College Family Loan Borrower Guidance Statement - Private Student Loan - Iowa Student Loan
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Borrower Guidance Statement

Iowa Student Loan's College Family Loan and Parent Partnership Loan (collectively known as College Family Loans) are designed to supplement — not replace — other sources to fill funding gaps for students. Students should work with financial aid professionals at their respective colleges and universities to explore and exhaust all sources of student financial aid — including federal loans for students, which are always better than private loans for students — before seeking other options.

  1. There are loan options for parents, family members and others who wish to borrow money on behalf of a student in order to reduce student borrowing costs. The College Family Loan is one such option.
    • The College Family Loan is a private loan available to any creditworthy applicants or applicants with creditworthy cosigners to assist students with educational expenses. Students cannot apply for or cosign an application for the College Family Loan.
    • Applicants and (when present) cosigners are solely responsible for this loan. The student for whom the loan is being borrowed has no obligation to repay this loan. This loan is not transferrable to the student.
    • Parents (biological, adoptive, and in some cases, stepparents) of dependent undergraduate students may be eligible for the Direct PLUS (parent) Loan, a federal loan. The PLUS Loan has some but not all the repayment benefits of federal loans for students. In addition, the PLUS Loan has a higher interest rate than federal loans for students.
    • Iowa Student Loan proactively contacts College Family Loan applicants who qualify for this loan at a higher annual percentage rate than what we calculate for the Direct PLUS (parent) Loan. This communication informs the applicant that there are lower rate options, including the Direct PLUS (parent) Loan, that he or she may want to consider.
  2. Iowa Student Loan publishes all criteria that applicants must meet to obtain the different interest rates and fees for its College Family Loan. Applicants should try to obtain as much information as possible before applying for a private student loan. They should be cautious of lenders who do not follow this practice of providing upfront and transparent interest rates and terms.

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