Minneapolis-Based US Bank Offers Student Loan Breaks
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Written by David S. Nelson
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Sunday, 25 December 2011 |
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U.S. Bank recently rolled out cost reduction programs for student loan borrowers who graduate or maintain good grades.
U.S. Bank’s Good Grades Perk rewards students with a 1 percent principal reduction from their original loan amount if they graduate with a cumulative GPA of at least 3.30. The bank’s Graduation Perk program lowers a student’s original loan principal by 2 percent when they show proof of graduation. Together the one-time reductions can lower loan principals by up to 3 percent and may reduce monthly payments.
Both perks can be applied to the bank’s fixed rate and no fee (variable rate) student loans. U.S. Bank offers several benefits for customers in addition to the new perks, such as AutoPay discounts2, optional deferred payments3 and the option to add a cosigner which may help lower the loan’s annual percentage rate.
Both programs are available to anyone who has applied for a U.S. Bank Fixed Rate and U.S. Bank No Fee student loan on or after Aug. 1 this year. Student loan customers who qualify for one or both of these perks will have 12 months to redeem their loan discount. For more information, visit the U.S. Bank Student Loan website at www.usbank.com/student-loans.
U.S. Bank provides a comprehensive line of student banking products including student loans, campus ID card programs, Internet banking, U.S. Bank student checking and savings and Visa Buxx prepaid spending cards.
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Last Updated ( Sunday, 25 December 2011 )
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