Student Loans

Royal Bank wants to help parents and students get acquainted with the loans that are available for postsecondary education. One of the first things you should do is to check with your high school guidance counselor or a financial administrator at a college or school of your choice about filing deadlines and student aid. If you would like to stop by Royal Bank, we have a handout that can be very useful in helping you calculate what it is going to cost you to attend or send your student to school.

You will find out that you cannot apply for any student loan or additional aid until you complete the Free Application for Federal Student Aid (FAFSA). This application can be completed via the Internet at www.fafsa.ed.gov or you can complete it in the paper version. FAFSA processing is free. The FAFSA application will determine your eligibility for loans, grants and work-study. To complete the FAFSA processing you will need the student’s current tax return, as well as the parent’s tax return (if the student is a dependent).

Once you have the results from FAFSA, the financial aid advisor from your college/school will determine how much you are eligible to receive from the school. You may also be eligible to receive other grants, student loans, work-study aid or scholarships. 

Royal Bank participates with BrainScratch in processing student loans. BrainScratch is a packaged student loan program provided to banks and students. It is administered by Student Loan Finance Corporation (SLFC) through www.BrainScratch.com. Please go to the Internet and review BrainScratch. They handle student loans, including government- subsidized and unsubsidized Stafford loans, PLUS loans, as well as consolidation loans.  SLFC also offers a private alternative student loan.

The BrainScratch Website will provide information about how much money you can borrow, what the interest rate will be, when you start repayment, and how much you will need to borrow. You can also apply online for a student loan. If you want to use Royal Bank as your lender, pick one of the Branch Lender Codes from the below list and put it on the Promissory Note before you submit the request. You can stop by any of the Royal Bank offices, to pick up a promissory note to complete. 

Take a look at our consumer loan brochure to view more detail and our many personal loan options.

View Consumer Loan Brochure

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