Please Note:
Stafford Loan interest rates for loans first disbursed July 1, 2006 or later is fixed at 6.80% while in school, during grace and deferment periods, and during repayment.
*For information on loans that were disbursed between July 1, 1998 to June 30, 2006, please contact Regions Educational Loan Center at 1-800-858-7822.
Backed by the federal government, Stafford Loans fall into two categories: Subsidized and Unsubsidized. Subsidized Stafford Loans are based on financial need and the government pays the interest that accrues on these loans while you are in school. Unsubsidized Stafford Loans aren’t based on need and you are responsible for the interest on the loan as soon as it is taken out.
Money-saving borrower benefits
When you get a Stafford Loan from Regions Bank you can take advantage of the following benefits:
- ZERO fees on your loan available
- A 7% loan credit after the first 36 on-time payments*
- Upromise® Loan LinkSM
Upromise ® can help you pay down your loan
Take advantage of Upromise Loan Link to help you pay down your loan. Join Upromise and you can earn rewards on your everyday purchases from leading participating companies. Then link your Sallie Mae-serviced loan account to your Upromise account and designate a percentage of the earnings in your Upromise account to be transferred to your eligible Sallie Mae-serviced student loan account on a quarterly basis to help pay down your balance. Join today at http://www.upromise.com/regions.
No payments while you are in school
You will receive your money in two or more payments and all funds are sent to your school for disbursement on the dates the school requests. On both subsidized and unsubsidized Stafford Loans, you don’t have to make payments until six months after graduation or after you drop to less than half-time status. You have a maximum of 10 years to pay back your loan and there is a $50 minimum monthly payment ($600 annually).
Maximum loan amounts for Subsidized and Unsubsidized Stafford Loans:
- $3,500 for the Freshman year
- $4,500 for the Sophomore year
- $5,500 for the remaining undergraduate years
- $8,500 for each year of graduate school
The amount of Federal Stafford Loan funds you will receive is established by your school based on criteria defined by the federal government.
For more information, please call 1-800-858-7822 or email Studentlending@regions.com.
* Terms and conditions apply. ** For information on loans that were disbursed between July 1, 1998 to June 30, 2006, please contact Regions Educational Loan Center at 1-800-858-7822.
Regions Bank will pay the 1.5% origination fee on Stafford Loans and, for those guaranteed 7/1/07-6/30/08 by USA Funds or NELA, the 1% default fee on the borrower’s behalf. To qualify for the 7% loan credit, the borrower must sign up on Manage Your Loans SM , prior to entering repayment, to receive account information by e-mail and make the first 36 payments by the due dates as initially scheduled. Loan credit borrower benefit is based on the original principal loan amount (less cancellations, refunds and returns). Borrower benefits are effective for loans owned and serviced by Sallie Mae and first disbursed 7/1/07-6/30/08.
Upromise and Upromise Loan Link are service marks or registered service marks of Upromise, Inc. Sallie Mae is a registered service mark and Manage Your Loans is a service mark of Sallie Mae, Inc. SLM Corporation and its subsidiaries, including Sallie Mae, Inc., are not sponsored by or agencies of the United States of America.