Advertiser Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.

Iowa Student Loans

Andrew Omalley Andrew Omalley Last update:
Fixed APR
4.60%-7.40%%
Variable APR
3.51%-6.14%%
Min Credit Score
670

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
Get my rate

ISL’s Pros

  • Low-cost loans
  • Ability to have up to two co-signers
  • Good range of loan options
  • Competitive rates

ISL’s Cons

  • Not the largest range of repayment terms
  • Relatively high minimum credit score

Application Process

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:

Loan Requirements

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%.

Loan Terms

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.

Repayment Terms

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.

Customer Support

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.

Final Thoughts

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.

Address

6805 Vista Dr, West Des Moines, IA 50266, United States

Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
Andrew Omalley Andrew Omalley
Andrew is a freelance writer who has been crafting valuable pieces of content relating to personal finance for more than five years. Previously, he studied Economics & Finance at university and he has professional qualifications relating to financial advice.
This review is based on the writer's personal opinion.