Private Loans
Please feel free to review the College's Loan Code of Conduct statement.
Private loan programs are available to allow you or your parents to finance your educational expenses over a longer period of time. These financing programs allow you to manage your investment in a way that reflects your family's unique circumstances, allowing you to choose from different benefits and terms. Funding is available to finance your total share of the cost of education, including travel and personal expenses, if you wish.
The State of Iowa requires all students to exhaust their federal loan eligibility before investigating private student loan options as federal student loans have better terms and conditions. Information regarding the Federal Loan Programs is found out our website under types of assistance/federal loans.
Eligibility for private loans is based on credit-worthiness and ability to repay, not on financial need. Most plans offer deferment of principal payments while you are enrolled. Choose from fixed or variable interest rates and student or parent borrower options. The following is a comprehensive alphabetical list of lenders that have made loans to Cornell students or parents in the past two academic years and have made an indication to our office that they will continue to make loans to our students. These lenders offer private, non-federally funded, educational loans. Cornell College does not endorse the lenders listed below and will permit its students and/or parents to choose any lender that will make a private education loan to the borrower for attendance at Cornell College.
Applications for these loans are available online. Applications are normally completed for the full academic year and funds are disbursed equally between semesters. Submit your application early to ensure sufficient time for processing. Applications should be submitted in June or July for fall funds to be available at the beginning of the semester.
Loan Calculator
Interested in calculating what your monthly payments will be on your student loans? This Loan Payment Calculator computes an estimate of the size of your monthly loan payments and the annual salary required to manage them without too much financial difficulty. This loan calculator can be used with Federal education loans (Stafford, Perkins and PLUS) and most private student loans. (This student loan calculator can also be used as an auto loan calculator or to calculate your mortgage payments.)
Alaska Loan
800-441-2962
Must be a resident of the state of Alaska
CitiBank
800-967-2400
Discover Student Loan
1-877-728-3030
Sallie Mae
800.695.3317
United Methodist Student Loan Program
615-340-7346
Must be United Methodist
US Bank
800.242.1200
Wells Fargo
800.658.3567
