Buena Vista University students may be eligible for alternative loans. Loan eligibility is determined by the borrower's/co-borrowers creditworthiness and cost of attendance minus financial assistance. Interest rates vary by program. Borrowers may take between 10-25 years to repay, with no penalty for early repayment. Principal payments can be deferred, in most cases, while the student is enrolled at least half-time. Financial need is not a prerequisite.
Preferred Lender List
Buena Vista University requests information from lenders annually and evaluates these lenders based on the lenders' loan options, repayment options, value added benefits, experience in the student loan industry, and customer service provided. We participate in a preferred lender arrangement with these lenders because they scored the highest when evaluated. Each lender listed on our Preferred Lender List is not affiliated with any other lender on the list.
The following FAST Choice website will give you our list of preferred lenders and will help you understand your options and compare loan products:
PLEASE NOTE: You do not have to borrow from one of our lenders listed on Fastchoice. You have the right to choose any lender.
You must notify the Office of Financial Assistance if you borrow funds through a lender for which BVU is not required to certify the loan application.
Generally, federal student loans have guaranteed benefits like payment deferment for qualified borrowers (for example, during periods of financial hardship), loan consolidation, and discharge (for example, in cases of death or disability) that private loan lenders may not offer.
As you begin to navigate through the financial aid process, please keep in mind that the following federal grant and loan aid may be available to assist you. You will need to speak directly with Buena Vista University to determine if you are eligible for these federal grant and loan programs.
Federal Pell Grant - may provide up to $7,395 per year. Keep in mind the maximum can change each award year and depends on program funding.
Federal SEOG Grant may provide up to $1,600.
Federal TEACH Grant may provide up to $4,000.
Federal Direct Loan - may provide the following amounts
For Undergraduate students:
- $5,500 for dependent first-year students; $9,500 for independent first-year students
- $6,500 for dependent second-year students; $10,500 for independent second-year students
- $7,500 for dependent students finishing the remainder of the program; $12,500 for independent students for the remainder of the program
For students enrolled in preparatory coursework or teacher certification coursework:
- Undergraduate preparatory coursework $2,625 for a dependent student; $8,625 for an independent student
- Graduate preparatory coursework - $5,500 for a dependent student; $12,500 for an independent student
- Teacher certification coursework - $5,500 for a dependent student; $12,500 for an independent student
- For Graduate programs a student may borrow up to $20,500
Grad PLUS - graduate and professional students may be eligible for a loan amount up to the full cost of attendance, minus any financial aid the student is expected to receive.
Parent PLUS - parents of dependent students may be eligible for a loan amount up to the full cost of attendance, minus any financial aid the student is expected to receive.
Explore State Scholarships and Grants for information on financing options that are available in the state of Iowa.