Federal Loans
Beginning July 1, 2010, all federal educational loans will be delivered through the William D. Federal Direct Loan Program (FDLP).  Generally, you will complete a FDLP Master Promissory Note only once, as long as you remain enrolled at the same college.  If you change colleges, a new Master Promissory Note may need to be completed.  In addition, if you previously borrowed a federal student loan through the Federal Family Education Loan Program (FFELP), you will need to complete a FDLP Master Promissory Note.  Contact your financial aid office for assistance.

Private Loans
If you have educational expenses that can’t be met through other sources of financial aid such as scholarships, grants, or federal educational loans, a private education loan, sometimes called “alternative loan”, may be an option.  A private education loan is a consumer loan offered by banks, lending companies, and other private entities to an individual for the purpose of paying college expenses.  Before applying for a private loan, make sure you take advantage of any free money available to you such as scholarships or grants, and federally guaranteed student loans, which provide a lower cost financing solution.

The Iowa College Student Aid Commission offers a list of private education loan providers, which includes a link to each provider’s website.  This is not a list of all available private education loan providers.   This list contains loan providers who had a federal student loan guarantee agreement with the Iowa College Student Aid Commission as of June 30, 2010, and who offer a private education loan.  The Iowa College Student Aid Commission does not endorse or recommend any private education loan product or provider.  You may choose any private education loan provider, including one that is not on this list. 

You should carefully evaluate a private education loan product before accepting any loan proceeds.  That includes reading, and absorbing, the terms of the private education loan promissory note and all disclosures that the private education loan provider sends to you.  Loan repayment terms may vary by lender. You should always talk to financial aid officials at the college for more information. You may search for a lender below.

Lenders - Offers Private Loans