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Local Student Loan Provider Announces New Loan Program

Iowa Student Loan To Offer Supplemental Private Student Loan for Families

March 9, 2017

Iowa Student Loan® today announced a new option for families seeking to help their college-bound student with education expenses.

The College Family LoanSM is a supplemental private loan parents, family members or friends take out on the student's behalf. Unlike traditional private student loan programs, where the student is the borrower and obligated to repay the loan, the College Family Loan is for other creditworthy adults borrowing on the student's behalf.

"We appreciate the efforts of Iowa's Congressional delegation, governor, the attorney general and the Iowa College Aid Commission in enabling us to use our financing authority to make loans to family members on behalf of their student," said Christine Hensley, Iowa Student Loan board chair. "We appreciate their guidance and support as we developed this product designed to help families throughout the state."

In keeping with its mission to help Iowa students and families obtain the resources necessary to succeed in postsecondary education, Iowa Student Loan will provide all details and rate information for the College Family Loan upfront, before an applicant begins the application. In addition, Iowa Student Loan provides students and families with free resources, including a suite of online Smart Borrowing tools: College Funding Forecaster, Student Loan Game PlanSM and Return on College Investment.

"This suite of tools is designed to help students and families understand how to borrow less and to make wise college financing and student loan decisions based on expected salaries for their intended majors," said Hensley.

The College Family Loan is designed to supplement — not replace — other sources to fill funding gaps for students and families. Iowa Student Loan encourages students to work with financial aid professionals at their respective colleges and universities to explore and exhaust all sources of student financial aid before seeking a private loan.

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Media Contact

Megan Garrett, Corporate Communications & Media Relations, (515) 273-7145, mgarrett@studentloan.org

Additional Resources

Download the PDF version of this news release.

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