Home > Personal Banking > Consumer Loans > Student Loans
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We can make going off to college a little easier. Our program is completely independent of any government red tape and lengthy forms. Simply follow the instructions and read our requirements in this brochure for a funding plan that removes all of the confusion and frustration of applying for a college loan.
Eligibility Requirements
You must be:
- Enrolled in an eligible college or trade school.
You must have:
- A qualified co-signer
- An account relationship with The Farmers Bank
- Annual verification of continued enrollment from your college
Loan Limits
You may qualify for the following amounts each year you are enrolled.
| First year |
$3,000 |
| Second year |
$4,000 |
| Subsequent year |
$5,000 |
Maximum undergraduate amount is $20,000.
Interest Rates
The interest rates will be set each year on July 1st and will be adjusted annually. The rate is determined by the previous four weeks average of the 91-day Treasury Bill. Once the average is determined, it is rounded to the next .25% plus 2.5%.
Disbursement and Repayment
Loan proceeds will only be disbursed into an account at The Farmers Bank. Disbursements will be made in equal amounts at the beginning of each school term. You will be required to make quarterly payments of interest while you are enrolled in college or a qualified school. Repayment will begin 180 days after you graduate or withdraw from school. The monthly payment amount is based on the terms and amount of the loan. The minimum payment amount is $50.00 and the maximum term is 10 years.
Retail Loan Application
Complete the application and then take or fax it to The Farmers Bank office nearest you to complete the application process. The Retail Loan Application is in Adobe Acrobat Reader PDF format, if the plug-in is not already installed, requires the installation of the Adobe Acrobat Reader plug-in on your browser before the application can be printed.
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Home > Personal Banking > Consumer Loans > Student Loans
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