MINNEAPOLIS, Jun 24, 2011 (BUSINESS WIRE) --
U.S. Bank is now offering a new Fixed Rate Student Loan, featuring a low
fixed rate of 7.99 percent (7.80% - 8.46% APR)1. This fixed
rate loan option is a smart choice for students who want security of a
fixed rate for the life of the loan.
"We are excited to offer our customers the choice of either a fixed or
variable rate student loan," said Lucille Conley, senior vice president
of U.S. Bank Consumer Lending. "Education changes lives, and U.S. Bank
is committed to giving students every opportunity to succeed. Now with
the choice to apply for the interest rate option that best fits their
needs, we hope to ease the burden of the increasing cost of college."
The U.S. Bank Fixed Rate Student Loan offers a stand alone fixed rate
product that does not fluctuate. All applicants will receive an interest
rate of 7.99 percent (7.80% - 8.46% APR) 1 if approved for
In addition to a low fixed rate, the U.S. Bank Fixed Rate Student Loan
also offers the same benefits as its existing variable rate No Fee
Student Loan, including AutoPay discount2, optional deferred
payments3 and the option to add a cosigner which may improve
the loan's APR. Students should always explore federal loans, grants and
scholarships before private loan options, but when they need funds to
fill the gap, a U.S. Bank Student Loan is a smart and worry-free choice.
Along with the new Fixed Rate Student Loan product, U.S. Bank Student
Lending is also debuting a new application process, so students can
"Apply in 5 Minutes or Less." This quick and easy online application
process can be found at its newly redesigned website,
usbank.com/studentloans, which encourages an interactive customer
experience while allowing students and parents to quickly compare U.S.
Bank's two student loan options and determine the best loan for their
needs. U.S. Bank's website also offers financial education to borrowers
by providing a breakdown of college financial aid options, the
application process for federal loans and a planning calendar for high
U.S. Bank is one of the top student banking institutions in the nation,
providing 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(R) prepaid spending cards.
U.S. Bancorp (NYSE: USB), with $311 billion in assets as of March 31,
2011, is the parent company of U.S. Bank, the fifth largest commercial
bank in the United States. The company operates 3,082 banking offices in
25 states and 5,238 ATMs and provides a comprehensive line of banking,
brokerage, insurance, investment, mortgage, trust and payment services
products to consumers, businesses and institutions. U.S. Bancorp and its
employees are dedicated to improving the communities they serve, for
which the company earned the 2011 Spirit of America Award, the highest
honor bestowed on a company by United Way. Visit U.S. Bancorp on the web
1. Subject to normal credit approval. Loan approval subject to program
guidelines. Program rules and qualifications are subject to change at
any time without notice. Reserve fees apply. 2. The automatic payment is
a requirement to be qualified for the interest rate reduction benefit.
Auto-payment is set up through the 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. 3. Interest will continue to accrue during
periods of deferment. This deferred interest, if not paid, will be
capitalized (added to your principal loan balance, and interest will
accrue on this new balance) at repayment.
Deposit products offered by U.S. Bank, N.A. Member FDIC.
SOURCE: U.S. Bank
Lisa H. Clark, Media Relations, 608-877-7517