Iowa Alliance Loan
Applications are not being accepted currently for the Iowa Alliance Private Student Loan ProgramSM (Iowa Alliance Loan). Please check back after June 1, 2015.
The Iowa Alliance Private Student Loan ProgramSM (Iowa Alliance Loan) is a no-cosigner private student loan provided by Iowa Student Loan.
If you meet certain credit criteria or can provide a cosigner who does, discuss other private student loan options with your financial aid officer.
To be eligible for this private student loan program, you must:
- Have been denied a supplemental private student loan requiring a cosigner for the same academic year for which you are applying for the Iowa Alliance Loan.
- Be an Iowa resident at grade level 3 or above for the term(s) you are requesting funds; OR be a non-Iowa resident who has previously received an Iowa Alliance Loan and is at grade level 3 or above for the term(s) you are requesting funds.
- Be of majority age pursuant to applicable law at the time of application or be an emancipated minor.
- Not have defaulted on any private or government student loan.
- Be attending any nonprofit, Title IV eligible, degree-granting, regionally accredited Iowa college or university or nonprofit school of nursing in Iowa.
- Be accepted, enrolled or attending on at least a half-time basis, as defined by the school, and be making satisfactory academic progress in an eligible education program.
- Be a citizen or permanent resident of the United States.
- Meet additional underwriting criteria.
This loan is subject to credit approval.
Iowa Alliance Loan at a Glance
For the Iowa Alliance Loan:
- The origination fee is 10%.
- The annual percentage rate (APR) is 9.82%1.
- The rate is subject to increase after consummation.
View underwriting criteria and complete terms.
Earn a 1.00% interest rate reduction after making the first 24 consecutive monthly principal and interest payments on time.
1 Annual percentage rate (APR), finance charge and monthly payments are based on borrowing $10,000, deferring interest and principal and maintaining a constant interest rate on a variable rate loan of 9.00% during the 51-month interim and 240-month repayment periods. APR examples are based on quarterly interest rates for April 1–June 30, 2015.