Regions Bank Educational Loans
Formerly AmSouth
Residents of the Southeast are familiar with AmSouth Bank, the “relationship people.” But AmSouth has now merged with Regions Bank. Regions Bank Corporation is one of the top 50 banking corporations in the U.S. with deep roots in the South.
Regions Bank is one of the leaders in writing federal student loans in the Southeast. Here are the student loans you’ll find: Stafford Loans, Parent PLUS Loans and Grad PLUS Loans, and private undergraduate, graduate and health professional loans.
Stafford Loans-Subsidized and Unsubsidized
Regions Bank extends four types of federal student loans and several alternative loans:
Subsidized and unsubsidized Stafford Loans are the single most popular choice of student loan. Staffords represent the most accessible and affordable federal funds available to the nation’s college students. Regardless of family income, you can qualify for an unsubsidized Stafford Loan. Subsidized loans are available for students meeting family income/asset requirements. In order to determine your eligibility, you must 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. Borrower incentives include no-fees plus appealing interest rate discounts for things like on time and electronic payments.
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.
Federal PLUS Program Through Regions Bank
Two types of PLUS Loans – the Parent PLUS and the Grad PLUS—are designed to provide federal funds to parents and grad students, both of whom face high education costs.
Parents: before you refinance your home or borrow on high interest personal loans for college expenses, apply for the Parent PLUS program. This is part of the Federal Family Education Loan Program (FFELP) and is designed to offset the costs associated with sending dependent children to college. Repayment begins almost as soon as the loan is disbursed, but you may qualify for loan forbearance if payments are an obstacle while your child’s in school.
Graduate students: supplement your Stafford Loans with the Graduate PLUS Loan. You could qualify to borrow the remaining balance on your college bill. The standard fixed interest rate is 8.5%, but you may qualify for deep discounts when you borrow with Regions. While you’re in school you may apply for loan deferment; delay payments until after graduation.
**PLUS Loans are credit-based loans. Need to borrow funds with bad credit? Prepare in advance: apply with a creditworthy co-borrower.
Regions’ Alternative Education Loans
Regions Bank extends alternative or private student loans for undergraduates, including community college students. These are credit-based loans. Depending upon your credit score, you may opt to borrow with a co-signer, which helps to reduce your interest rate. Borrow up to the cost of your education minus other financial aid, fellowships, scholarships and grants.
Regions Bank offers borrower incentives designed to give you more financial flexibility when it comes time to finance your college education.
