Federal Student Loans

FEDERAL SUBSIDIZED STAFFORD LOAN

Eligibility: Based on need;

                 $3,500 Freshman;

                 $4,500 Sophomore;

                 $5,500 Junior - 5th year Senior;
Note: If a student is not eligible, based on (EFC) Need,
         some or all of these amounts may be borrowed
         as an Unsubsidized Stafford Loan (below);

Repayment: Deferred payments;

                    No penalties for early repayment

Interest: Deferred interest while enrolled at least half-time.
Application: FAFSA; Stafford MPN

 

FEDERAL UNSUBSIDIZED STAFFORD LOAN

Eligibility: Not based on need, however, Dependent student's parents must be denied a PLUS Loan (below) to qualify for this loan in addition to the Subsidized loan (above):
                 $4,000 Freshman;
                 $4,000 Sophomore;
                 $5,000 Junior;
                 $5,000 Senior.
Repayment: Deferred payments.
Interest: Interest begins with disbursement date(s).
Application: Same form as for Subsidized Stafford (above).

 

FEDERAL PLUS LOAN

Eligibility: Parental loan for students;
                 Variable interest rates;
                 Iowa Student Loan offers 8 months 0% Interest
                 Parents can borrow up to cost of attendance.
Repayment: Payments begin immediately;
                    No penalties for early repayment.
Interest: Interest begins 8 months after first disbursement
               with Iowa Student Loan
Application: FAFSA; Parent PLUS MPN