Iowa Student Loan provides educational resources, information, and financing options to help students and families plan and pay for college. Iowa Student Loan (ISL) Education Lending aims to help students and families navigate the complex process of paying for college. Find out more about Iowa Student Loan below.
What is Iowa Student Loan ?
Iowa Student Loan is a nonprofit organization that offers educational resources, student loan financing, and college planning tools to help students and families in Iowa pay for higher education. The organization was founded in 1979 and is based in West Des Moines, Iowa, United States.
Some of the services offered by Iowa Student Loan include private student loans, student loan refinancing, scholarships and grants, and free college planning tools and resources. They also offer financial literacy resources to help students and families make informed decisions about managing their student loans.
How the Iowa Student Loan Works ?
Iowa Student Loan works to help students and families in Iowa pay for college by offering a range of services and programs designed to meet their unique needs and circumstances. Here's how some of these programs work:
1) Private Student Loans:
Iowa Student Loan offers private student loans to help students pay for college when other forms of financial aid, such as scholarships, grants, and federal loans, aren't enough. These loans come with competitive interest rates and flexible repayment options, and they can be used to pay for a variety of college-related expenses, including tuition, fees, room and board, and textbooks.
2) Student Loan Refinancing:
Iowa Student Loan also offers student loan refinancing, which allows borrowers to consolidate their existing federal and private student loans into a single loan with a lower interest rate and more favorable repayment terms. This can help borrowers save money on interest over the life of their loan and simplify their monthly payments.
3) College Planning Tools:
Iowa Student Loan provides free college planning tools and resources to help students and families plan and prepare for college. These resources include college cost calculators, scholarship search tools, and a variety of other online resources designed to help students make informed decisions about their college financing options.
4) Scholarships and Grants:
Iowa Student Loan offers a number of scholarships and grants to help Iowa students pay for college. These awards are available to students who meet certain eligibility criteria, such as academic achievement, financial need, and community involvement.
If you're a student or parent in Iowa who needs help financing your education, Iowa Student Loan may be able to provide you with the resources and information you need to make informed decisions about your college financing options. You can visit their website at iowastudentloan.org to learn more about their services and programs.
What Types of Student Loans does Iowa Student Loan Offer ?
Iowa Student Loan offers a variety of student loan options to help students and their families finance their education. Here are the loan programs offered by Iowa Student Loan:
1) Partnership Advance Education Loan:
This loan is designed to help undergraduate and graduate students finance their education. It offers competitive fixed interest rates and flexible repayment options, including deferred, interest-only, and immediate repayment.
2) Reset Refinance Loan:
This loan is designed to help borrowers refinance their existing student loans, including federal and private loans. It offers competitive fixed and variable interest rates and flexible repayment options, including deferred, interest-only, and immediate repayment.
3) Parent Loan:
This loan is designed to help parents or other creditworthy individuals finance the education expenses of a student. It offers competitive fixed interest rates and flexible repayment options, including deferred, interest-only, and immediate repayment.
4) Medical Residency and Relocation Loan:
This loan is designed to help medical residents and fellows cover their expenses during residency or relocation. It offers a fixed interest rate and flexible repayment options, including deferred, interest-only, and immediate repayment.
Who is Eligible for Iowa Student Loan ?
The eligibility requirements for Iowa Student Loan can vary depending on the specific service or program you're interested in. Here are some general eligibility requirements for the different services offered by Iowa Student Loan:
1) Private Student Loans:
- You must be enrolled in an eligible college or university.
- You must be a U.S. citizen or permanent resident.
- You must meet credit and income requirements. You may need a cosigner if you don't meet the credit requirements on your own.
2) Student Loan Refinancing:
- You must have an existing federal or private student loan.
- You must be a U.S. citizen or permanent resident.
- You must meet credit and income requirements.
3) Scholarships and Grants:
- Eligibility requirements vary depending on the specific scholarship or grant, but generally involve meeting certain academic, financial, or community service criteria.
- Scholarships and grants are typically awarded to Iowa residents attending college in Iowa.
4) College Planning Tools:
- College planning tools and resources are available to all Iowa students and families, regardless of income or other eligibility criteria.
It's important to note that these eligibility requirements are general and may vary depending on the specific service or program you're interested in. For more detailed information on eligibility requirements, it's best to visit the Iowa Student Loan website or contact their customer service team directly.
Iowa Student Loan Fees
Iowa Student Loan does not charge any fees for their student loans. So you don’t have to worry about application, origination, prepayment or late fees.
Iowa Student Loan Repayment Options
Iowa Student Loan offers several repayment options to help borrowers manage their student loan debt. Here are some of the repayment options available:
1) Standard Repayment Plan:
This is the default repayment plan for Iowa Student Loan borrowers. It's a 10-year plan with fixed monthly payments.
2) Graduated Repayment Plan:
This plan starts with lower monthly payments that increase over time. This is a good option for borrowers who expect their income to increase over the years.
3) Extended Repayment Plan:
This plan allows borrowers to stretch out their repayment period up to 25 years. Monthly payments are lower than the standard plan, but total interest paid over the life of the loan may be higher.
4) Income-Driven Repayment Plans:
Iowa Student Loan offers several income-driven repayment plans that base monthly payments on the borrower's income and family size. These plans include Income-Based Repayment (IBR), Pay As You Earn (PAYE), and Revised Pay As You Earn (REPAYE).
5) Refinancing:
Iowa Student Loan also offers student loan refinancing, which allows borrowers to combine multiple federal and private student loans into one loan with a new interest rate and repayment term. Refinancing can help lower monthly payments and save money on interest over the life of the loan.
It's important to note that not all repayment options may be available for all borrowers, and eligibility may depend on the specific loan program and borrower's circumstances. It's best to contact Iowa Student Loan directly to discuss the repayment options available for your specific situation.
Iowa Student Loan Interest Rate
The interest rates for Iowa Student Loan can vary depending on the specific loan program and borrower's creditworthiness. Here are the current interest rates for some of the loan programs offered by Iowa Student Loan:
1) Partnership Advance Education Loan (Private Student Loans):
- Fixed interest rates: range from 3.85% APR to 7.91% APR.
- Variable interest rates: range from 5.59% APR to 10.13% APR.
2) College Family Loan (Private Student Loans):
- Fixed interest rates: range from 3.85% APR to 7.91% APR.
- Variable interest rates: range from 2.62% APR to 5.43% APR.
3) Reset Refinance Loan (Student Loan Refinancing):
- Fixed interest rates: range from 2.79% APR to 4.29% APR.
- Variable interest rates: range from 1.97% APR to 3.47% APR.
It's important to note that interest rates can change over time. It's best to contact Iowa Student Loan directly to get a personalized rate quote based on your specific situation.
How Much is Iowa Student Loan ?
Iowa Student Loan is not a specific loan amount. The cost of an Iowa Student Loan can vary depending on several factors such as the type of loan, the interest rate, the loan term, creditworthiness, and the borrower's financial situation.
Iowa Student Loan Rewards
Scholarships of up to $1,000 are provided by ISL Education Lending to students in Iowa and the surrounding states. Additionally, it provides $250 to $1,000 in financial awards for parents of students in Iowa. On the ISL website, you can check the regulations and apply.
Additionally, Iowa Student Loan offers a reward program called "College Funding Forecaster Giveaway" which is designed to help families plan for college expenses. By using Iowa Student Loan's College Funding Forecaster tool, families can estimate the future cost of college and the amount of money they will need to save.
Once you have used the tool, you will be automatically entered into a monthly drawing for a $1,000 contribution to a College Savings Iowa account. The College Savings Iowa account is a tax-advantaged savings plan designed to help families save for future education expenses.
To be eligible for the College Funding Forecaster Giveaway, you must be a legal resident of the United States and at least 18 years old. Additionally, you must have a valid email address and be the parent, legal guardian, or grandparent of a student who is in kindergarten through 12th grade.
Iowa Student Loan Discounts
Iowa Student Loan offers several types of discounts for borrowers who meet certain criteria:
1) Automatic Payment Discount:
Borrowers who enroll in automatic payments can receive a 0.25% interest rate reduction.
2) Co-signer Release Discount:
If the borrower's co-signer is released from their obligation to repay the loan, the borrower can receive a 0.25% interest rate reduction.
3) Graduated Repayment Discount:
Borrowers who choose a graduated repayment plan can receive a 0.25% interest rate reduction.
4) Immediate Repayment Discount:
Borrowers who choose an immediate repayment plan can receive a 0.25% interest rate reduction.
5) Military Service Discount:
Borrowers who are members of the U.S. Armed Forces or National Guard can receive a 0.25% interest rate reduction.
Iowa student Loan Payment
Iowa Student Loan offers several payment methods to make it easy for borrowers to make their student loan payments. Here are the payment methods available:
1) Automatic payments:
Borrowers can enroll in automatic payments to have their monthly payments automatically deducted from their bank account on the due date.
2) Online payments:
Borrowers can make payments online through the Iowa Student Loan website. Payments can be made using a checking or savings account or a debit card.
3) Mail:
Borrowers can mail a check or money order to Iowa Student Loan. The address for payments is provided on the monthly billing statement.
4) Phone:
Borrowers can make payments by phone using a checking or savings account or a debit card.
How to Apply for Iowa Student Loan ?
If you're interested in applying for a student loan or other services offered by Iowa Student Loan, here's what you need to know:
1) Visit the Iowa Student Loan website:
The first step is to visit the Iowa Student Loan website at iowastudentloan.org. Here, you can learn more about the different types of loans and services they offer.
2) Determine your eligibility:
Before applying for a loan or other service, you'll need to determine your eligibility. Eligibility requirements vary depending on the specific service you're interested in. For example, to be eligible for a private student loan, you'll need to be enrolled in an eligible college or university and meet other credit and income requirements.
3) Submit an application:
Once you've determined your eligibility, you can submit an application for the loan or service you're interested in. Iowa Student Loan offers a variety of application methods, including online, by mail, and by phone.
4) Provide necessary documentation:
Depending on the service you're applying for, you may need to provide additional documentation, such as proof of enrollment, income verification, or a credit check.
5) Wait for approval:
After you submit your application and all necessary documentation, you'll need to wait for approval. Iowa Student Loan typically processes applications within a few business days and will notify you of your approval status.
Iowa student Loan Login
To log in to your Iowa Student Loan account, please follow these steps:
- Go to the Iowa Student Loan website at https://www.iowastudentloan.org/.
- Click on "Borrowers" in the top menu bar.
- Select "Log In" from the drop-down menu.
- Enter your username and password in the fields provided.
- Click on the "Log In" button.
If you have not yet created an account, you will need to click on the "Sign Up" button to register for an account. You will need to provide your personal information and create a username and password. If you have forgotten your username or password, you can use the "Forgot Username" or "Forgot Password" links on the login page to reset your credentials.
Contact Iowa Student Loan Education Lending
If you have any questions or need additional assistance, you can contact Iowa Student Loan's customer service team for help. You can reach them through the following channels :
1) Phone:
For general inquiries or assistance with a loan application, you can call Iowa Student Loan's customer service at (800) 542-6005. If you are experiencing difficulty making payments, contact Aspire Servicing Center.
2) Fax:
(515) 471-3996
3) Email:
You can send an email to Iowa Student Loan's customer service team using the email address service@studentloan.org.
4) Mail:
You can send mail to Iowa Student Loan at the following address:
ISL Education Lending
P.O. Box 659703
West Des Moines, IA 50265-0970
5) Online:
You can also contact Iowa Student Loan through their website's online contact form. Simply navigate to the "Contact Us" page on the Iowa Student Loan website and fill out the form with your inquiry.
Pros of Iowa Student Loan
1) Competitive interest rates:
Iowa Student Loan offers competitive interest rates on its loan programs, which may be lower than rates offered by other lenders.
2) Flexible repayment options:
Iowa Student Loan offers a range of flexible repayment options, including deferred, interest-only, and immediate repayment, which can help borrowers tailor their loan repayment to their unique financial situation.
3) Additional resources:
Iowa Student Loan offers a variety of resources and tools to help students and families plan for college expenses, including a college cost calculator, scholarship search tool, and financial literacy resources.
4) Loan forgiveness options:
Iowa Student Loan offers loan forgiveness programs for borrowers who work in certain fields, such as education and healthcare, which may help eligible borrowers reduce or eliminate their loan balance.
Cons of Iowa Student Loan
1) Limited availability:
Iowa Student Loan only offers its loan programs to residents of certain states, which may limit the availability of its loan programs to some borrowers.
2) No federal loan options:
Iowa Student Loan does not offer federal student loan options, which may be more flexible in terms of repayment options and offer certain borrower protections.
3) Potential fees:
Some Iowa Student Loan programs may include fees, such as origination fees, which may increase the total cost of borrowing.
4) Credit requirements:
Some Iowa Student Loan programs may require borrowers to have good credit or a co-signer in order to qualify, which may limit the availability of these programs to some borrowers.
Frequently Asked Questions
Does Iowa Student Loan offer student loan refinancing?
Yes, Iowa Student Loan offers student loan refinancing, which allows borrowers to consolidate their existing federal and private student loans into a single loan with a lower interest rate and more favorable repayment terms.
What types of scholarships and grants does Iowa Student Loan offer?
Iowa Student Loan offers a number of scholarships and grants to help Iowa students pay for college. These awards are available to students who meet certain eligibility criteria, such as academic achievement, financial need, and community involvement.
How does Iowa Student Loan help students plan for college?
Iowa Student Loan provides free college planning tools and resources to help students and families plan and prepare for college. These resources include college cost calculators, scholarship search tools, and a variety of other online resources designed to help students make informed decisions about their college financing options.
Can I defer my Iowa Student Loan payments?
Yes, you may be able to defer your Iowa Student Loan payments if you meet certain eligibility criteria.
Can I refinance my Iowa Student Loan?
Yes, Iowa Student Loan offers refinancing options for borrowers who want to consolidate their loans or obtain a lower interest rate.
Does Iowa Student Loan offer any loan forgiveness programs?
No, Iowa Student Loan does not currently offer any loan forgiveness programs.
Does Iowa Student Loan offer financial literacy resources?
Yes, Iowa Student Loan offers financial literacy resources to help students and families make informed decisions about managing their student loans. These resources cover a variety of topics, such as budgeting, credit management, and loan repayment.