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Loan Authorization Form

 

Using the column marked "TOTAL" on your award notification as a reference, please indicate the direct loan amount(s) you wish to borrow for the term(s) you indicated above. Keep in mind that the direct loan amounts listed on your award notification are maximum amounts. You are not required to borrow the maximum: IN FACT, we encourage you to borrow only what you need to finance your education. 

Explanation of Direct Loan Subsidized

This is a need based loan administered by Iowa Western through funding from the US Department of Education. The interest on the loan is paid by the federal government while the student remains in school at least half-time.

Explanation of Direct Loan Unsubsidized


The interest is not paid by the federal government while the student is in school. Interest will begin to accrue the day the loan is fully disbursed and can be either paid while the student is in school or added to the principal balance of the loan when it enters repayment six months after student leaves school.

By submitting this form, I hereby certify the following:

  • I understand that I must enroll in a minimum of six (6) credit hours each semester to maintain loan eligibility and that if I enroll in classes during the summer term, I must enroll in a minimum of three (3) credit hours.
  • I will understand that Federal Regulations require multiple disbursements of all loan funds and that loan funds will not be disbursed until 30 days after the beginning of the term.
  • I understand that all all loan funds will be applied to my Iowa Western student account first and then any excess, if applicable, will be refunded to me.
  • I understand that if this is my first Direct Loan, I must complete Loan Entrance Counseling and a Master Promissory Note before any funds can be disbursed.

 

Using the column marked "TOTAL" on your award notification as a reference, please indicate the direct loan amount(s) you wish to borrow for the term(s) you indicated above. Keep in mind that the direct loan amounts listed on your award notification are maximum amounts. You are not required to borrow the maximum: IN FACT, we encourage you to borrow only what you need to finance your education.

Type of Loan Total Loan Amount You Wish to Borrow
Direct Loan Subsidized $
Explanation of Loan This is a need based loan administered by Iowa Western through funding from the US Department of Education. The interest on the loan is paid by the federal government while the student remains in school at least half-time.
Direct Loan Unsubsidized $
Explanation of Loan The interest is not paid by the federal government while the student is in school. Interest will begin to accrue the day the loan is fully disbursed and can be either paid while the student is in school or added to the principal balance of the loan when it enters repayment six months after the student leaves school.

By submitting this form, I hereby certify the following:
  • I understand that I must enroll in a minimum of six (6) credit hours each semester to maintain loan eligibility and that if I enroll in classes during the summer term, I must enroll in a minimum of three (3) credit hours.
  • I understand that Federal Regulations require multiple disbursements of all loan funds and that loan funds will not be disbursed until 30 days after the beginning of the term.
  • I understand that all loan funds will be applied to my Iowa Western student account first and then any excess, if applicable, will be refunded to me.
  • I understand that if this is my first Direct Loan, I must complete Loan Entrance Counseling and a Master Promissory Note before any funds can be disbursed.