Short-Term Student Loans

The University of Iowa has a limited amount of money available for self-service short-term loans to students, administered through the Office of Student Financial Aid.  These loans provide up to $500 and will be applied to your UBill balance.  Students who need more than $500 can apply for the Short-Term Loan detailed below instead.

The main differences between the two programs are these:  The maximum amount available through the above self-service short-term loan is $500. They are interest-free if paid back on time and the repayment date will vary depending on when you request the loan.  Under the short-term loan program for international students below, the maximum amount may be higher than the self-service loan.  The interest rate is 0% and payment will be due within 90 days. Please note that missing a payment on either loan will result in the 0% interest rate increasing to 10%.

Short-Term Loan Program for International Students

  • Loan requests must be justified on the basis of an educational or educationally-related expense or living expense.
  • Short-term loans are not available if you are not enrolled for the current semester.
  • Payment will be due in 90 days.
  • Missing a payment will result in the interest rate increasing to 10%.
  • Students will receive a billing statement in the mail from the University's loan service provider Heartland ECSI when the loan payment is due.

Eligibility Criteria

  • Students must be registered for the current semester.
  • Only students in F-1 or J-1 student status who are participating in degree programs will be considered by ISSS for the loans.  Non-degree students, J-1 scholars, J-2 and F-2 dependents, and students in other immigration categories are not eligible.
  • Students are eligible for only one short-term loan each semester.
  • Students new to the UI are not eligible for loans during their first year, unless they hold a UI graduate assistantship or scholarship from some other agency.
  • Late registrants are not eligible for loans to cover the first 1/3 of tuition.
  • Students must show evidence of ability to repay the loan by the specified due date.
  • Students reapplying for a short-term loan must have fully repaid any previous loans.

Procedure

To apply for the short-term loan, please complete the e-form located in Other Services in iHawk. After completion of the form you will receive emails that will guide you through the process. You will receive documentation to review and complete through DocuSign.

Consequences of Failure To Repay by Due Date

  • Annual interest of 10% will be charged, as outlined in the promissory note signed when accepting the loan. 
  • Your loan may be reported to credit bureaus and impact your credit rating.
  • Registration is restricted until all indebtedness is paid.
  • The ability to use your University ID cards to charge will be restricted until all indebtedness is paid.