After exhausting the opportunities available from the federal aid programs, many students will consider private education loans as a source of additional funding. A private education loan is a non-federal loan issued by a private lender, such as a bank or credit union. Private education loans often have variable interest rates, require a credit check, have varied repayment options, and do not provide the same benefits as federal student loans. Families may borrow up to the cost of attendance minus other financial aid received.
If you determine that you need a private education loan to help pay for your educational expenses, you should carefully research and compare the options available from different lenders and select the lender that best suits your needs. The University of Northern Iowa does not endorse a specific lender and you may decide to borrow from any lender you choose, including those not included in our historical lender list.
Private Loan Counseling Requirement
We require students to meet with a financial aid counselor in our office to discuss your private loan needs before we will certify (approve) your eligibility to the lender. Call to schedule your appointment at 319-273-2700.
A Private Loan Worksheet (PDF) is available to assist students when considering a private loan.