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Consider a Better Loan

Loan program for parents, family members and others looking to help students with their college costs.

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College Family Loan

The College Family Loan is a private loan that lets you help your undergraduate or graduate student with college costs and choose the repayment option that works with your budget.

Fixed Annual Percentage Rate

5.30% APR–6.85% APR

View APR Examples for All Options (PDF)

Applying Is Simple

1

Provide basic information.

Enter information about yourself and your student.

2

Choose your option.

Choose from one of three in-school payment options.

3

Sign and accept your loan.

Review and sign your application and submit any supporting documents.

All the details. It's a simple idea. We think you should know our credit requirements so you can determine if you qualify before applying.

You Decide When to Start Repaying

There are both benefits and drawbacks to making payments of some sort while your student is in school or postponing repayment until after your student's college days are behind you.

Pay Now

Immediate Payment Option

In College After College
Principal & Interest Principal & Interest
   

Pay Interest During School

Interest-Only Payment Option

In College After College
Interest Payments Principal & Interest
   

Pay Later

Deferred Payment Option

In College After College
No Payments Principal & Interest
   

Why Choose the College Family Loan?
  Iowa Student Loan Federal Direct PLUS Loan Sallie Mae Wells Fargo
No origination fee The Collge Family Loan does not charge an orgination fee. The Federal Direct PLUS Loan charges origination fees. Sallie Mae does not charge an orgination fee. Wells Fargo does not charge an orgination fee.
Rates Defined by Credit Score Upfront The Collge Family Loan offers upfront rates defined by credit score. N/A Not applicable Sallie Mae does not provide upfront rates. Wells Fargo does not provide upfront rates.
No Late Fees The College Family Loan does not have late fees. The Federal Direct PLUS Loan assesses late fees. Sallie Mae assesses late fees. Wells Fargo assesses late fees.
The Better Choice Iowa Student Loan and the College Family Loan is the better choice. When compared to the Federal Direct PLUS Loan the College Family Loan is the better choice. When compared to Sallie Mae the College Family Loan is the better choice. When compared to Wells Fargo the College Family Loan is the better choice.
  Apply Now See more ways we compare to national lenders.

Common Questions

No. Students cannot apply for or cosign an application for the College Family Loan. The student has no obligation to repay this loan, and it is not transferrable to the student after he or she leaves school.

To be eligible for this private student loan program, you must:

  • Not have defaulted on any private or government student loan.
  • Be a citizen or permanent resident of the United States. Cosigners must be citizens or permanent residents of the United States and must reside in the United States. Military addresses are considered U.S. addresses if designated as an APO or FPO.
  • Be of majority age pursuant to applicable law at the time of application or be an emancipated minor.

The student for whom the funds are being requested must:

  • Be accepted, enrolled or attending a nonprofit, Title IV eligible, degree-granting, accredited college or university or nonprofit school of nursing approved by the Iowa Board of Nursing on at least a half-time basis, as half-time basis is defined by the school.
  • Be making satisfactory academic progress in an eligible education program.
  • Be a citizen or permanent resident of the United States.
  • Complete a Student Authorization Form.

You may borrow up to your student's cost of attendance minus other aid each year. Your student's college or university must certify that the amount you are requesting does not exceed this amount.

Use the student loan payment calculator to estimate how much your monthly loan payment will be once you start repayment.

You can earn a 0.25% interest rate reduction by signing up to have principal and interest payments automatically withdrawn. The 0.25% interest rate reduction will apply once payments begin to be automatically deducted. The reduction will remain in effect as long as automatic payments continue without interruption during the repayment period. The 0.25% interest rate reduction will not lower the monthly payment amount but will instead reduce the interest amount that accrues. The interest rate reduction will be suspended during approved assistance or if automatic payments are rejected due to insufficient funds.

Interest that is not paid during deferments or under other circumstances is capitalized (or added to the principal balance of the loan). Interest on the College Family Loan capitalizes at:

  • The end of any qualifying deferment period for all loan options.
  • The start of repayment status for loans that do not require principal and interest or interest-only payments while the student is enrolled and during the separation period.
  • The final disbursement of loans that require monthly principal and interest payments while the student is enrolled in school and that have more than one disbursement.

You may qualify for assistance based on your situation. Please call us as soon as possible if you experience issues, so we can help you avoid delinquency.

In the unfortunate event of a borrower's death or qualifying total and permanent disability, Iowa Student Loan will forgive the loan and not require cosigners or the borrower's estate to satisfy the loan obligation. Iowa Student Loan will also forgive the loan and not require the borrower or cosigners to satisfy the loan obligation if the student, for whom the loan funds were borrowed, dies or suffers a qualifying total and permanent disability.

A tax professional or the IRS can provide additional information about possible tax consequences of loan forgiveness.

No; in the event of a cosigner's death or qualifying total and permanent disability, you will not be required to find a new cosigner for an existing loan. In addition, if a cosigner suffers a qualifying total and permanent disability, Iowa Student Loan will release the cosigner from his or her obligation.

Customer service for all loans offered by Iowa Student Loan will be provided by Aspire Servicing Center, a wholly owned subsidiary of Iowa Student Loan.