When you are planning for student loans then there are so many student loan programs, which make you confuse. So it becomes hard to know from where you can get the correct information.

But now there is no need to worry because your own state offers a reliable resource “ The Iowa College Student Aid Commission”.

The types of student loans in Iowa that you must consider are:

• Federal Student Loans, Federal Family Education Loan Program (FFELP)
• State Specific Student Loans and forgiveness programs
• Private College Loans

First Option: Federal Student Loans

When you fill and file the FAFSA before its deadline then you will automatically be considered for all. Never make mistake as 2 million students in United States make, that they assume they cannot qualify for federal aid and because of that they don’t attempt to file FAFSA. While it’s not like that majority of students can qualify for federal aid.

Available Federal Loans in Iowa:

Stafford Loans

The single most disbursed loans in United States are the Stafford Loans. Stafford Loans comes in two versions:

1. Subsidized Stafford Loans
2. Un-Subsidized Stafford Loans

Subsidized Stafford Loans are need-based students specifically designed for the needy students. While unsubsidized loans are not need based. Many students qualify for both.

These are low cost and fixed interest rate affordable federal loans with flexible repayment terms.

Perkins Loans

Perkins Loans are not available for every one because they are campus-based aid. These are usually awarded on the basis of first-come-first-served. The Perkins Loans are only for poor and needy students.

Parent PLUS Loans

Parent PLUS Loans are designed for the parents of undergrad students in Iowa so that they can bear the educational costs of their children. Parent PLUS Loans are credit-based loans so if you are having poor credit you can opt to sign with a co-borrower.

PLUS Loans

If Graduate and Professional students in Iowa meet lifetime limit on Staffords, then next best option for financial aid is PLUS Loans.

The State of Iowa offers a couple of attractive packages for loan repayment programs only for certain groups of students:

For nursing students the state of Iowa offers “the Iowa Registered Nurse and Nurse Educator Loan Forgiveness Program” with attractive incentives.

For teaching students there is “ Iowa Teacher Shortage Loan Forgiveness Program” that can help you to pay back your Stafford loans. According to this program when you will start serving as teacher in Iowa then you may will qualify for up to 20% loan forgiveness every year of teaching service at an underserved school in the state.

Private Student Loans in Iowa

Always keep private student loans as your last option. Though private loans are easy to get but always keep an eye on private loans final costs. Private Loans comes with risky interest rates and high fees that can add thousands to the bottom line. So it will become hard for to pay back.

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