No Fee Student Loan: A No Fee US Bank student loan was a variable-rate student loan with no repayment, application, and reserve fees.
As interest rates were variable, hence they could be lower than the fixed rate of interest at the time.
The goal is to reduce the number of bills that you need to keep track of and reduce the total interest rate on your outstanding obligations.
These loans can be unsecured, meaning they’re guaranteed only by your promise to repay, or secured, meaning they’re tied to a physical asset – most often your home, but sometimes a retirement account, life insurance policy, car, or other valuable personal possession.
And, of course, speak with a financial advisor if you feel you need further guidance.
A debt consolidation loan pays off your existing debts and combines those balances into a single monthly bill with a new interest rate.If you’re considering a debt consolidation loan, investigate these alternatives before making a final decision: Debt consolidation loans can help you pay off high-interest credit card bills, medical debts, and other obligations, and roll the balances into a single monthly payment, usually with a lower interest rate.When used judiciously, they can significantly reduce the total cost of your debt and help you create a sustainable budget.Students had the option of deferring their payments; however, interest would still accrue on the loan during the deferment period.If students graduated successfully, they were awarded a 2% reduction on their principal; a further 1% reduction was added for a 3.30 or higher cumulative GPA.US Bank, therefore, is no longer accepting student loan applications as of April 2012 last year.