U.S. Bank No Fee Education Loan

Rating:
Website: www.usbank.com/studentloans
Phone Number for New Applicants: (800) 242-1200
Hours of Operation: M-F 8am-5pm PT

• THIS IS A VARIABLE RATE LOAN.  Interest rates will change during life of loan based on changes to the Prime Rate (to see current Prime Rate, click here)
• Current Starting Interest Rates between 4.20% and 12.20%
  • Range in terms of index: Prime Rate +0.95% to +8.95%

• Origination/Repayment Fees:  None
• Late Payment Fees:  Lesser of $15 or 15% of payment
  • Timing:  30 days after payment is due, a payment is considered late
• Returned Payment Fees:  Not available
• Forbearance Fees:  None

• Standard Repayment Term:  15 years
• Interest-only payments required while borrower is in school:  No
• Prepayment Penalties:  None

• Auto-Debit Benefit: 0.50% interest rate reduction for signing up to make payments via auto-debit from your bank account

• Not required
• Co-signer Release: Yes, based on ONE of the two conditions being met:
  • After 36 consecutive on-time monthly payments for borrowers with an acceptable FICO score and debt-to-income ratio; OR
  • After 48 consecutive on-time monthly payments and an acceptable debt-to-income ratio

• Annual Minimum Loan: $1,000
• Annual Maximum Loan: $20,000 per grade level.  This amount will be the lesser of what the borrower requests, program limits or school certified amount. 
  
• Aggregate Maximum: $50,000 in U.S. Bank private loans

• Provides immediate response to online loan application:  Yes
• Upon online credit approval, provides immediate "plain English" disclosure on interest rates and fees:  Yes
  

• Borrower may cancel loan within three days after receipt of the Disclosure Statement
• Review lender's Promissory Note for details on loan cancellation process 

• Sample U.S. Bank Promissory Note, April 2010

• Origination:  NorthStar Education Finance, Inc.
  
• Repayment Servicer:  Great Lakes Educational Loan Services, Inc.

• Loan approval rates, which are not publicly available, may be low
• Lender does not service their own loans
• This loan may not be dischargeable in bankruptcy
  

• Once you have applied for a loan, please complete this short survey to tell us about your experience

Student Lending Analytics (SLA) is an independent research and advisory firm and is not a lender.  SLA receives NO compensation from any lenders for our ratings service nor for any referrals that they may receive through this website.  While SLA has made every effort to confirm each of the lender loan terms described above, it assumes no responsibility for typographical or other errors or omissions in the information provided.   SLA makes no representations or warranties about your eligibility for a particular loan.  SLA recommends that you carefully review each lender's loan application and promissory note for final loan terms, including Savings Opportunities.   Savings Opportunities may not be automatically available and you may not be eligible for certain Savings Opportunities.