Alliant Credit Union’s private loan features:
- A 0.25% interest rate reduction when you make auto-debit payments.
- Transparent rates. No “as low as” pricing.
- Options to pay interest while enrolled or to defer interest until repayment.
- Cosigner ($20,000 annual maximum loan amount) and no-cosigner ($10,000 annual maximum loan amount) options.
The opportunity to release your cosigner(s) from their payment obligations after you make 24 consecutive, on-time payments.
For a checklist of information you will need on hand to complete the loan and a description of the loan application process from start to finish, CLICK HERE.
Cosigner Loan Options
If you or your cosigner(s) meet the underwriting criteria, you may qualify for a lower interest rate and origination fee by applying for one of the cosigner loans (options 1 and 2). A lower interest rate can help you pay less money over the life of the loan.
No-Cosigner Loan Option
If you don’t have a creditworthy cosigner, you may qualify for the no-cosigner loan (option 3). This loan option has a higher interest rate and origination fee than the cosigner options.
Alliant Credit Union Private Student Loan Program
This private student loan is designed to supplement — not replace — federal, state and institutional financial aid to cover your expenses. It is available to students attending any eligible college or university provided all other eligibility requirements are met.
Alliant Credit Union requests that you and your parents work with financial aid professionals at your respective college or university to ensure that you have first applied for all applicable forms of federal, state and institutional financial aid for which you are eligible, including federal student loans, prior to obtaining a private student loan. Accepting a private loan before utilizing other types of aid available may decrease your eligibility for federal, state and institutional aid.
The first step in applying for financial aid, which includes federal student loans, is completing the Free Application for Federal Student Aid (FAFSA). The FAFSA is a free form provided by the U.S. Department of Education that may be completed without professional assistance via paper application or online at www.fafsa.gov. In your award letter from your college, the financial aid office will inform you of your eligibility for federal student loans.
General Guidelines for the Alliant Credit Union Private Student Loan Program
All applicants must:
- Be a member or become a member of Alliant Credit Union. Note: Once Alliant Credit Union receives your loan application, you have 30 days to finalize your membership with the credit union.
- Be of majority age pursuant to applicable law at the time of application or be an emancipated minor.
- Not have defaulted on any private or government student loan.
- Be attending any nonprofit, Title IV eligible, degree-granting, regionally accredited college or university or nonprofit school of nursing.
- Be accepted, enrolled or attending on at least a half-time basis, as defined by the school, and be making satisfactory academic progress in an eligible academic program.
- Be a citizen or permanent resident of the United States. Cosigner(s) must be citizens of the United States.
Review loan underwriting criteria and terms. Click Here For Terms
Applying for the Alliant Credit Union Private Student Loan Program
Alliant Credit Union members can apply online for a private student loan. If you are not a member of Alliant Credit Union you will need to become a member to qualify for the loan program. The loan servicer, Iowa Student Loan®, will handle the processing and approval of your Alliant Credit Union private student loan application.
Additional College Planning Assistance
If you are looking for information on planning for, paying for and succeeding in college, Alliant Credit Union recommends the Iowa College Access Network® (ICAN). ICAN offers free services, including assistance with completing the FAFSA, to students and their families. Visit www.ICANsucceed.org or call (877) CPC-Iowa for more information about ICAN.