If a student is eligible for this institutional loan program it would be reflected on your financial assistance award letter. 

Mabel Sherman Loan:  The interest rate for the Mabel Sherman loan for the 2013-2014 academic year has been set at a fixed 3%.  Each year the rate will be determined based on the usury rate in accordance with the provisions of the Iowa code section 535.2(3)(a), on July 1.  The set interest rate after July 1 will be below the usury rate at that time.  Interest will accrue one (1) year after you leave school or are enrolled less than half time. Repayment shall not exceed 10 years.


McElroy Loan:  The interest rate for the McElroy loan for the 2013-2014 academic year has been set at a fixed 3%.  Each year the rate will be determined based on the usury rate in accordance with the provisions of the Iowa code section 535.2(3)(a), on July 1.  The set interest rate after July 1 will be below the usury rate at that time.  Interest will accrue six (6) months after you leave school or are enrolled less than half time.  Repayment shall not exceed 10 years.

Loan Calculators
Interested in  learning more about how different financial choices can affect your monthly payments and budget?  Use the Loan Repayment Calculator to estimate how much the monthly payments will be when it's time for you to pay back.