Fifth Third Bank College Loans
About Fifth Third Bank
Fifth Third Bank is a community bank serving states in the central-eastern U.S. (from Missouri to Pennsylvania, Michigan to Florida). Like most major regional banks, Fifth Third offers full banking and investing services, including student loans, both federal and private. Fifth Third Bank has partnered with Sallie Mae (the college lending giant) to administer their private student loans for college.
Loan Programs
Smart Option Student Loan® funded by Fifth Third Bank
Bar Study Loan® funded by Fifth Third Bank
Residency and Relocation Loan® funded by Fifth Third Bank
Loans for Which Students? Undergraduate and graduate students, Law, medical and dental students.
Smart Option Student Loan® funded by Fifth Third Bank
Minimum/Maximum per Student: $1,000 – Published Cost of Attendance, less financial aid as certified by the school
Loan Rates: (Varies depending on your credit rating and history). 1-month LIBOR + 4.0% –1 month LIBOR + 12.0% (with creditworthy cosigner). 1-month LIBOR + 4.0% –1-month LIBOR + 12.5% (without creditworthy cosigner)
Student Loan Fees: Disbursement Fee of zero or 3%. No repayment fees.
Repayment Terms: 5-15 years based on total balance of loan, and year in school. Principal payments are deferred until six months after graduation, interest payments begin immediately.
Bar Study Loan® funded by Fifth Third Bank
Minimum/Maximum per Student: $1,000-$15,000 Borrowers are limited to one Bar Study loan which can be used to cover exam costs and living expense during their studies.
Loan Rates: Interest rates are variable, reward good credit and are reset monthly based on the one-month LIBOR Index. 1-month LIBOR +5% — I month LIBOR +14%
Student Loan Fees: Disbursement fees range from 0% to 5 %. No repayment fee.
Repayment Terms: The standard repayment term is up to 15 years.
Residency and Relocation Loan® funded by Fifth Third Bank
Minimum/Maximum per Student: $1,000 – $15,000 Borrowers are limited to one loan in their final year of medical or dental school.
Loan Rates: Interest rates are variable, reward good credit and are reset monthly based on the one-month LIBOR Index. 1-month LIBOR +5% — I month LIBOR +14%
Student Loan Fees: Disbursement fees range from 0% to 4%. No repayment fee.
Repayment Terms: Maximum repayment term is 20 years.
How to Apply/Contact: Apply online at the Fifth Third website.
For all loans, a 0.25 percentage point interest rate reduction is available for automatic debit. The automatic debit benefit is available for as long as the monthly payment amount is successfully deducted from the designated bank account.
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