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| As of Thursday, September 2, 2010. |
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A loan for students enrolled and making satisfactory academic progress in a bachelor's degree or post-baccalaureate program at an eligible college or university.
Loan features and benefits:
- Loans are credit-based. You don't have to demonstrate financial need.
- Require no application, administration or reserve fees. You receive the full approved loan amount.
- Allow deferment of payments - Students are not required to make payments while in school and for six months after graduation or dropping to less than half-time enrollment.
- Allow repayment up to 15 years - makes payments affordable.1
Additional loan information:
- Borrow up to a maximum $20,000 per grade level. This amount will be the lesser of what the borrower requests, program limits, or school certified amount.
- Minimum loan amount is $1,000.
- Aggregate borrowing limit is
$50,000 in U.S. Bank private student loans.
- Interest rates are based on borrower credit history. Rates are variable over the life of the loan. They are currently:2
- Prime + 0.95%
- Prime + 1.95%
- Prime + 5.75%
- Prime + 8.95%
- .50% interest rate reduction for autopayment.3
- With the help of a qualified cosigner, you may receive a better rate.
- Cosigner release options are available.
Note: U.S. Bank Student Loan program rules and qualifications are subject to change at any time without notice.
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Loan payment example assume a $10,000 loan at a constant interest rate of 4.20%, 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 $88.34. The interim APR would be 3.94%; the repayment period APR would be 4.11%. This interest rate is effective as of 09/01/2010 through 09/30/2010, 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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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.
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