Iowa Alliance Loan
The Iowa Alliance Private Student Loan ProgramSM (Iowa Alliance Loan) is a no-cosigner private student loan provided by Iowa Student Loan.
This program will be discontinued on May 31, 2016.
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 4 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 4 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.
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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, 2016.