Student / Parent Loans

With federal student loans, you can borrow money for college directly from the government. Learn more about the federal student loan options below.

Federal Direct Subsidized Loan
The Direct Subsidized Loan is available to students with financial need. The loans are funded by the U.S. Department of Education. The interest for a subsidized loan is paid by the government while the student remains enrolled in at least half-time as well as during the first six months after the student leaves school. Students need to start repaying this loan six months after graduation, or if the student drops below half-time enrollment. The interest rate is fixed at 6.53% for loans disbursed between after July 1, 2024, and will not change for the life of the loan.

A 1.057% origination fee will be deducted from the loan proceeds.

Federal Direct Loans are students loans that are funded by the U.S Department of Education. The interest rate of the unsubsidized loan and the interest is NOT paid by the federal government while the student is enrolled. The interest accrues from the time the loan is disbursed until it is paid-in-full. Students can pay the interest while in school, or it will be added to the principal balance of the loan when entering repayment. Repayment begins six months after graduation, or after the student drops below half-time enrollment. The interest rate is fixed at 6.53% for loans disbursed after July 1, 2024, and will not change for the life of the loan.

A 1.057% origination fee will be deducted from the loan proceeds.

Direct Loan Entrance Counseling + MPN
This is a requirement that all first-time direct loan borrowers must complete prior to receiving loan funds. Entrance counseling prepares students for responsible borrowing and proper repayment of their loans. The counseling and master promissory note may be completed online. The master promissory note outlines the terms of the loan.

Private education loans are available to help families fill the gap in paying for college. They should never be your primary funding source. Exhaust all of your other options including our no interest payment plan, savings, summer work, work study and outside scholarships before you borrow any type of private education loan.

All of the information provided below is reviewed annually to ensure that the lenders listed continue to adhere to our criteria. Any loan options that no longer adhere to our criteria are removed, and new loan options are added.

You are free to select any lender you choose, including those not presented. If you choose a lender that is not presented, please follow the provided instructions to complete the application process. Application processing will not be delayed unnecessarily if you choose a lender not presented.

Our officials are prohibited from accepting any financial or other benefits in exchange for displaying lenders and loan options in FASTChoice. Prohibited activities include:

• receiving compensation to serve on any lender board of directors or advisory boards;
• accepting gifts including trips, meals, and entertainment;
• allowing lenders to staff our institution's financial aid office;
• allowing lenders to place our institution's name or logo on any of their products;
• and owning of lenders' stock (for college officials who make financial decisions for our institution).

Some things to consider before selecting a private loan:

• Accept all grant, scholarship and federal funding before applying for a private loan.
• Private loans usually take anywhere between 2-6 weeks to process so begin the process as early as possible.
• Most loans require a credit-worthy cosigner if the main applicant does not meet all the credit criteria.
• Only borrow what you will need for the school year
• Any other questions, please contact the Financial Aid office at (515) 263-2820.

The lenders and loan options presented in FASTChoice are composed of all lenders used by Grand View students within the last 3 years. Grand View believes that the choice of a private loan lender is a decision you must make. You need to weigh the pros and cons of each loan product to find the one that best meets your needs. Some questions to examine when determining what private loan product to choose are:

• Does the loan require a co-signer?
• Is there a co-signer release option?
• How much is the origination fee?
• How much is the interest rate?
• When does loan repayment begin?

Your Next Steps
After completing the loan application, your lender may require you to submit income and tax documentation. Federal regulations also require you to view and accept additional disclosures after the loan is approved.

Your loan funds will not be sent to the school and your loan will be canceled if the additional steps listed below are not completed in a timely manner.

1. View and accept your Approval Disclosure
2. View your Final Disclosure
3. Complete a Private Loan Self-Certification Form

Federal parent loans enable parents to borrow a federal loan to help pay the students education expenses. Parents may borrow up to the cost of attendance minus other financial aid received.

The interest rate is fixed at 9.08% and interest charges begin to accrue at disbursement. Repayment begins within 60 days of disbursement, or the parent can defer repayment for up to six months after the student graduates or drops below half-time enrollment. Apply for the PLUS loan and complete the master promissory. The master promissory note outlines the terms of the loan.

This loan program allows parents of dependent students to borrow up to the amount equal to the cost of attendance minus other financial aid received. The interest rate for loans originated after July 1, 2024  is fixed at 8.05%. Origination fee is withheld from the loan. The Federal Direct PLUS Loan is subject to a credit check. In the case of adverse credit, the borrower may apply with a credit worthy co-signer.

For loans disbursed after July 1, 2008, parents have the option of beginning repayment on the PLUS loan either 60 days after the loan is fully disbursed, or deferring payments until six months after the dependent student ceases to be enrolled at least a half-time. While not required, it is recommended that the borrower makes payments on the interest while the student is still in school. If a parent is denied a Federal Direct PLUS Loan, the student is eligible for additional Federal Direct Unsubsidized Loan.

Parents can apply online and will need to log in with a personal FSA ID and password they used on their student’s FAFSA. For additional questions contact the Financial Aid Office at (515) 263-2820 or 1-800-444-6083, Ext. 2820 or email finaid @ grandview.edu.

Get Your FAQs Answered

*Undergraduate independent students or dependent students whose parents are denied a Federal Direct Parent PLUS Loan can borrow additional Unsubsidized Direct Loans in the following amounts: First year $4,000; Sophomore $4,000; Junior $5,000; Senior $5,000

**Other repayment options available. To learn more about loan repayment choices and work out your Federal Loan monthly payments, go here.