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1. What is a First National Bank Student Loan?

A First National Bank Student loan is a credit-based private student loan that must be certified (or verified) by your school's financial aid office. It can be used for any qualified education expenses when federal loans and other financial aid aren't enough.


2. What education expenses does a First National Bank Student loan cover?

First National Bank Student loans can be used for any qualified education expenses up to the cost of attendance minus other aid, as certified by your school, including tuition, living expenses, books and a computer.


3. How much can I borrow?

The annual maximum borrowing limit can be up to the annual cost of attendance (minus other aid), as determined by your school's financial aid office.* The minimum loan amount is $2,000.

*Aggregate maximum loan limits up to $100,000 (includes federal loans, $75,000 aggregate maximum for credit based loans).

4. Who is eligible for a First National Bank Student loan?

To be eligible for a First National Bank Student Loan you must meet our credit criteria and be:

  • Enrolled at least half time in a degree or certificate program at a First National Bank-participating school
  • A U.S. citizen with a valid Social Security Number
  • The legal age of majority for the state of residence at the time of application, usually 18 years or older (19 in Nebraska and Alabama, 21 in Mississippi and Puerto Rico)

5. Are there any origination or repayment fees for a First National Bank Student loan?

There are no origination or repayment fees.


6. Why do schools need to certify First National Bank Student loans?

School financial aid officers and First National Bank want to ensure that students are borrowing responsibly. Schools will certify your need for a First National Bank Student loan and verify the amount you are eligible to borrow. First National Bank requests that your school certify your First National Bank Student loan to confirm that you are currently enrolled and that the loan does not exceed the difference between the cost of attendance and other aid.


7. Why do I need to complete a self-certification form?

Federal law requires that before a lender may disburse a private student loan to a borrower attending an institution of higher education, the lender must obtain a completed and signed self-certification form from the borrower.


8. Where do I get the information needed to complete the self-certification form?

You can obtain the information for the self-certification form from your school's financial aid office. You may also find this information in the financial aid award letter that you received from your school.


9. What's the difference between a federal student loan and a private student loan?

Federal student loans, like Stafford and PLUS loans, usually have lower interest rates than private student loans and may include government-subsidized payments. Federal loans have standard rates and fees, though borrower benefits may vary by lender. Federal loans have fixed interest rates, while private loans, like the First National Bank Student loan, typically have variable interest rates. Private student loans are designed to supplement federal loans when federal loans and other aid aren't enough to cover the entire cost of your education. You should always exhaust your federal student loan options before applying for a private student loan.


10. When does repayment begin?

Repayment begins 6 months after you graduate from college or separate from your institution. Contact our loan servicer, University Accounting Services, at 1-800-723-2210 to request an alternative payment plan that provides for payments while in school.

Note: Interest continues to accrue during deferment and will be added to the principal amount of your loan upon entering repayment, which may increase the total cost of your loan.


11. Can I change my payment due date?

Once your payment due date is established, the date cannot be changed. However, you may make a payment at any time before the due date without penalty.


12. Can I make more than the minimum payment each month?

You can prepay any or all of your loan at any time without penalty. Prepayment can significantly reduce the total amount of interest you'll pay over the life of your loan.


13. Is there a penalty for early repayment?

No. Repay your First National Bank Student loan at any time without a penalty or fee.


14. Will having a co-signer help me get approved?

Yes. A creditworthy co-signer will improve your likelihood of approval – even if you, personally, don’t have an established credit history, and even if you’ve had credit problems in the past.


15. Do I need to know what school I’m attending to apply for a First National Bank Student Loan?

Yes. The school you are attending will be used to qualify your eligibility for the First National Bank Student Loan.


16. What if my school is not on the approved school list?

Most likely, your school is on the list. If it isn’t, call us at 1-877-779-0005 to confirm the eligibility status of your institution.


17. To apply, do I have to know my enrollment status? What if I don’t?

Contact your college, and they will tell you whether they consider you “full-time”, “half-time”, “part-time” or some other designation. You must be enrolled at least half time in a degree or certificate program to be eligible for a First National Bank Student loan.


18. How do I apply?

Apply online or contact a Student Loan Specialist toll-free at 1-877-779-0005.

If applicable, you can electronically sign your loan application/promissory note online, download and print it or request that we mail it to you. If you choose to sign paper documents, you will need to complete and return the forms, along with the required verification materials, by fax or mail.

We will also send you a letter or e-mail indicating what additional information, if any, is needed to evaluate your loan application.


 
   
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