Federal Direct Loans

If you apply for financial aid, you may be offered loans as part of your financial aid award. Loans are often called “self-help aid” because a loan is money you borrow and must pay back with interest.

You are encouraged to borrow only what you need.

If you decide to take out a loan, make sure you understand who is making the loan and the terms and conditions of the loan.

Compare Federal Direct Subsidized, Unsubsidized, and Parent PLUS loans and private loans.
Direct Subsidized
Direct Unsubsidized
Parent PLUS Private
Need Based Yes No No No
Credit Based No No Yes Yes
Interest Rate 5.05% 5.05% 7.00% Determined by lender.
Interest Charged While in School No Yes Yes Determined by lender.
Repayment 6 months after dropping below six credit hours or graduation.
Learn more about repaying your student loans.
Determined by lender.
Minimum Enrollment 6 credit hours 6 credit hours 6 credit hours Determined by lender.
Eligibility Must meet general eligibility requirements for federal and state aid and maintain satisfactory academic progress. Determined by lender.
Maximum Eligibility Period Yes
150% Time Limit
No No Determined by lender.
Application FAFSA FAFSA FAFSA and Parent PLUS application Individual application.

Financial Aid

Hawkeye Center 118
800-670-4769 ext.4020
319-296-4495 (fax)
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