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Can I get a private or federal student loan through US bank student loans?

I wanted to get a student loan to finance my college education. Some of my friends suggested that I should try US bank student loans. I have little idea how to get a student loan and whom to approach. Does the US Bank offer private loans for college? If yes, what are the steps to apply for a loan? Also, is it a good idea to take out the US Bank student loan in terms of interest rates and student loans payment options as I will need to find employment to repay?

Samantha Stevenson

in Student Loans

1 answer

1 answer

Melissa Norris on January 30, 2018

Unfortunately, you will no longer get a student loan from the US Bank. They do not offer both federal and private loans. After a federal government announcement in 2012 that private loans would not enjoy federal guarantee, the US Bank stopped offering student loans. When US Bank offered loans, you could get two types of loans; Fixed-Rate US Bank loan and No-fee US Bank loan for students. The primary difference between both was that the latter had a variable interest rate. However, the problem is that you don’t get these loans anymore.

Though the US Bank stopped offering loans, it still offers some help to student loan seekers. On their website, it is possible for students to find information that is helpful in finding and deciding on appropriate loans. By reading the tips for students on their website, you can learn how to manage your money, how to get education loans, and how to pay your college fees in different ways.

So it is clear that you have to find other options. What are they? The first, and, in fact, the most important, is filling out FAFSA. What is FAFSA? It stands for Free Application for Federal Student Aid. In order to understand and be eligible for all types of federal student aid like PLUS loans, Perkins Student Loans and Direct Stafford Loans, this is the easiest way. FAFSA will decide what aid best suits your application. So this is the first option a student loan seeker should explore.

If you are not eligible for a federal student loan, you can try a loan from a private lender. However, it is important for you to take so many things into consideration before finalizing the deal. Firstly, you should compare the interest rates of many lenders before deciding which bank offers the lowest interest rates. After that, it is also important to check whether you are going to get a grace period because it is not easy to start student loans repayment if you fail to get employment and your financial situation is weak. Secondly, you should also check whether the bank allows you to defer your private loan to pursue college education if you enter further study or face any financial hardship. Moreover, you should check whether the bank will charge you interest for the grace period and deferment period. And if they charge for the same, you need to check whether that is added to the principal amount or appears in the form of a balloon payment at the end of the loan term. Finally, make sure that the installments are not too high for you to afford.

Caleb Jenkins2 years ago

Being a person who experienced the issues associated with taking out college education private loans and repaying student loans, I would suggest that a private loan should be your last resort. Even if you are forced to have a private student loan, don’t be disheartened; you can still try to consolidate and refinance your private loan. I have seen a few of my friends trying to do so but I understood from them that your chances of success in refinancing depend on your credit score, income, savings, and the degree you pursue. However, this is certainly worth trying because by consolidating and refinancing your loan, you can get lower interest rate and smaller monthly installments. A few banks that are useful for refinancing and consolidating are SoFi, CommonBond, Earnest, Laurel Road, Lendkey, and Citizens Bank. If you are trying to refinance
and consolidate an undergraduate or graduate school student loan, SoFi is the best option. It offers 5 to 20 year repayment options along with unemployment protection, career support and entrepreneur programs.

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