Grinnell awards educational loans primarily from the federal loan programs. These programs provide students and their parents with long-term, low-interest loans. Remember, a loan must be repaid.

Federal Loans

The terms and conditions of federal loans may be more favorable than those offered by private lenders. Before borrowing a private loan, we encourage you to review the information under the Maximum Federal & State Aid Table (above) detailing programs for which you may be eligible.

Federal Perkins Loan

  • Long-term loan awarded to students who show exceptional financial need
  • Subject to limited annual funding
  • Awarded by the College
  • Interest rate is 5 percent
  • Loan amounts up to $5,500 per academic year
  • Repayment and interest accrual begin nine months after last half-time enrollment for new borrowers
  • Repayment made to Grinnell College through our servicer University Accounting Services (UAS). Contact the Grinnell College Office of the Cashier if you are ready to begin or are currently in repayment.

Federal Subsidized Direct/Stafford Student Loan

  •  Need-based long-term loan
  • Annual limits of $3,500-$5,500 depending on grade level
  • Origination fee of 1.073% 
  • Loans disbursed between 7/1/15 and 6/30/16 have a fixed interest rate of 4.29% 

Federal Unsubsidized Direct/Stafford Student Loan

  •   Non-need-based long-term loan
  •   Annual limits of $5,500-$7,500 (less any subsidized amounts received for the same period) depending on grade level and dependency status
  •   The borrower is responsible for accrued interest during in-school and deferment periods
  •   Origination fee of 1.073% 
  •   Loans disbursed between 7/1/15 and 6/30/16 have a fixed interest rate of 4.29%

Federal PLUS Loan

  • Non-need-based long-term loan for parent borrowers
  • Must be certified by the school
  • Maximum amount is the cost of education minus other aid
  • Repayment begins 60 days after disbursement with deferment of principal possible
  • Origination fee of 4.292%
  • Loans disbursed between 7/1/15 and 6/30/16 have a fixed interest rate of 6.84%
  • Interest accrual begins at disbursement

Private Loans

Grinnell College Loan

  • Long-term, low-interest institutional loan based on financial need
  • Must have borrowed the annual maximum in Federal Direct/Stafford Student Loan
  • Repayment begins six months after the student leaves Grinnell College
  • Ranges from $200 to $4,000 per academic year

Private Loan

  • Before borrowing private loan funds, we encourage you to contact us regarding additional financing options, if you have not already done so.
  • We are not permitted to recommend or endorse any lender.
  • We are not permitted to select a lender on your behalf.
  • When making your selection, we encourage you to conduct your own search for a lender.
  • You have the right to borrow from any participating lender you choose.
  • Long-term private loan used to replace expected family contribution.
  • Contact the Office of Student Financial Aid for more information.
  • Maximum amount per academic year is cost of attendance minus other aid.

Additional Options for Educational Financing

Grinnell College understands that sometimes you need some help managing your tuition bill. That's why we offer the Grinnell College tuition payment plan administered by Higher One®. Payment plans are convenient, manageable payment solutions that give you the option to pay tuition in interest-free monthly installments, rather than one lump sum. Tuition payment plans offer: 

  • More time to pay. Spread your tuition payments over a period of several months. 
  • Interest savings. Use a payment plan to make monthly payments, interest free. You can also use a plan in conjunction with traditional student loans and financial aid. 
  • Convenience. You can enroll in a plan, manage your account and make payments online, 24 hours a day. 

Plan Terms: Tuition payment plans administered by Higher One offer you the opportunity to pay your tuition, interest free, in up to 12 payments beginning in May, June, or July. Enrollment is allowed until late August. To help you calculate how much to budget using a payment plan, please refer to this school tuition and fee information.

Enrolling in a tuition payment plan is easy. Simply visit https://tuitionpaymentplan.com, click on "Enroll Now," choose the payment plan option that is best for you and follow the easy steps to complete your enrollment. During the process, you will create your user ID and password, which will allow you to log on and manage your account online. Make managing your tuition payments a little easier with a tuition payment plan administered by Higher One. If you have any questions about the plan, call Higher One at (800) 635-0120 and a specialist will be happy to assist you.