Why choose a private student loan from Old National Bank?

Higher education is a long-term investment, and sometimes federal aid and personal savings are not enough. A private student loan from Old National Bank can help you bridge the financial gap while offering features that meet the needs of modern students and their families. With competitive credit-based pricing, multiple repayment choices, and borrower-friendly servicing, this loan is crafted to make education financing manageable, transparent, and predictable.

Key features and benefits

• Flexible loan amounts: Borrow only what you need, up to the cost of attendance as determined by your school.
• Multiple repayment options: Choose from in-school interest-only, deferred payments until after graduation, fixed monthly payments while enrolled, or immediate repayment to reduce interest accrual.
• Fixed and variable rate choices: Select a fixed rate for predictable monthly payments or a variable rate for potential savings when market conditions are favorable.
• Cosigner assistance and release: Cosigners can help applicants qualify, and eligible borrowers may apply for cosigner release after meeting on-time payment and credit requirements.
• No or low origination fees: Designed to maximize the amount applied toward education costs rather than fees.
• Deferment and forbearance options: Built-in flexibility for temporary financial hardship, military service, or other qualifying circumstances.
• Customer-centered servicing: Dedicated support teams to guide borrowers from application through repayment, with online account management and payment tools.

Who is eligible?

Eligibility is typically based on creditworthiness, enrollment status at an accredited institution, and ability to repay. Applicants may include:

• U.S. citizens and eligible non-citizen students enrolled at least half-time in an eligible program
• Graduate and professional students seeking funds for advanced degrees
• Parents or family members seeking loans on behalf of a student (cosigner options often available)
• Students pursuing certification, licensure, or career-training programs at approved institutions

A cosigner may be required for applicants with limited or no credit history. Cosigners can often be released after a successful track record of payments and meeting credit criteria.

Repayment options explained

Repayment flexibility is central to responsible borrowing. Typical repayment pathways include:

• Deferred repayment: Postpones principal and often interest payments while enrolled at least half-time. Interest may accrue during deferment unless interest payments are made.
• Interest-only in-school repayment: Pay interest only while in school, which helps keep the overall loan balance from growing.
• Fixed monthly payments while in school: Make both principal and interest payments to reduce total cost over time.
• Immediate repayment: Begin full principal and interest payments right after disbursement for the quickest and least expensive payoff.

Choose the option that best fits your budget and long-term goals; loan counselors can help model different scenarios to find the most cost-effective plan.

Application and approval process

Applying for a private student loan is straightforward and secure. Typical steps include:

1. Complete an application with personal, school, and financial details.
2. Provide necessary documentation to verify enrollment, identity, and income or cosigner information.
3. Receive a credit decision—approval terms are based on credit history, income, and cosigner support.
4. Review and accept loan terms, then complete any final requirements for disbursement.
5. Funds are sent to the school to be applied to tuition, fees, housing, and other cost-of-attendance items.

Prequalification tools and online calculators are often available to estimate payments and compare scenarios without impacting credit scores.

Borrower protections and support

Old National Bank emphasizes responsible lending and borrower support. Expect:

• Clear, plain-language disclosures about terms, fees, and payment expectations
• Accessible customer service to answer questions about billing, repayment, or loan forgiveness programs
• Options for deferment, forbearance, or hardship assistance when unexpected life events affect ability to pay
• Tools for budgeting, payment reminders, autopay enrollment, and online account management

Comparing private and federal student loans

Private student loans complement federal aid but differ in important ways. Federal loans often offer fixed rates, income-driven repayment, and federal protections that private loans do not automatically include. Private loans, however, typically provide higher borrowing limits and can be tailored for costs not covered by federal programs. A careful comparison helps determine which mix of financing minimizes cost and maximizes repayment flexibility.

Tips for responsible borrowing

• Borrow only what you need—aim to minimize future monthly payments and interest costs.
• Explore scholarships, grants, work-study, and federal aid before taking private loans.
• Consider paying interest while in school to reduce the total loan balance at repayment start.
• Use online calculators to compare fixed vs. variable rates and repayment term impacts.
• Keep communication open with your loan servicer if your financial situation changes.