Iowa Student Loans
Iowa Student Loan (ISL) Education Lending is a direct lender that acts as a non-profit organization and offers student loans and refinancing options to students across the country.
It has been around since 1979 and it does not charge any application fees, late fees, or origination fees. It also allows you to apply for loans with as many as two co-signers. This review will look at all aspects of the ISL student loan offering.
Iowa Student Loan Overview
|APR (fixed interest rate)||4.60%-7.40%|
|APR (variable interest rate)||3.51%-6.14%|
|Eligible loan types||Student Private Loans and Refinancing|
|Refinance amount||Private Loans: $1,000-Full Cost of Attendance
Refinance: $5,000-$300,000 (Max $200,000 if still in school)
|Repayment terms||5 years-20 years|
|Minimum credit score||670|
|Lender type||Direct lender|
|Good for:||Low costs, good range of options, up to two co-signers|
- Low-cost loans
- Ability to have up to two co-signers
- Good range of loan options
- Competitive rates
- Not the largest range of repayment terms
- Relatively high minimum credit score
With most of the ISL loan options, you will be able to pre-qualify in order to see what sort of rates you can get and repayment terms. This can be done completely online through the ISL website. Pre-qualification means that you will not have to submit to a hard credit check.
If you like what ISL has to offer following pre-qualification, you can then submit an official application for the relevant loan type. This will lead to ISL conducting a hard credit pull, which will cause a minor dip in your credit score.
As part of this application process, you will need to provide all relevant information, including personal details, contact info, and employment history. ISL does not charge any application fees and it allows you to apply for a loan with as many as two co-signers. This will boost your chances of getting more favorable rates. There is also the chance to secure co-signer release after only two years of making payments.
When you submit your application and it gets approved, it will on average take about seven days for you to receive the funds.
Terms & Requirements
ISL offers a range of different options when it comes to getting a student loan or refinancing student loans. These loan options are offered directly to the students and families, with co-signers always being an option. Here is a look at some of the general requirements that need to be met in order to get a loan with ISL:
You will need to have a FICO score that is at least 670 in order to get a loan with ISL. You do have the option to get as many as two co-signers on board. You need to have been in continuous employment for at least two years and have no previous history with loan defaults and the likes. The max debt-to-income (DTI) ratio that you can have is 25%.
The APRs that you can expect for a fixed-rate loan will naturally vary depending on your specific application. Generally, you will get an APR of between 4.60%-7.40% for an ISL fixed-rate loan and 3.51%-6.14% for variable rate loans. ISL does not charge any origination fee when you get a loan.
The loan term lengths available with ISL will be 5, 7, 10, 12, 15, and 20 years. If you set up autopay, this means that you will get a 0.25% discount. There is generally a good range of loan term lengths at ISL when compared to similar offerings from competitors for shorter-term lengths, but they are a bit limited when it comes to longer-term horizons. There is the ability to defer your payments until after you have graduated.
You will not find any mention of forbearance on the ISL website, but you can get in touch with the support team if you have an issue with your employment that might have a knock-on effect on your loan repayments.Get my rate
Privacy and Security
ISL has been in operation as a non-profit since 1979 and it has built up a strong reputation over the years for being a reputable lender. There should be no concerns about the trustworthiness of this lender.
In terms of privacy and security, ISL makes sure to protect your sensitive data at all points in time, whether you are looking for pre-qualification, submitting an application, or repaying a loan. The best encryption technology is used to protect all sensitive data.
Aspire Serving Center is the body that services ISL’s loans and it has an A+ rating with the Better Business Bureau. This customer service team is always based out of Iowa and has the option for you to contact them via email or by phone. These customer support lines will be open Monday to Friday.
There is a process in place if you need to escalate an issue up the chain. However, you will not get a dedicated representative for your account. Finally, there are plenty of useful resources and information available on the ISL website that can guide you through any issues or questions that you might have.
ISL is a safe and secure lender that deals with a nationwide customer base. It offers a low-cost range of loans to students, whether they want to take out a loan or refinance existing student loans.
There is the option to get as many as two co-signers, with co-signer release being possible after two years. The minimum credit score is a bit high, but the rates are favorable. Therefore, ISL could be an ideal fit for a lot of people.
6805 Vista Dr, West Des Moines, IA 50266, United States