2011-12 Loan Programs | 2010-11 Loan Programs

• Direct Stafford
  Loan
• Federal Direct Parent
  Loan (PLUS)
• Alternative
  Loans
• Perkins/Institutional
  Loans

Buena Vista University students may be eligible for alternative loans.  Loan eligibility is determined by the borrower's/co-borrowers creditworthiness and cost of attendance minus financial assistance. Interest rates vary by program. Borrowers may take between 10-25 years to repay, with no penalty for pre-payment. Principal payments can be deferred, in most cases, while the student is enrolled at least half-time. Financial need is not a prerequisite.

IMPORTANT! Please read our Preferred Lender List Disclosure:

Buena Vista University chose the lenders on our Preferred Lender List, by reviewing the following criteria (these are not in order of importance) in an unbiased manner.

1. Terms and conditions of the lender's loan products (for example, interest rate, options for repayment length, etc.)
2. Borrower Benefits (for example, lender payment of fees, interest rate reductions for on-time payments)
3. Previous lender service to borrowers
4. Loan processing (for example, speed of loan approval and disbursement, error resolution)

The review was performed by the Office of Financial Assistance staff at Buena Vista University. The Buena Vista University financial aid staff reviews this criteria annually to ensure that our students receive the best possible service and benefits associated with their federal and private educational loans. It is Buena Vista University's belief that each lender's record of service to borrowers is of utmost importance as a long term relationship exists between a loan borrower and the lender that could last up to 25 years.

You should also conduct your own web-based search.

Buena Vista respects a borrower's right to lender choice and will not in any way deny or otherwise impede a loan application certification for a borrower who chooses a lender not listed on the Buena Vista University Preferred Lender List. Each lender on our Preferred Lender List has agreed to provide an expedited loan application and disbursement process for our students and their parents. Please keep in mind that a different lender may require a more manual loan application or disbursement process that may lead to delayed disbursements of your loan funds.

Preferred Lender List

The following is our Lender List for Alternative Loans. If you wish to pursue an alternative loan to help you finance your or your child's education, you will first need to select a lender. To make this process easier, Buena Vista University has performed a review of repayment benefits, interest rates and fees, along with what we know about costumer service, to create a list of those lenders that we feel excel. Below, you will find a comparative analysis on the result of that research. Keep in mind that you are not limited to the lenders on this list.

Regulation Z Requirements

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Iowa Alliance Private Student Loan*

Servicer: Iowa Student Loan
(800)243-7552 

To be eligible for the Iowa Alliance Private Loan, a student borrower  must be denied a supplemental private student loan requiring a cosigner.  Proof of denial is required before an Iowa Alliance Loan will be certified by the Office of Financial Assistance.  The Alliance Loan is a no-cosigner loan and considered a last resort loan for student borrowers.

Benefits:**

• Origination fee is 10%

Eligibility:

• Iowa or non-Iowa Resident
  • Non-Iowa Resident must borrow per semester
• Must be making satisfactory academic progress
• Be enrolled at least half-time.
• May be non-degree seeking.

Rates:

• Variable Rate
  • 4.50% + Prime (varies quarterly); minimum interest rate of 9.00%

Loan Amounts:

• Minimum:  $500
• Maximum:  Cost of attendance minus other aid

Repayment Period:

• up to 20 years

Late Disbursement Policy:

• 120 days from last day of enrollment period

Disclosures

• Iowa Resident
• NON-Iowa Resident

Apply now!

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PARTNERSHIP ADVANCE EDUCATION LOAN*

Servicer: Iowa Student Loan
(800)243-7552

Eligibility: **

• Be at least 18 years of age at the time of application.
• Be a citizen of the United States or a permanent resident of the United States.  Cosigner(s) must be citizens of the United States.
• If borrowing to attend BVU, may be an Iowa resident or a non Iowa resident.
• Be accepted, enrolled or attending on at least a half-time basis, as defined by the school, and making satisfactory academic progress in an eligible education program.
• May be non-degree seeking.

Applicants and /or proposed cosigner must:

• Have continuous employment for the past two years
• Have an annual income of at least $25,000
• Meet the debt-to-income ratio requirement.
• Meet the prescribed credit criteria.

 Loan Amounts:

• Minimum:  $500
• Maximum:  Cost of attendance minus other aid
• Maximum Cumulative Amount:  $80,000

Fees/Rates/Details

• Partnership Advance Education Loan - Option One

  • No application fee
  • 0% origination fee
  • Fixed interest rate of 7.75%
  • Interest only payments required while enrolled
  • 10 month grace period after separation period
  • Interest capitalized at the end of a qualifying deferment period
  • Repayment:  10 years

• Partnership Advance Education Loan - Option Two

  • No application fee
  • 0% origination fee
  • Fixed interest rate of 7.85%
  • Interest only payment required while enrolled
  • 8 month grace period after separation period
  • Interest capitalized at the end of a qualifying deferment period
  • Repayment:  15 years

• Partnership Advance Education Loan - Option Three

  • No application fee
  • 4% origination fee
  • Fixed interest rate of 7.90%
  • No principal and interest payments required while enrolled
  • Interest capitalized at repayment and at the end of a qualifying deferment period
  • Repayment:  18 years

Late Disbursement Policy:

• 120 days from the last date of enrollment

Disclosures

• Iowa Resident
• NON-Iowa Resident

Apply now!

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Wells Fargo Collegiate Loan*

Lender: Wells Fargo Bank
(800)658-3567

Benefits: ** 

• Interest rate reduction of 0.50% at repayment upon verification of graduation.
• A 0.25% interest rate reduction when Wells Fargo automatically withdraws payments from checking or savings account at repayment.
• Wells Fargo Student Loan Forgiveness Policy effective immediately (12/20/2010)
  
  • In the unfortunate event of a student borrower's death, their loan will be forgiven.
  • Should the student become permanently disabled, their loan will be forgiven.

Eligibility:

• Enrolled in an eligible school.
• Student may be enrolled less than half-time.
• Borrower can be seeking a degree or certificate.
• Satisfactory Academic Progress not required.
• Most students will need a cosigner to meet Wells Fargo's credit history, income, and employment requirements.  Cosigners can apply with students online.

Rates:

• Fixed Rate Option Available starting at 7.75%
• Variable Rate Option - Interest rate changes with prime. Interest rate is tiered depending on credit history of  cosigner only.
  • Prime + 0.25%
  • Prime + 1.49%
  • Prime  + 3.49%
  • Prime +  4.49%
  • Prime + 5.99%
  • Prime + 6.74%
• Fees - None - no origination, repayment, or prepayment fees.

Loan Amounts:

• Annual Minimum loan amount: $1,000
• Annual Maximum loan amount: $25,000
• Borrowers may not borrow more than the cost of education less estimated financial aid as determined by the school.

Repayment Period:

• Wells Fargo Collegiate loan is automatically deferred; however, interest starts on the loan as soon as it is disbursed.
• Students are not required to start making payments on the Collegiate loan until six months after they withdraw or graduate.
• Capitalization of interest occurs when the borrower enters repayment and again following any uninterrupted period of deferment or forbearance.
• Repayment period is 15 years and there is no penalty for early repayment.
• Cosigner may be released when borrower makes 24 consecutive monthly principal and interest payments on time (borrower must meet minimum credit guidelines).

Late Disbursement Policy:

Applications received up to 30 days after the loan period has ended will be approved for late disbursement.

Disclosure

Apply now!

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Sallie Mae Smart Option Loan*

Lender:  Sallie Mae
(888) 272-5543

Benefits:**

• No origination fees and no prepayment penalty
• Earn 2% cash back reward in your Upromise account when you make scheduled monthly payments on time while in school
• A 0.25 percentage point interest rate reduction while enrolled to make scheduled monthly payments by automatic debit
• New Free Tuition Insurance - covers up to $5,000 of tuition lost due to a covered medical withdrawal (Available with loans that first disburse July 1 through October 31, 2011)
• Applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate
• Co-signer release after you graduate and make 12 consecutive on-time principal and interest payments.
• Death and Disability Feature - Cosigners will not be responsible for loans waived as a result of the student borrower's death and or total and permanent disability (excludes borrowers residing in Alaska or Montana when the loan was made).

Visit SallieMae.com/terms/sos/ for important information. Terms, conditions and limitations apply.

Eligibility:

• Enrolled in a degree program.
• Borrower must meet current credit and other eligibility criteria
• Student may be enrolled less-than half-time.
• Taking continuing Education Courses
• Satisfactory Academic Progress not required.
• International Students

Rates:

Interest rates are variable, based on the one-month LIBOR Rate

• Interest Repayment Option
  • 1-Month LIBOR + 2% to 1-Month LIBOR + 8.875%
• Fixed Repayment Option
  • 1-Month LIBOR + 2.5% to 1-Month LIBOR + 9.375%
• Deferred Repayment Option
  • 1-Month LIBOR + 3% to 1-Month LIBOR + 9.875%

Loan Amounts:

• Minimum loan amount is $1000.
• Maximum loan amount is published cost of attendance less financial aid as certified by the Financial Aid Office.

Repayment Options:

• Full interest repayment option: Pay interest while in school and for six months after school and you will have a shorter repayment term, compared with the fixed and deferred repayment options.
• Fixed Repayment Option:  Pay $25 a month while in school and for six months after school and you will have a shorter repayment term, compared with the deferred repayment option.
• Deferred Repayment Option - No minimum payment required until after school.

Late Disbursement Policy:

A student borrower may request a loan for a prior loan period if the following conditions are met:

• Less than 180 days have passed or will pass from the loan period end date to the first disbursement of the loan
• At the time of the request, the student borrower is enrolled or intends to enroll, or the student borrower has graduated
• The student was previously enrolled either half time or full time during the prior enrollment period for which the loan is requested and did not withdraw

Disclosure

Apply now!

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Discover Student Loans*

Lender: Discover
(877)728-3030

Benefits:**

• 2% Graduation Reward: 2% cash reward on the outstanding balance at graduation.  This can be applied toward the loan balance or directly deposited into the graduate's bank account for first month's rent on an apartment, a new suit for job interviews or other items needed before starting a career.
• 0.25% Auto Debit Reward:  0.25% interest rate reduction during repayment when payments are set up for automatic debit from a bank account.
• No origination fees

Eligibility:

• Student may be enrolled less than half-time.
• Must be making Satisfactory Academic Progress
• Cosigner required if student borrower does not meet credit requirements on their own.
• Borrower and cosigner must pass a credit check.
• Must be a US citizen or permanent resident.
• Degree seeking

Rates:

• Interest Rate based on Prime + 0.50% to 7.75%

Loan Amounts:

• Minimum loan amount:  $1000
• Maximum loan amount:  Cost of attendance minus other aid

Repayment Period:

• Undergraduate Loans:  Repayment begins 6 months after graduation or enrollment in school is less than half-time.
• Repayment period is 15 years and there is no penalty for early repayment.
• NO co-signer release option

Past Due Balance:

• Up to six months from the end of the loan period.

Disclosure

Apply now!

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CitiAssist Loan*

Lender:  Citibank
(800)788-3368

 Benefits:**

• No origination fees
• A 0.25 percentage point interest rate reduction is available for automatic debit
• No repayment fees, no pre-payment penalties

Eligibility:

• US citizen or permanent resident
• Cosigner required if student borrower does not meet credit requirements on their own.
• 18 years of age
• Enrolled in an eligible school
• Student may be enrolled less than half-time

Rates:

• Interest rates are indexed to 3-month LIBOR and are adjusted quarterly
• Interest rates range from 3-month LIBOR plus 3.25% to 3-month LIBOR plus 11.00%

Loan Amounts:

• Minimum:  One time minimum of $1000
• Maximum:  Cost of attendance minus other aid

Repayment Period:

• Repayment is 15 years and there is no penalty for early repayment.
• Repayment begins six months after student graduates or leaves school.

Disclosure Undergrad

Disclosure Grad

Apply now!

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*Not an affiliate with any other lender listed

**Loan information is current as of 5/24/11.

You must notify the Office of Financial Assistance if you borrow funds through a lender for which BVU is not required to certify the loan application.

PLEASE NOTE: You do not have to borrow from one of our lenders listed above. You have the right to choose any lender

Generally, federal student loans have guaranteed benefits like payment deferment for qualified borrowers (for example, during periods of financial hardship), loan consolidation, and discharge (for example, in cases of death or disability) that private loan lenders may not offer.

As you begin to navigate through the financial aid process, please keep in mind that the following federal grant and loan aid may be available to assist you. You will need to speak directly with Buena Vista University to determine if you are eligible for these federal grant and loan programs.

Federal Pell Grant - may provide up to $5,550 per year. Keep in mind the maximum can change each award year and depends on program funding.

Perkins Loan - may provide a loan of up to $5,500 for each year of an undergraduate program of study and $8,000 per year of a graduate program of study.

Federal Stafford Loan - may provide the following amounts

For Undergraduate students:

• $5,500 for dependent first-year students; $9,500 for independent first-year students
• $6,500 for dependent second-year students; $10,500 for independent second-year students
• $7,500 for dependent students finishing the remainder of the program; $12,500 for independent students for the remainder of the program

For students enrolled in preparatory coursework or teacher certification coursework:

• Undergraduate preparatory coursework $2,625 for a dependent student; $8,625 for an independent student
• Graduate preparatory coursework - $5,500 for a dependent student; $12,500 for an independent student
• Teacher certification coursework - $5,500 for a dependent student; $12,500 for an independent student
• For Graduate programs a student may borrow up to $20,500

Grad PLUS - graduate and professional students may be eligible for a loan amount up to the full cost of attendance, minus any financial aid the student is expected to receive.

Parent PLUS - parents of dependent students may be eligible for a loan amount up to the full cost of attendance, minus any financial aid the student is expected to receive.

Click on State Scholarships and Grants for information on financing options that are available in the state of Iowa.