Student Loans

Student loans are available to students and parents to cover educational expenses. When all other forms of aid have been exhausted, student loans can be a good option. However, it is important to remember that student loans are intended to finance education and not lifestyle. Student loans are real money that must be repaid, with interest, so students should borrow only what they need.

Federal Perkins Loan

*NOTE* The Perkins Loan Program is set to expire September 30, 2017. Absent Congressional action, no loans to new borrowers will be made after this date. Find answers to FAQs on the Federal Perkins Loan Wind-Down.

Perkins Loans are based on financial need and are awarded and borrowed directly from a college or university using federal funds.

Loan Program Details

Federal Stafford Loan

Federal Stafford Loans are the most common student loan.  These loan funds are provided by the U. S. Department of Education.  There are two types of Federal Stafford Loans, subsidized and unsubsidized.

Loan Program Details | Repayment Plans | Loan Repayment Programs

Federal Parent PLUS Loan

Parent PLUS Loans are provided by the U.S. Department of Education to parents of dependent students to cover educational costs.  Parent PLUS loans may be borrowed in addition to or instead of Federal Stafford loans.

Loan Program Details | Repayment Plans

Federal Grad PLUS Loan

Grad PLUS loans are provided by the U.S. Department of Education to graduate/professional student to pay unmet educational expenses.  They may be used as an alternative to private student loans.

Loan Program Details | Repayment Plans | Loan Repayment Programs

Student Loan Forms

Find loan deferment, loan discharge and loan forgiveness forms and more.  Read More

Private/Alternative Loan

Private educational loans are offered by private lenders and are not eligible for any federal student loan benefits, including loan forgiveness programs.  Students should exhaust all other financial aid options before taking out a private loan, and do their research when choosing a lender.

  • The grace period and interest rate vary by lender.
  • The borrower is usually responsible for paying all interest that accrues from the time the loan is disbursed until the loan is paid in full.
  • Deferment and forbearance options are usually limited and vary by lender.
  • Calculate estimated loan payments with a repayment calculator.

The Consumer Financial Protection Bureau (CFPB) also provides valuable information on private student loans, including assistance with student loan complaints.

Financial Awareness Counseling

This interactive tool provided by the U.S. Department of Education helps student loan borrowers better understand their financial obligations. Read More

Default Prevention

Products and services are available to help student loan borrowers avoid the serious consequences of default. From making responsible borrowing decisions while in college to successful repayment, assistance is available to help borrowers throughout the student loan process.  Read More


Printed from the Iowa College Student Aid Commission website on February 23, 2018 at 6:30pm.