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Financing and Loans

Educational loans, primarily from the federal government, are available as a financing option. These programs provide students and their parents with long-term, low-interest loans. Remember, a loan must be repaid.

Loan information for Federal Direct Student Loans (subsidized, unsubsidized, and PLUS) will be submitted to the National Student Loan Data System (NSLDS) and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system.

How do I apply for a loan? Visit our Loan Application Process page.

Federal Loans

Federal Subsidized Direct/Stafford Student Loan

  • Need-based long-term loan
  • Annual limits of $3,500–$5,500 depending on grade level
  • Origination fee:
    • 1.057% for loans with a first disbursement on or after 10/1/20
  • Fixed interest rate:
    • 3.73% for loans disbursed between 7/1/21 and 6/30/22

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:
    • 1.057% for loans with a first disbursement on or after 10/1/20
  • Fixed interest rate:
    • 3.73% for loans disbursed between 7/1/21 and 6/30/22

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:
    • 4.228% for loans with a first disbursement on or after 10/1/20
  • Fixed interest rate:
    • 6.28% for loans disbursed between 7/1/21 and 6/30/22
  • Interest accrual begins at disbursement

Private Loans

Important Information to Consider

Before borrowing a private loan, we encourage you to review the information under the Maximum Federal and State Aid Table detailing programs for which you may be eligible. We encourage you to contact the Office of Financial Aid regarding additional financing options, if you have not already done so.

  • Terms and conditions of federal loans may be more favorable than those offered by private lenders.
  • Veterans: we encourage you to review veterans benefits for which you may be eligible before considering a private loan.
  • We are not permitted to recommend or endorse any lender. Students looking for assistance in selecting a private lender are provided a list of historical lenders.
  • 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.

Grinnell College Loan

  • Long-term, low-interest institutional loan based on financial need
  • No interest accrual while enrolled at Grinnell College
  • Domestic students must have borrowed the annual maximum in Federal Direct/Stafford Student Loan
  • International students need to obtain a cosigner or request a waiver using the cosigner/waiver form 
  • Repayment begins six months after the student leaves Grinnell College
  • Ranges from $200 to $4,000 per academic year for domestic  and international students
  • No origination fee
  • To request a Grinnell College Loan or for more information, email our office at

Monthly Payment Plan

Grinnell College understands that sometimes you need some help managing your tuition bill. That’s why we offer the Grinnell College tuition payment plan. 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.

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