Private Student Loans

Alternative Loan Options

We understand that in some cases, families may need to look for alternative loans to cover the gap between the cost of education and the financial aid offered by Hawkeye.

Private student loans are available through private lenders and require a separate loan application.

Explore Your Options

Before you apply for a private student loan we recommend you:

For most private loans, you must be enrolled in and attending at least six credit hours and meet Satisfactory Academic Progress (SAP) standards to be eligible.

  Federal Parent PLUS Loan Private Loan
Responsible Party Parent Student
Co-Signer Co-signer is not required. Optional if denied due to bad credit. Varies depending on lender.
Interest Rate Fixed. Visit studentaid.gov for current rates. Variable, ranges from 3% – 13%
Interest Tax Deductible Yes, parents may be able to use interest paid on loan for tax deduction, subject to IRS guidelines. Yes, student may be able to use interest paid on loan for tax deduction, subject to IRS guidelines.
Fees Yes. Visit studentaid.gov for current loan fees. Varies depending on lender. May have lower fees, but higher interest rates.
Minimum Requirement $200 per year, $100 per semester Varies depending on lender. Range: $500-$1,500 minimum.
Loan Limits Can borrow up to student's cost of attendance. Can borrow up to student's cost of attendance. May have limit depending on lender and credit history.
Credit Check Credit check required. No debt-to-income ratio requirement. Credit check required. Minimum income and debt-to-income ratio requirement.
Repayment

Repayment begins as soon as the loan is fully disbursed, with the first payment due within 60 days after the final disbursement.

Depending on the repayment plan you choose, you’ll generally have 10 to 25 years to repay the loan.

Visit studentaid.gov for loan repayment plans.
The student and parent can arrange a payment plan together. For example, even if the loan is in the parent’s name, the student can take responsibility for making the payments.

Varies depending on lender.

Repayment period: 4–25 years.

The student and parent can agree on a payment plan. For example, even though the loan is in the student’s name, the parent can help by making the payments.
Deferment Can request to defer until student is no longer attending at least half time. Varies depending on lender.
Application Process Online at studentaid.gov. Online with lender.

If the student is a dependent, one parent must sign the private loan paperwork to confirm they are aware of the Parent PLUS loan option but have decided to choose the private loan instead.
Consolidation Can be included with parent's other federal loans (not student's). Can NOT be included with federal student loans.
Denial If parent applies and is denied, the student is eligible for additional unsubsidized loans. If denied, would have to try another private lender.
Tracking Your Balance Parents can check PLUS loan balances at studentaid.gov, just like other federal loans. Must log on to each lender's site and track yourself. No central site to check all private loans.
Release No, the parent is responsible for repaying the loan. Release policies vary by lender. May apply to release a cosigner.
Forgivable Yes, payments may be waived if the primary borrower or student beneficiary passes away or if the primary borrower becomes disabled (certain conditions apply). Varies by lender. Some lenders may waive the remaining balance in the event of the primary borrower's death or permanent, total disability.

We recommend using our guidelines to evaluate and compare private loan programs before choosing a lender.

If you've had a private loan before, we suggest staying with the same lender. This makes repayment easier since private loans can't be combined with federal loans.

To start learning about private loans, use FASTChoice, where you can see which lenders other Hawkeye students have used.

Hawkeye Community College does not endorse any loan products, and you have the right to choose any lender you want.

Private loans are available from various lenders, each offering different programs with unique terms. We recommend visiting each lender’s website to explore your options and compare them.

Before considering a private loan, be sure to review our recommended questions to ask lenders.

Contact lenders directly to confirm that they provide disbursements to two-year institutions and to begin the application process.

Many lenders also offer a pre-approval process, allowing you to check your eligibility for a private loan.

Please note that processing a private loan can take up to four weeks, so applying early is essential.

FASTChoice is a resource that can assist you in finding and comparing private student loan options. The following are questions you should consider when comparing private loans.

  • How much in total loan fees will I pay?
  • Do I have to start paying this loan back while I’m in school?
  • What is the current interest rate and how is it calculated?
  • How long do I have to repay the loan?
  • Are there any enrollment requirements? (Undergraduate; full or part-time; in a degree seeking program, etc.)
  • Do I have a grace period with this loan? If yes, how long is the grace period?
  • What are my repayment options?
  • How strict are the credit requirements?
  • Do I need a co-signer? Is my co-signer creditworthy?
  • How long does the application process take?
  • How often does the interest get capitalized?
  • Do I have any deferment options?
  • When will my first payment be due?

The amount you can borrow depends on your financial situation. Other factors include the cost of attendance, available financial aid, and loan limits set by the lender.

Hawkeye Community College will certify a loan from the lender that best fits your needs.

By federal law, Hawkeye must comply with each lender's terms and can only certify a loan up to your eligibility, which is determined by the cost of attendance minus any other financial aid you receive.

Before your private loan can be certified for disbursement by the Financial Aid office, you are required to complete a "Good Choices" packet. This must be done each year before borrowing a private loan at Hawkeye.

Hawkeye does not participate in revenue-sharing practices, referral fee arrangements, or private loan application fee payments. See our Institutional Code of Conduct for Educational Loans.

Award Disbursement

Federal Student Aid Helpful Links

Contact Us

Financial Aid

Main Campus
Hawkeye Center 118
319-296-4020
800-670-4769 ext.4020
319-209-9239 (text only)
319-296-4495 (fax)
Email Financial Aid

Schedule an Appointment

Regular Hours — Spring 2025

Monday – Friday 8 AM – 4:30 PM