Loan Learning Center

The cost of college isn’t limited to tuition. Room and board, books, meals, transportation and more all need to be taken into consideration. We’ll help you learn about the financial aid available to you, how much you should borrow and what’s involved in applying for a student loan from U.S. Bank.

Who is eligible for financial aid?
More than half of all college students receive aid of some kind. Complete the financial aid form provided by your school to determine your eligibility.
Will I be eligible for financial aid if I only go to school part-time?
Possibly. See your college financial aid office for qualifications.
Must I be accepted for admission before I can apply for financial aid?
Not necessarily. You may apply for financial aid at the same time you apply for admission, but you must be enrolled in school before your receive any assistance.
Does financial aid cover only tuition?
No. Determining financial need involves the total cost of attendance, including fees, books, room and board, transportation and living expenses.
If my financial aid was denied last year, should I reapply?
Yes. It’s a good idea to apply each year even if you were denied before. Needs analysis procedures and family financial situations change. And because college costs may increase, your eligibility may also change.
How do I apply for financial aid?
Start by completing the Free Application for Federal Student Aid (FAFSA). In addition, some colleges may require you to complete their own application.
When should I apply?
Apply as early as possible in the calendar year in which the aid is needed to go to school.
Even though I’m a dependent, my parents will not be providing money for my college expenses. What can I do?
Most programs assume a certain level of family contribution. Discuss your situation with your financial aid counselor.
My parents want to help but can’t afford the amount of the family contribution. What can I do?
Call us at 800-375-4494 about a private student loan. You can use these loans to satisfy your family’s contribution.
What if my parents earn high salaries? Won’t applying for aid waste my time?
No. Financial aid isn’t just for lower income families. Many middle income families and even those with relatively high incomes can qualify. You can also receive scholarships based on academic merit, athletic ability or other special skills.
Are funds sent to me or my school?
Once your loan is approved, funds are sent to your school by electronic funds transfer and credited to your student account. Talk with someone in your school’s financial aid office to learn their disbursement rules and schedule.
What happens if I don’t repay my student loan? Is it the same as a regular bank loan?
Yes. A student loan is a binding contract. Any unpaid student loan can damage your credit record and result in legal action. In the future, it may lessen your ability to qualify for credit cards and other loans. Repaying your student loan shows good financial responsibility, which helps establish you as a good credit customer. When you’re ready for major credit purchases, your good payment record will help you qualify.
When will I get my student loan?
Once your loan is approved, funds will be sent to your school by electronic funds transfer and credited to your student account. To learn about your school’s disbursement rules and schedule, contact the financial aid office.
Is a cosigner required?
No. However, a cosigner may assist the borrowers in qualifying for the loan and may improve the interest rate or lower the reserve fee.
Can a cosigner be released from the loan?
Yes. A request may be made by the borrower and cosigner after 36 consecutive on time monthly payments of principal and interest are made. The borrower must meet the minimum credit requirements to qualify for a cosigner release at the time of the request.
Do you offer a "Look Back" loan option for students with a prior year balance?
Yes. Students may borrow for a previous debt owed to the school if the loan disburses within six months (180 days) from the end of the loan period for which the debt is owed. Current enrollment is not required.