Private Education Loans
Some families find that private education loans can be used as a source of additional resources when federal aid options have been exhausted. A private education loan is a nonfederal loan issued by a private lender such as a bank or credit union. Private education loans often have variable interest rates, require a credit check, have varied repayment options and do not provide the same benefits as federal student loans. Students may borrow up to the cost of attendance minus other financial aid received. Federal regulations require the Office of Student Financial Aid to be notified of any private education loans received. Students and parents should always exhaust federal loan options first before considering a private loan.
If you determine that you need a private education loan to help pay for your education expenses, you should carefully research and compare the options available from different lenders and select the lender that best suits your needs. The University of Northern Iowa does not maintain a list of lenders, nor do we endorse any private lender or private education loan product. You may select any lender of your choice. We do require that you meet with a financial aid counselor in our office to discuss your private loan needs before we will certify (approve) your eligibility to the lender.
A Private Loan Education Packet is available to assist students in learning more about private education loans as well as providing them with the required form (page 5) needed by our office prior to certification of the private education loan. A private education loan will not be certified for any student who has remaining federal student loan eligibility (Perkins, Subsidized, Unsubsidized or Graduate PLUS). For more information about private education loans or to set up a time to meet with a financial aid counselor, please call the Office of Student Financial Aid at (319) 273-2700.