Bremer Student Loans
PLEASE NOTE: Bremer Bank no longer offers student loans
Bremer Bank has informed us that they are no longer offering student loans. The following page has been retained for historical reference only - but Bremer Bank does NOT currently offer student loan programs. For more information, please contact Bremer Bank directly.
Prudent, Practical Midwest Values
Bremer Bank is a regionally located financial institution with branches in Wisconsin, Minnesota and South Dakota. The company is employee-owned; a unique business model within the industry. Bremer’s suite of loan products may be well-suited to students and parents shopping for student loan options.
You can apply for the private or alternative Bremer Education Loan online via a secure site. Students who are U.S. citizens or permanent residents with no adverse credit, as well as those who can provide a creditworthy co-signer, are eligible to apply. This loan has a minimum of $500 and the maximum amount that can be borrowed is dependent upon the total cost of your education less federal loans, scholarships and other forms of financial aid.
The repayment period for the Bremer Education Loan ranges from 10 to 30 years with a six-month grace period. The interest rate is quoted as prime plus 1.00%. Borrowers with a co-signor are not required to pay loan fees, in contrast to those who apply on their own merit; they are hit with a 4.00% fee. A benefit of a student loan from Bremer Bank is a 0.25% interest reduction for those with automatic payment deduction.
Bremer Bank has a unique business model: the Otto Bremer Foundation, so named for the founder of Bremer Bank, owns 92% of the company while the employees own the other eight percent. Without going into all the legalese, suffice it to say that the bank will never be acquired by another corporation, so once you lock in your loan with Bremer Bank you can choose to remain with this lender for the duration of the loan.
Since Bremer Bank is a full service bank, they have several different types of calculators and tools on their website, as well as information on all aspects of banking and money management. Loan specialists are also on hand to speak with you directly over the phone if you require personal service.
Once approved for the Bremer Education Loan, the funds are sent directly to your school and the school will then distribute the funds to you in equal amounts per term or semester.
You can also apply for the Stafford or Parent Plus loan using Bremer Bank as your lender and you can find their lender code on their website. However when you click the link to apply for the Bremer student loan, you are taken to a third party website, Student Loan Finance Corporation which is where you actually fill out the application if you choose to apply online.
Choose Your Lender Wisely
Look at everything Bremer Bank has to offer when browsing their site for student loans as they offer multiple services including online banking, savings, investments, personal loans and more. You'll also find much of the standard information students looking for loans are interested in such as other funding options as well as a student loan checklist.
It's far too easy to get a student loan today without looking at all the options. It may not matter who your lender is at the outset as long as you get the funds you need for school, but in the long run choosing the right lender can save you money and a lot of headaches.