Pursuing higher education is one of the most important investments you can make in your future. Old National Bank’s Student Loan is designed to help students and their families bridge the gap between tuition, living expenses, and financial peace of mind. Expertly crafted to balance competitive terms with flexible repayment choices, this loan empowers borrowers to focus on studies while building a manageable plan for repayment after graduation.

Why choose Old National Bank Student Loan?

• Tailored to students: Options for undergraduate, graduate, and professional degree needs, with features that consider the unique cash-flow patterns of students.
• Flexible repayment plans: Multiple repayment structures — from deferred and interest-only during school to fixed monthly payments after enrollment ends — so borrowers can choose the path that fits their future income expectations.
• Competitive terms: Reasonable interest rates and terms designed to keep monthly payments predictable and affordable over the life of the loan.
• Cosigner support: Cosigner release options available after a period of consistent, on-time payments to help borrowers establish independent credit profiles.
• Trusted service: A customer-first approach with knowledgeable loan specialists ready to guide applicants through each step of the process.

Key features

• Loan amounts: Scalable borrowing limits to cover tuition, housing, books, and other education-related expenses based on need and eligibility.
• Repayment flexibility: Choose from repayment start dates and structures including immediate repayment, interest-only while in school, or deferred payments until after graduation.
• Grace period: Built-in grace periods tailored to academic calendars that give borrowers time to transition from school to full repayment.
• Cosigner release: An opportunity to release a cosigner after meeting specific creditworthiness and payment history criteria.
• Online account management: Simple digital tools to view balances, make payments, set up autopay, and track payoff progress.

Benefits for students and families

Old National Bank understands that every student’s journey is different. This Student Loan focuses on delivering practical benefits that support both short-term needs and long-term financial health:

• Predictability: Fixed payment options that help with budgeting and long-term planning.
• Support for academic success: Deferment and forbearance options under qualifying circumstances to protect academic progress.
• Credit-building opportunities: Regular, on-time payments can help students establish and strengthen their credit scores.
• Financial education: Resources and counseling to help borrowers manage debt responsibly and plan for the future.

Who is eligible?

Prospective borrowers typically include undergraduate and graduate students enrolled at eligible institutions. Eligibility is influenced by factors such as enrollment status, financial need, academic standing, and creditworthiness. For applicants who are newer to credit, a qualified cosigner can improve approval chances and access to more favorable terms.

How to apply

Applying for a Student Loan at Old National Bank is designed to be straightforward and transparent. The typical steps include:

1. Prepare required documents: proof of enrollment, school cost estimates, identification, and income or cosigner information if applicable.
2. Complete the loan application, choosing the amount and repayment option that best fit your needs.
3. Receive a decision and review your loan agreement carefully to understand interest, fees, and repayment terms.
4. Accept the offer and sign the loan documents. Funds are disbursed according to the school’s schedule to cover tuition, housing, and other authorized expenses.

Repayment options and support

Repayment can be customized to align with your life after school. Options commonly include graduated payments that grow as income typically increases, fixed payments that stay level, and income-driven strategies where available. For those facing financial hardship, temporary relief such as deferment or forbearance may be available under qualifying conditions. Loan servicers provide ongoing support to help borrowers navigate their options and maintain a successful repayment plan.

Important considerations

• Borrow responsibly: Only borrow what is necessary to cover education-related costs and consider expected post-graduation income when choosing a loan amount and repayment plan.
• Understand interest: Know whether interest accrues during school and how capitalization affects the total cost of borrowing.
• Compare options: Explore federal loan programs and scholarships first, as they may offer lower costs or additional borrower protections.
• Stay informed: Keep records of loan documents, payment schedules, and communications from your loan servicer to avoid surprises.

Frequently asked questions

Q: Can a borrower refinance later? A: Refinancing may be an option once a borrower has established steady income and strong credit, but terms depend on market conditions and individual credit profiles.

Q: Is a cosigner required? A: Not always. Some borrowers qualify on their own merits; however, a cosigner can improve the likelihood of approval and the interest rate for applicants with limited credit history.

Q: What happens if I need to pause payments? A: Short-term pauses, deferment, or forbearance may be available for eligible borrowers facing temporary hardships. Each option has different qualifying criteria and consequences for interest accrual.