iHelp Student Loans
iHELP student loans are the easiest and most affordable way to cover your cost of education. iHELP is used for the "gap" between the cost of education and the amount you can borrow under the federal programs. The iHELP program provides deferred private student loans designed to supplement, but not replace scholarships, grants and other federal financial aid including aid currently offered on college campuses.
Please discuss all of your Federal Student Aid options with your counselor or the financial aid office at your college of choice. Then if you still have a college financing gap, the iHELP student loan is a great low interest way to pay for all your remaining college costs.
- You can borrow up to the cost of attendance minus other aid awarded.
- Loan payments are not required while you are attending school and during your 6 month grace period.
- The minimum loan amount is $1,000.
- The maximum loan term is 20 years.
- The aggregate maximum amounts are $100,000 for undergraduate students and $150,000 for graduate students.
- Your minimum monthly payment will be $50. Your payment amount will be calculated on the total amount of your outstanding loan balance at repayment.
- Rates are 90 day LIBOR plus 2.50%, 5.50% or 7.50% depending on credit.
Qualifying for your iHELP loan:
- You must be able to demonstrate income of $18,000 per year for the past two years.
- You must be able to pass a credit review and have no prior student loan defaults.
- If you do not meet the criteria, you are welcome and encouraged to apply with a co-signer who meets the minimums of income and creditworthiness.
- You must also be a U.S. Citizen or have a U.S. Citizen as your co-signer.
- You must be enrolled at an eligible institution* at least half time.
iHELP loans are provided through the Independent Community Banks of America (ICBA) and are originated and serviced by Student Loan Finance Corporation (SLFC).
* See the iHELP website for a list of eligible institutions.
Items Needed for iHelp Application:
- Social Security Number for Borrower & Cosigner
- Cost of College Bill
- Benefits you will receive (grants & other government and unsubsidized loans)
- Driver's License Number for Borrower & Cosigner
- Two references for Borrower and two references for Cosigner
- Employer Name and Phone Number for Borrower & Cosigner
The Bank of Hartington is excited to make this commitment to our customers and our communities! It allows us to meet our customers' educational funding needs locally, which is the strength of community banks like the Bank of Hartington.