AmSouth Bank Educational Loans

Stafford and PLUS Loans for College Students and Parents

Stafford and PLUS Loans for College Students and Parents

A lot of residents of the Southeast are familiar with AmSouth Bank, the “relationship people.” Started over 125 years ago in Birmingham, Alabama as First National Bank of Birmingham, AmSouth has been the neighborhood bank of hundreds of thousands of loyal customers for over a century. AmSouth prides itself on its dedication to customer centered service and a “can-do” philosophy that has made it one of the most trusted banks in the nation. AmSouth is heavily invested in the communities it serves and stresses community development in all of the areas it serves.

What Student Loans Does AmSouth Offer?

AmSouth is one of the leaders in writing federal student loans in the Southeast. The lender offers a complete selection of federally guaranteed loans, with an option sure to meet your needs.

Stafford Loans-Subsidized and Unsubsidized

AmSouth offers four types of federal student loans, and several alternative sources of college funding. Subsidized and Unsubsidized Stafford Loans are a popular choice. Regardless of family income, you can qualify for an Unsubsidized Stafford Loan. Subsidized loans are available for families meeting income/asset requirements. In order to determine your eligibility, AmSouth requires you complete the FAFSA (Free Application for Federal Student Aid). Once this form is processed, the school(s) that you listed on the form will notify you regarding which of the two types of Stafford Loans you qualify for. As a borrower perk, AmSouth waives the origination fee for residents in most of the states it serves.

Repayment of Stafford Loans is deferred until 6 months after you graduate, or stop going to school full time. You can take up to ten years to repay these loans.

PLUS Program

Parents are invited to apply for the Parent PLUS program, a federal loan designed to offset the costs associated with sending dependents to college. Graduate students may apply for the Graduate Plus Loan. Borrowers must have acceptable credit. However, parents can borrow as much as needed for their child’s education after other federal aid has been applied.

Payments on parental loans begin two months after the loan is disbursed. Graduate PLUS loans are deferred until 6 months after graduation or the student leaves school. AmSouth can combine your PLUS loan payments with your Stafford payments, allowing you to write only one monthly check for both loans. As with Stafford payments, PLUS loans must be repaid within 10 years.

Other Financing

AmSouth also offers a signature student loan to cover educational costs that may not be covered by other student aid. Borrowers must be creditworthy, and a cosigner may be necessary. Depending upon your credit score, you may opt to have a co-signer anyway, which will help to reduce your interest rate. Since this loan is serviced by Sallie Mae, combined billing is available for this loan as well.

Visit AmSouth

Visit your neighborhood customer service center or AmSouth Bank online for more information about all of the educational financing options available.