Types of Student Loans
What Kinds of Student Loans Are Available?
Student Loan Game Plan - An online tool to help reduce student debt through education about responsible borrowing decisions. www.studentloan.org/gameplan
|PLUS Loans||Stafford Loans||Partnership Advance Education Loan||Iowa Alliance Loan|
|Available to parents borrowing on behalf of dependent undergraduate students, graduate and professional students.
- Are not based on financial need.
- Require the borrower to pay the interest for the life of the loan.
- Have a fixed interest rate.
- Have a 3% federal origination fee and a 1% federal default fee which may be deducted from the loan amount.
- Have a loan limit equal to the cost of attendance minus other financial aid received.
- Do not have a grace period. Repayment of principal and interest begins approx. 60 days after final disbursement.
|Subsidized and unsubsidized Federal Stafford loans are the most common types of education loans.
All Federal Stafford Loans:
- Have a fixed interest rate if disbursed on or after July 1.
- Have a 1.5% federal origination fee and 1% federal default fee which may be deducted from the loan amount.
- Have a grace period.
- Repayment begins six months after you graduate, leave school, or drop to less than half-time.
Shelby County State Bank works with Iowa Student Loan® to offer supplemental private student loans to help you with the cost of college.
Partnership Advance Education Loan®:
- Offers four options to fit your needs.
- Features variable and fixed interest rates.
- .25% rate discount for automatic payment withdrawal
- Has deferred and interest-only payment options during your in-school period.
- Features the opportunity to release your cosigner(s) from payment obligations.
A no-cosigner loan provided by Iowa Student Loan and its partnering lending institutions.
To be eligible, you must first be denied a supplemental private student loan requiring a cosigner.
For more information, APPLY HERE .