U.S. Bank Student Loans: Are They Available?

U.S. Bank ended its student loan program in 2012.

Ryan LaneOctober 19, 2020
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U.S. Bank Student Loans: Are They Available?

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U.S. Bank student loans are no longer available. But you can refinance existing U.S. Bank loans or take out new student loans from other banks, as well as credit unions and online lenders.

When shopping for any private student loan, compare multiple lenders’ offers to ensure you get the lowest interest rate possible.

Does U.S. Bank offer student loans?

U.S. Bank doesn’t offer student loans — similar to most big-name banks, including Bank of America, Capital One and JP Morgan Chase. The bank does have a student checking account.

U.S. Bank used to issue federal loans via the Federal Family Education Loan program, but that ended in 2010. The bank stopped its separate private student loan program in 2012.

Federal student loans are now only available directly through the government. You can apply by completing the Free Application for Federal Student Aid, or FAFSA. Exhaust federal aid before borrowing private student loans.

If you need a private student loan and prefer to work with a brick-and-mortar bank, consider Citizens Bank or PNC Bank. But compare their offers to loans from online lenders and credit unions to ensure you get the best deal possible.

U.S. Bank student loan repayment options

If you have private student loans from U.S. Bank, consider refinancing them — there’s little downside to doing so. Student loan refinancing replaces your existing loans with a new loan, ideally at a lower interest rate. You’ll need a credit score in at least the high 600s and steady income to qualify.

Don’t refinance private student loans if you’ll pay more. The minimum repayment term among most refinance lenders is five years. If your U.S. Bank student loans have been in repayment since 2012, the math may not be in your favor. Estimate your potential savings with this calculator:

Federal loans from U.S. Bank have additional repayment options. The best choice will depend on your repayment goals:

  • If you need a lower payment. Enrolling in the Income-Based Repayment plan will set payments at 15% of your discretionary income. If that’s too much, you can consolidate your loans at studentaid.gov to access other income-driven plans. Consolidation will also qualify your loans for Public Service Loan Forgiveness, but it can extend your repayment term and increase the amount you repay.

  • If you want to save money. Consider refinancing your federal U.S. Bank loans with a private lender. This can lower your interest rate to reduce a loan’s payments or overall costs. But refinancing federal student loans means you’ll lose access to government programs, like income-driven repayment and PSLF. Make sure you don’t need or want those options before taking this step.

If you don’t know if your student loans are federal, check studentaid.gov or contact the U.S. Bank student loans center at 800-242-1200.

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