice.
Loan Limits
You can borrow a minimum of $1,000 per grade level. Annual loan limit is the cost of education less financial aid. Aggregate borrowing limit for federal and private loans is $120,000.
1Subject to normal credit approval. Loan approval subject to program guidelines. APR may increase or decrease after consummation. Consummation occurs upon disbursement of loan proceeds. The Variable Rate shall be equal to the highest Prime Rate as published in The Wall Street Journal in the Money Rates section plus a margin of .20% to 7.70%. The Variable Rate can change, and will be effective for the first day of any calendar month for a change in the Current Index that took place on the 15th day of the previous month. This interest rate is effective as of 11/01/2010, and assumes a Prime Rate value of 3.25%. The interest rate is variable and can therefore increase and/or decrease over the life of the loan.
2To be eligible, loan application must be received on or after August 1, 2011 and loan proceeds must be disbursed prior to graduation date. Graduation Perk requires proof of graduation date, and Good Grades Perk requires proof of graduation date and cumulative GPA of 3.30 or higher, which must be submitted by the borrower no later than 12 months after graduation date. 2% principal reduction for Graduation Perk and 1% principal reduction for Good Grades Perk will be credited to the student loan account balance and are based on the original amount financed, excluding loan fees, interest (including accrued and unpaid interest which may be capitalized at repayment) and any loan proceeds returned by school or not disbursed. Borrower cannot be delinquent or in default at the time of request. Loans that are consolidated, refinanced or paid in full prior to redeeming the perk(s) are not eligible.
3 The automatic payment is a requirement to be qualified for the interest rate reduction benefit. Auto-payment is set up through your loan servicer. If the auto-payment is cancelled by the borrower, the rate reduction benefit is lost but may be reinstated. If the auto-payment feature is revoked, the rate reduction benefit is lost and cannot be reinstated even if automatic payments are re-established on the loan.
4 Interest will continue to accrue during period of deferment. This deferred interest, if not paid, will be capitalized (added to your principal loan balance, and interest will accrue on this new balance) at repayment.
5 No Fee Loan Payment example: A $10,000 student loan at a constant interest rate of 3.45%, assuming a 45-month in-school period, a six month grace period (i.e., a 51-month "interim period") and 15 years in repayment, would require a monthly payment of $81.67. The interim APR would be 3.27%; the repayment period APR would be 3.39%. APR is variable and may increase or decrease after consummation. Consummation occurs upon disbursement of loan proceeds.
6 Fixed Rate Loan payment example: A $10,000 student loan at 7.99% fixed Interest rate and a 2% reserve fee ($200) for a total of $10,200 borrowed, and assuming a 45-month in-school period, a six month grace period (i.e., a 51-month "interim period") and 15 years in repayment, would require a monthly payment of $130.48. The interim APR would be 7.61%; the repayment period APR would be 7.80%.
