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".
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.
Subsidized Stafford Loan
Effective for loans first disbursed on or after July 1, 2007
- Year 1: $3,500
- Year 2: $4,500
- Year 3-5: $5,500
- Graduuate or professional student: $6,500
Unsubsidized Stafford Loan
Effective for loans first disbursed on or after July 1, 2007
Dependent students (except those whose parents cannot borrow a PLUS Loan) will receive an additional $2,00
Independent undergraduate students and dependent sudents whose parents cannot borrow a PLUS Loan will receive additional amounts up to the cost of education:
- Year 1&2 $6,000
- Year 3-5 $7,000
- Graduate professional student $12,000
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.
- Loan funds will be disbursed to the college financial aid office.
Arkansas Student Loan
Authority
(800)433-6030
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
- Learn about repayment discounts/benefits
For more
information please contact our Student Loan Officer.
