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Iowa Student Loans: How to Pay for College in Iowa

If you’re attending school in Iowa, there are scholarships, grants, and student loans that could help you pay for it.

Lindsay VanSomeren Lindsay VanSomeren Updated December 6, 2022

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

If you’re planning to attend one of Iowa’s 58 colleges and universities, then you might need the help of financial aid, scholarships, or Iowa student loans to help you pay for it.

While there are less expensive community colleges in the Hawkeye State, the price tag will rise if you attend a four-year school in Iowa. For example, in-state residents living on campus at the University of Iowa can expect to pay more than $25,000 per year.

Here are four ways to pay for school in Iowa:

  1. Scholarships and grants for Iowa students
  2. Federal student loans
  3. Iowa school student loans
  4. Private student loans

1. Scholarships and grants for Iowa students

There are plenty of college scholarships and grants available specifically for Iowa students. These are a great way to pay for college since you won’t ever need to repay them.

Here are several options to look into:

  • Iowa College Aid scholarships: Created by the Iowa General Assembly in 1963, Iowa College Aid gives out over $68 million per year in scholarships, loan forgiveness, and grants.
  • Iowa Student Loan scholarships: Although this organization primarily provides student loans as well as education about paying for college, it also offers scholarships worth $1,000 to $2,000 for Iowa high school seniors.
  • Bright Scholar Award: The Bright Scholars of Iowa provides full-ride grants to a few of the top Iowa high school seniors who would otherwise lack the means to attend college.
  • Community Foundation of Northeast Iowa scholarships: This program offers a range of scholarships for high school students and adults. While most are available for one year, some are two-year, four-year, or even renewable.
  • Des Moines Women’s Club scholarships: This group offers 18 scholarships from $1,500 to $2,500 to Iowa women who excel in areas like STEM, literature, education, theater, and more.
  • James B. Morris Scholarship Fund: This scholarship fund has given over $1 million to Iowa minorities — including Black, Native American, Asian/Pacific Islander, and Latinx students — over the past 30 years.
Tip: Be sure to search through scholarship databases, too. There are scholarships geared toward all types of students, so there are sure to be at least a few you can apply to.

Iowa specific scholarships are also available. A good place to start is with ICAN’s database of Iowa scholarships.

Also remember to complete the Free Application for Federal Student Aid (FAFSA) for each school you’re applying to as well. This way, you can see if you qualify for any federal grants, such as the Pell Grant. Most colleges also have school-specific scholarships that are awarded based on your FAFSA results.

Check Out: How to Apply to College and When You Should Apply

2. Federal student loans

Another reason to fill out the FAFSA is to apply for federal student loans, which are typically a good place to start if you need to take out debt for school.

This is namely because they come with federal benefits and protections, such as access to income-driven repayment plans and student loan forgiveness programs.

Tip: You’ll need to fill out the FAFSA to apply for federal student loans. Be sure to complete it as early as possible to get the most financial aid you can.

Here are the main types of federal student loans you might be eligible for as an Iowa student:

  • Direct Subsidized Loans are available to undergraduate students with financial need. They also don’t accrue interest while you’re in school, meaning you’ll have less to pay off after you graduate.
  • Direct Unsubsidized Loans are available to both undergraduate and graduate students, regardless of financial need. Unlike subsidized loans, unsubsidized loans will accrue interest while you’re in school.
  • Direct PLUS Loans are available for students attending graduate school as well as for parents. Keep in mind that PLUS Loans generally come with higher interest rates than subsidized and unsubsidized loans. They also require a credit check.
Loan typeWho qualifies?
Interest rates
(2022-23)
Loan limits
Direct Subsidized LoansUndergrad students with financial need4.99*$3,500 to $5,500 per year
Direct Unsubsidized LoansUndergrad, graduate, and professional studentsUndergrad: 4.99%*

Graduate and professional: 6.54%*
Dependent undergrad: $5,500 to $7,500 per year ($31,000 total limit)

Independent undergrad: $9,500 to $12,500 per school year ($57,500 total limit)

Graduate and professional: $20,500 per year
($138,500 total limit)
Direct PLUS LoansParents, graduate students, and professional students7.54%*Cost of attendance minus any other financial aid received
*Federal student loan rates for the 2022-23 academic school year.
Keep in mind: The student loan limits in the table above are maximum limits. The actual amount you qualify for will depend on your FAFSA results, which will factor in your Expected Family Contribution (EFC) and your school’s cost of attendance.

Once you’ve submitted the FAFSA, your school will send you a financial aid award letter detailing the amount of financial aid and student loans you qualify for.

Learn More: Average Cost of College in the U.S.

3. Iowa school student loans

Some colleges and universities also offer their own Iowa student loans that you might qualify for. Since these are all independently-managed programs, it’s best to get in touch with your school’s financial aid department to see what options you might have and find out how to apply.

Here are a couple of programs available from Iowa schools:

  • University of Iowa Self-Service Short-Term Loans: These aren’t meant to finance the full cost of your education. Rather, these are short-term, interest-free loans of up to $500 to help you get by if you run into a temporary financial snag.
  • Saint Ambrose University private alternative loans: These loans are meant to help students who need help to fill financial aid gaps. Saint Ambrose University partners with certain lenders to offer fast-tracked private loans for their students.
Keep in mind: While some schools might offer student loans, they’re generally not in the same amounts as federal or private student loans. However, they could be helpful if you’ve exhausted your other resources.

And depending on the school, they might be low-interest student loans, which could make them less expensive than other loans if you only need to borrow a small amount.

Check Out: Paying for College at Public Universities

4. Private student loans can help fill the gaps

If you’ve exhausted your scholarship and federal student loan options, private student loans could be a good way to fill any gaps left over.

You might even be able to qualify for a lower interest rate on a private student loan than a federal student loan, depending on your credit.

Keep in mind: Private student loans don’t offer the same protections as federal student loans, such as like income-driven repayment or loan forgiveness. Any benefits are offered at the discretion of the lender.

If you decide to take out a private student loan, be sure to consider as many lenders as possible to find the right loan for you.

Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes. Each lender in the table below is a Credible partner available to Iowa residents.

LenderFixed rates from (APR)Variable rates from (APR)Loan terms (years)Loan amounts


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
4.62%+10 6.01%+10 5, 7, 10, 12, 15, 20
(depending on loan type)
$2,001 to $400,000
  • Fixed APR: 4.62%+10
  • Variable APR: 6.01%+10
  • Min. credit score: Does not disclose
  • Loan amount: $2,001 to $400,000
  • Loan terms (years): 5, 7, 10, 12, 15, 20
  • Repayment options: Full deferral, fixed/flat repayment, interest only, academic deferment, military deferment, forbearance, loans discharged upon death or disability
  • Fees: None
  • Discounts: 0.25% to 1.00% automatic payment discount, 1% cash back graduation reward
  • Eligibility: Must be a U.S. citizen or permanent resident or DACA student enrolled at least half-time in a degree-seeking program
  • Customer service: Email, phone
  • Soft credit check: Yes
  • Cosigner release: After 12 on-time principal and interest payments
  • Loan servicer: Launch Servicing, LLC


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
4.99%+1 5.17%+ 5, 10, 15$1,000 to $350,000
(depending on degree)
  • Fixed APR: 4.99%+1
  • Variable APR: 5.17%+
  • Min. credit score: 720
  • Loan amount: $1,000 to $350,000
  • Loan terms (years): 5, 10, 15
  • Loan types: Any private or federal student loan
  • Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability
  • Fees: Late fee
  • Discounts: Autopay, loyalty
  • Eligibility: Available in all 50 states (international students can apply with a creditworthy U.S. citizen or permanent resident cosigner)
  • Customer service: Email, phone, chat
  • Soft credit check: Yes
  • Cosigner release: After 36 months
  • Loan servicer: Firstmark Services


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
4.74%+2,3
4.44%+2,3 5, 8, 10, 15$1,000 up to 100% of the school-certified cost of attendance
  • Fixed APR: 4.74%+2,3
  • Variable APR: 4.44%+2,3
  • Min. credit score: Does not disclose
  • Loan amount: $1,000 up to cost of attendance
  • Loan terms (years): 5, 8, 10, 15, 20
  • Repayment options: Full deferral, full monthly payment, fixed/flat repayment, interest only, immediate repayment, academic deferment, forbearance, loans discharged upon death or disability
  • Fees: Late fee
  • Discounts: Autopay
  • Eligibility: Must be a U.S. citizen or permanent resident and be making satisfactory academic progress.
  • Customer service: Email, phone
  • Soft credit check: Yes
  • Cosigner release: After 24 months
  • Loan servicer: College Ave Servicing LLC

edvestinu student loan refinance

Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
8.0%+7 7.47%+7 7, 10, 15$1,000 to $200,000
  • Fixed APR: 8.0%+7
  • Variable APR: 7.47%+7
  • Min. credit score: 750
  • Loan amount: $1,000 to $200,000
  • Loan terms (years): 7, 10, 15
  • Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, loans discharged upon death or disability
  • Fees: Late fee
  • Discounts: Autopay
  • Eligibility: Must be a U.S. citizen or permanent resident and have a minimum income of $30,000.
  • Customer service: Email, phone
  • Soft credit check: Yes
  • Cosigner release: After 36 months
  • Loan servicer: Granite State Management & Resources (GSM&R)


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
4.89%+ N/A10, 15$1,500 or $2,000 up to school’s certified cost of attendance
(depending on school type and minus other aid received)
  • Fixed APR: 4.89%+
  • Variable APR: N/A
  • Min. credit score: 670
  • Loan amount: $1,500 up to cost of attendance less aid
  • Loan terms (years): 10, 15
  • Repayment options: Full deferral, interest only, immediate repayment, academic deferral, forbearance
  • Fees: None
  • Discounts: None
  • Eligibility: Must be a U.S. citizen or permanent resident and be making satisfactory academic progress.
  • Customer service: Email, phone
  • Soft credit check: Yes
  • Cosigner release: After 48 months
  • Loan servicer: American Education Services (AES)


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
4.509 - 14.83%9 5.62%9 - 15.95%9 10 to 20$1,000 up to 100% of the school-certified cost of attendance
  • Fixed APR: 4.509 - 14.83%9
  • Variable APR: 5.62%9 - 15.95%9
  • Min. credit score: Does not disclose
  • Loan amount: $1,000 up to 100% of school-certified cost of attendance
  • Loan terms (years): 10 to 209
  • Repayment options: Full deferral, fixed/flat repayment, interest only, academic deferment, forbearance, loans discharged upon death or disability
  • Fees: Late fee, non-sufficient funds (NSF) fee
  • Discounts: Autopay
  • Eligibility: Must be a U.S. citizen or permanent resident. Also available to non-U.S. citizen students (including DACA students) attending a school located in the U.S. who apply with a qualifying cosigner.
  • Customer service: Phone, chat
  • Soft credit check: Yes
  • Cosigner release: Borrowers can apply after graduation, 12 consecutive on-time principal and interest payments, and meeting certain credit requirements.
  • Loan servicer: Sallie Mae
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Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available | 10Ascent Disclosures | 1Citizens Disclosures | 2,3College Ave Disclosures | 7EDvestinU Disclosures | 8INvestEd Disclosures | 9Sallie Mae Disclosures

Iowa students have plenty of options to pay for college

When it comes to paying for college, most college students end up taking out a mixture of federal and private student loans. While scholarships, grants, and federal student loans should generally be your first choices, private student loans could help cover any leftover expenses.

If you decide that a private student loan is right for you, remember to consider as many lenders as possible. This way, you can find a loan that fits your needs. With Credible, you can easily check your prequalified rates with multiple lenders at once.

Before you borrow, find out how much you’ll owe over the life of your federal or private student loans using our student loan calculator below.

Enter your loan information to calculate how much you could pay

? Enter the total amount borrowed $
? Enter your annual interest rate %
or
? Enter the amount of time you have to repay your loan years
Total Payment $
Total Interest $
Monthly Payment $

With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan, assuming you're making full payments while in school.


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About the author
Lindsay VanSomeren
Lindsay VanSomeren

Lindsay VanSomeren specializes in credit and loans. Her work has appeared on Credit Karma, Forbes Advisor, LendingTree, and more.

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Home » All » Student Loans » Iowa Student Loans: How to Pay for College in Iowa

Student Loan Basics


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