Private student loans should be considered after applying for federal and state financial aid. Private student loans are available to supplement your federal financial aid award if you need additional financial aid. If you need to complete a FAFSA (Free Application for Student Aid) click here www.fafsa.ed.gov. You can complete a FAFSA even if the semester has already begun.
Contact the Financial Aid Office if you have any questions or need further information by calling 1-800-362-2127 ext 6282 or 515-964-6282.
Applying for a Private Student Loan
FASTChoice is a resource that can assist you in finding a Private Student Loan.
Some things to consider:
- Does the loan require a co-signer? Even if you qualify for the loan on your own, will having a cosigner lower your interest rate?
- If your loan requires a co-signer, can the co-signer be released at some point during repayment?
- Private student loan applications require a credit check. Lenders will review your credit history when determining whether to provide you with a private student loan.
- What is the interest rate?
- Is the interest rate fixed or variable? If you don't know, be sure to ask your lender the difference.
- When does repayment begin?
- When does the interest begin accruing?
- Review your financial aid award and your expenses to evaluate how much you should borrow.
- How many credits must you be registered for to receive the loan? Some lenders require you to be registered half-time.
Once you have decided on a lender, the lender will handle the application process.
Receiving the funds from your Private Student Loan
Once you have been approved by your private lender for a student loan, your lender will send your loan information to DMACC to be certified. Once this is complete, the funds will be sent to DMACC. All private loans, as with other financial aid funds, are first applied directly to your DMACC account to pay charges for tuition and other college-related charges. If your loan funds exceed the charges on your student account, you will then receive these funds (referred to as a "refund") to pay other educationally related expenses. Alternative loans, when added to any federal financial aid you are scheduled to receive, will not exceed the cost of attendance at DMACC. Disbursing or crediting your student account with private loan funds will only occur after verifying that you are attending the courses for which you are registered. More information about when funds are released to students can be found by visiting the “Release of Funds Information” portion of this website.
- “Guest” students are eligible to apply for Sallie Mae Loans, Wells Fargo Loans, and Iowa Student Loans.
- Students who are enrolled less than halftime are eligible to apply for Sallie Mae Loans and Wells Fargo Loans only.
- Iowa Student Loan (Partnership) requires halftime enrollment.
- Applicants for the Sallie Mae Loans and Wells Fargo Loans must apply for a minimum of $1000.00.
- Applicants for Iowa Student Loan must apply for a minimum of $1001.00.
- Private loan amounts are limited by a student's cost of attendance (student budget) as determined by the Financial Aid Office.