Stafford Loan

Stafford Loans are available to students enrolled at least half-time. The federal government offers loans with an interest subsidy (Subsidized), and without a subsidy (Unsubsidized). If you're eligible for a Subsidized Stafford Loan, the government will pay the interest on the loan until six months after you graduate, withdraw from college, or enroll less than half-time, at which time repayment of principal and interest will begin. If eligible for an Unsubsidized Stafford Loan, you will remain responsible for the interest charge upon receipt of the loan, but may defer payments of that interest until you leave school. For the 2008-09 school year, the interest rate on a Subsidized Stafford Loan will be 6%. The interest rate on an Unsubsidized Stafford Loan will be 6.8%.

Dependent freshmen will be eligible for up to $5,500 a year, dependent sophomores $6,500 a year, and all other dependent undergraduates, $7,500 a year. The totals represent the maximum that an undergraduate student can borrow in a combination of the Subsidized and Unsubsidized Stafford Loan. The aggregate maximum subsidized loan allowed is $23,000 for dependent undergraduate students. Independent undergraduate students are eligible for the amounts indicated above, plus an additional amount of up to $4,000 for first and second year students and up to an additional $5,000 for third year and beyond. Graduate students enrolled at least half-time can borrow up to $8,500/year Subsidized and up to $12,000 in Unsubsidized Stafford Loans.

Borrowers are normally allowed 10 years to repay the loan, making the investment affordable for most students.

If you have previously borrowed at BVU, your Stafford Loan will be processed through your previous lender. If you desire a change or your lender is no longer participating in the Stafford Loan Program, please select a lender below and click on the "Apply Now" button. Please complete the Financial Aid Authorization Form and return it to the Office of Financial Assistance. You may also use this form to select a lender off of the list below, as you are not limited to the lenders on this list.

Steps To Complete The Process For First Time Borrowers

Financial Assistance Authorization Form:

Please print, complete and return to the Office of Financial Assistance, the Financial Assistance Authorization Form. If you indicate that you will not pursue a Stafford Loan, you may stop here after completing the form and returning it to the Office of Financial Assistance.

Entrance Counseling:

All first-time borrowers are required to receive entrance counseling before loan funds will be disbursed. This counseling will provide you with your rights and responsibilities as a student loan borrower. To complete this requirement online, please visit Mapping Your Future, being sure to request that confirmation be sent to BVU.

Lender List:

The following is our Lender List for the Federal Stafford Loan program. If you'll be using loan funds, one of the first decisions you'll be asked to make is to decide if you wish to pursue a Federal Stafford Loan and if you do, to also select a lender.

Each year, Buena Vista University will perform a review of lender fees and repayment benefits to create a list of those that we feel excel, to make this process easier for you and your family. In this selection, we will also use our personal knowledge of the importance each lender places on customer service. Below you will find a comparative analysis on the result of that research for the 2008-09 school year. The benefits that are listed are subject to change.

Northwest Federal Savings Bank (822891)

Serviced by Iowa Student Loan
(800)243-7552

Borrower Benefits:

3/4% Origination Fee and 0% Default Fees.

Apply now!

U.S. Bank (804267)

Serviced by Iowa Student Loan
(800)243-7552

Borrower Benefits:

1% Origination Fee and 0% Default Fee
.25% interest rate reduction - U.S. Bank will offer .25% interest rate reduction to borrowers who sign-up for automatic payments.

Apply now!

Wells Fargo (807176)

(800)658-3567

Borrower Benefits:

1% Fee - 1% origination fee and 0% default fee.

Apply now!

Chase (803000)

1-866-306-0868

Borrower Benefits:

1% Origination Fee and 0% Default Fee.
0.25% interest rate reduction for borrowers who enroll in an auto-debit ACH repayment program. Available on Chase and approved non-Chase platforms.

Apply now!

Security Trust & Savings Bank (804208)

Serviced by Iowa Student Loan
(800)243-7552

Borrower Benefits:

3/4% Origination Fee and 0% Default Fees.

Apply now!

Apply:

Once you have carefully reviewed this list and you have selected a lender, please click on the "Apply Now" button in that lender section. Be sure that the lender you select is the same lender you indicated on the Financial Aid Authorization Form. Complete the Master Promissory Note (MPN) and electronically sign it, using your Department of Education Personal Identification Number (PIN). If you don't remember your PIN, you can request a reminder email. You can print a copy of the MPN for your records. If you prefer to complete a paper MPN, please request, on the Financial Aid Authorization Form, that we mail one to you.

If you wish to select a lender not represented on this list, please so indicate on the Financial Aid Authorization Form.