Get answers to your most frequent asked questions about applying for student loans.
Where can I get a Free Application for Federal Student Aid (FAFSA®) form to complete?
Free Application for Federal Student Aid (FAFSA®) form on the FAFSA® website to apply for financial aid for college or graduate school. Many states and colleges have a set priority deadline when the student needs to submit the FAFSA® form to be considered for the aid programs they administer. There is also a federal deadline each academic year.
Do I need a cosigner for a private loan?
Private student loans are credit-based, which means through our partnership with Sallie Mae®, they will check the applicant's credit when submitting an application. Applying for a Smart Option Student Loan® with a cosigner may help the chances for approval. A cosigner is someone who shares responsibility with the student for paying back the loan and is often a parent but can be a creditworthy adult who is a U.S. citizen or U.S. permanent resident.
Who makes a good cosigner for a Sallie Mae Smart Option Student Loan?
Very often, a student loan cosigner is a parent, but it doesn't have to be, it can be a relative, guardian or a friend. Only one person can cosign for a private student loan. For instance, if two parents are willing to be cosigners, only one will be allowed to do it. The cosigner is equally responsible for repayment of the full amount of the loan, not just part of it. A cosigner should be someone the student knows and trusts, and who is willing to fill out the application on their own.
Can the money be used for more than just tuition?
Yes, Students with a Sallie Mae Smart Option Student Loan that are attending at least half-time can use their loan funds to pay for all their school-certified expenses like tuition, fees, books, housing, meals, travel, and even a laptop. ¹
Why should I borrow for the entire school year?
Students with a Sallie Mae Smart Option Student Loan can apply just once a year with a single credit check and funds are sent (also known as disbursed) for each term directly to the school. Students can cancel future disbursements as needed with no penalty. No additional interest is charged until money is sent to the school, so the student can relax, knowing the funds are there when they are needed.
Why should I borrow for the entire school year?
Students with a Sallie Mae Smart Option Student Loan can apply just once a year with a single credit check and funds are sent (also known as disbursed) for each term directly to the school. Students can cancel future disbursements as needed with no penalty. No additional interest is charged until money is sent to the school, so the student can relax, knowing the funds are there when they are needed.
What's the difference between a variable interest rate and a fixed interest loan rate?
A student loan with a variable interest rate can rise or fall as the market index changes, so student loan payments may vary over time. A student loan with a fixed interest rate will have predictable monthly payments with a rate that doesn't change over the life of the loan.
Do I need to apply for financial aid each year?
Yes, completing and submitting a Free Application for Federal Student Aid FAFSA®) each year is the single most important thing students can do to get financial aid for college or graduate school, but completing the FAFSA® is not a requirement to get a private student loan.
Do I need to be a full-time student to obtain a student loan from Siouxland Federal Credit Union in partnership with Sallie Mae and are there other eligibility requirements?
Students can borrow to cover the costs at a participating institution, even if they are not a full-or half-time student. The undergraduate and graduate loan's flexibility makes it a good choice for many situations:
- U.S. citizens and U.S. permanent residents
- Students who meet current credit and other eligibility criteria
- Students attending school full-time, half-time or less than half-time or taking prerequisite classes
- Students taking a full class load, just a few classes, enrolled in a winter or summer term, or studying broad
- Students taking eligible online courses
- Students who still need funds after after maximizing grants, scholarships, and federal student loans
- Students seeding professional certification or enrolled in a continuing education program
- Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend a participating school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID to verify their identity; this can include an unexpired foreign passport, an unexpired student visa, an alien registration card, or an employment authorization document
What is the minimum and maximum amount I can borrow with Siouxland Federal Credit Union in partnership with Sallie Mae?
Our loan application are subject to a minimum loan amount of $1,000. The maximum amount depends on the type of student loan requested. For the Smart Option Student Loan and graduate student loans, students can borrow 100% of their school-certified expenses - however, the loan amount cannot exceed the cost of attendance less any financial aid received, as certified by the school.¹ For post-graduate loans, the maximum amounts range from $15,000-$30,000 depending on the type of loan.