Private (Alternative) Student Loans
Applying for a Private Student Loan
Private loans are offered by a wide variety of lenders. Each lender offers different programs with varying terms. Most lenders have informative websites and we encourage you to visit each lender's site to compare your options.
Read through our recommended questions to ask before considering a private loan.
Contact lenders directly to verify that they disburse to two-year institutions and to apply for a private student loan.
Many lenders offer you a pre-approval process so you can determine your eligibility for a private loan.
It may take up to four weeks to process a private loan. Early application is important.
How Much Can I Borrow?
The actual amount you can borrow varies according to your personal financial circumstance. Other variables include the cost of attendance, financial aid resources, and loan limits imposed by the lender.
Hawkeye Community College:
Will certify a loan from whatever lender you determine best meets your needs.
Is required by federal statute to comply with individual lender terms and cannot certify a loan for more than your eligibility as determined by the cost of attendance minus any other available financial aid.
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.
Assists in educating you about your private loan by requiring the completion of a Good Choices Packet for each private lender you are considering.
How and when will my private loan be disbursed?
Where can I go to get a private student loan?
We recommend that you use our guidelines for evaluating and comparing private alternative loan programs before you choose a lender.
Hawkeye Community College does not imply endorsement of any loan products.
You have the right to choose any lender.
If you have had a private loan in the past, we recommend you stay with the same lender. This will make repayment easier because your private loan cannot be consolidated with your Federal loans.