Your One Stop Student Loan Shop

The demand for education is a reality. Your dream can be fulfilled whether you attend a public university, private college, community college or a vocational institution. Union Bank & Trust Co. offers 
three types of student loans to assist you in paying for a college education.  The money you borrow may be used for any costs related to your education including tuition, fees, books, supplies, transportation and room and board. To designate Union Bank & Trust Co. as your lender simply use our Lender Code "333509".

Payment Period Interest Rate Benefits/Discounts

Available to Federal Stafford & PLUS Loan Borrowers

• 1% interest rate reduction for auto debit participation
• 1% interest rate reduction after 24  on time payments

• 1% (additional) interest rate reduction after 36 on time payments

Total Interest Rate Reduction of 3%

Borrowers become ineligible for "on time" at a delinquency of 14 days

Please contact us for information regarding discounts for individuals employed in Arkansas in fields with critical shortages.  Program is available to Federal Stafford Loan borrowers only.

Loans For Education

Federal Subsidized Stafford Loan

Federal Stafford Loans are low-interest loans for students enrolled at least halftime as undergraduate/professional students in an eligible institution. These loans are available to those who qualify based on need or income. "Subsidized" means that the federal government will pay all the interest on your loan until you begin repayment, which starts six months after you graduate or cease to be enrolled at least halftime.

Federal Unsubsidized Stafford Loans

Unsubsidized Stafford Loans are not based on need or income. Students and families of all income levels are eligible to receive the Unsubsidized Stafford Loan. Loan Limits and interest rates are the same as the Subsidized Stafford Loan; however, you are responsible for all interest from the day the loan is made.

Federal PLUS Loan

Federal PLUS Loan (Parent Loan for Undergraduate Students) is available to the parents of students who are enrolled at least halftime at an eligible institution. Eligibility is not based on need or income, however credit checks will be performed. Repayment begins within 60 days after the loan is disbursed.

Annual Loan Limits

Grade Level	Subsidized	Unsubsidized	Amount Total
1	$3,500.00	$4,000.00	$7,500.00
2	$4,500.00	$4,000.00	$8,500.00
3	$5,500.00	$5,000.00	$10,500.00
4	$5,500.00	$5,000.00	$10,500.00
5	$5,500.00	$5,000.00	$10,500.00
A	$8,500.00	$12,000.00	$20,500.00
B	$8,500.00	$12,000.00	$20,500.00
C	$8,500.00	$12,000.00	$20,500.00
D	$8,500.00	$12,000.00	$20,500.00

How To Apply For A Student Loan

• Applying for a student loan begins by completing the Free Application for Federal Student Aid (FAFSA) which can be obtained from a high school counselor or from a college admissions or financial aid office.  To apply online go to www. fafsa.ed.gov or call 1-800-433-3243
• After you file the FAFSA, you should receive a Student Aid Report (SAR) in the mail. Make sure the information in the report is correct then return it to the college you plan to attend.
• The school will send you an Award Letter detailing the types of aid you are eligible to receive. You have the option to accept or reject your student loan at this point.
• If you choose to accept your student loan, you should complete a Federal Stafford Loan Master Promissory Note along with any additional forms as directed by the college financial aid office. Union Bank & Trust Co. will provide you with a Master Promissory Note if the college financial aid office does not provide you with one.
• Union Bank & Trust Co. will disburse the loan funds to the college financial aid office.
• The college financial aid office will release the funds to you.

 

Arkansas Student Loan Authority

Check out our partner in education goto www.asla.info

At this site you can:

• Sign up for scholarship give-a-ways
• Do a free scholarship search
• Parents can get pre-approved for a parent PLUS loan

For more information please contact our Student Loan Officer.

Union Bank & Trust Co.

102 W McCloy Monticello, AR 71655

(870) 460-6400 Lender Code 333509

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