Direct Loan Process
ALL students wishing to borrow must complete the following steps:
1. Loan Authorization Form
3. Exit Counseling for students graduating or withdrawing
Sign in using your Federal PIN number. Complete the Entrance Counseling for undergraduate students and then go back and complete the Master Promissory Note.
Our office will correspond with you via email regarding the completion of the listed steps.
Iowa Lakes Community College Federal Direct Student Loans
Iowa lakes Community College administers three Federal Direct Student Loans. Students must first complete their Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov and have received notification from Iowa Lakes that a student loan(s) has been awarded and offered. The three types of loans include:
- Federal Direct Subsidized Loan Low interest educational loan offered by the federal government and awarded on the basis of need. The federal government pays the interest while the student is enrolled at least half-time. Repayment begins six months after graduation or when the student drops below half time enrollment.
- Federal Direct Unsubsidized Loan Low interest educational loan offered by the federal government and not awarded on the basis of need. The borrower is responsible for all interest, which occurs during any enrollment, grace, deferment, or forbearance period. You can choose to pay the interest or allow it to accumulate. If you allow it to accumulate, it will be capitalized meaning it will be added to the principal amount of your loan and will increase the amount you have to repay. Repayment begins six months after graduation or when the student drops below half time enrollment.
- Federal Direct PLUS (Parent) Loan (For parents of dependent students) Please contact the Financial Aid Office for more information or go to: Direct Loan MPN and request a Plus loan application and complete MPN for Parent Plus.