Iowa Student Loan (ISL) Education Lending Student Loans Review

Terms for Partnership Advance Education Loan for College Family Loan
Variable APR Not available
Fixed APR  3.95%–8.01% 
Loan Amounts  As much as cost of attendance 
Loan Terms  10 or 15 years 


Loan Eligibility and Approval

Loan eligibility requirements may vary by loan type, but most share similar criteria. You need to: 

  • Be the age of majority in your state (or apply with a co-signer who’s) 
  • Not have a history of student loan default or an lively bankruptcy case 
  • Attend a nonprofit, Title IV, degree-granting college or university (some nonprofit schools of nursing in Iowa may qualify) 
  • Attend school a minimum of half-time and make satisfactory academic progress 
  • Be a U.S. citizen or everlasting resident 
  • Have a minimum FICO rating of 660 and a debt-to-income ratio lower than 40% (or apply with a co-signer who does) 
  • Have two years of continuous employment 

As mentioned, ISL’s non-co-signer loans require that students attend an eligible school in Iowa and/or Illinois and, in some cases, maintain a minimum 2.75 GPA. Its other loan types can be found in 48 states and Washington, D.C.—only residents of Maine and Oregon usually are not eligible to borrow. 

Are Co-Signers Required?

Co-signers usually are not required on ISL Education Lending student loans or refinance loans, but chances are you’ll have to apply with a number of co-signers in the event you can’t meet the lender’s underwriting requirements on your personal. 

Is Loan Pre-Qualification Available?

ISL Education Lending means that you can pre-qualify for a student loan or refinance loan on its website. You possibly can get pre-qualified in under a minute by entering some basic personal details, including your name, school, and loan amount. ISL Education Lending will run a soft credit check, which won’t impact your credit rating, before showing you potential loan offers. 


Loan Fees and Repayment Options

Loan Fees

ISL Education Lending doesn’t charge any fees on its student loans, so that you don’t should worry about origination, application, prepayment, or late fees. 

Loan Discounts

You possibly can qualify for a 0.25% rate of interest discount in the event you arrange automatic payments in your loan.

Repayment Options

ISL Education Lending offers repayment terms of 10 or 15 years on undergraduate, graduate, and family loans. After borrowing, you will have three options for repayment: 

  • Immediate repayment: Start making full payments on interest and your principal balance straight away. 
  • Interest-only payments: Repay the interest that accrues every month when you’re at school and make full payments after you graduate. 
  • Deferred repayment: Postpone payments until you graduate or drop below half-time enrollment. 

Rewards

ISL Education Lending funds scholarships as much as $1,000 for college students in Iowa and surrounding states. It also funds money awards for folks of Iowa students between $250 and $1,000. You possibly can review the principles and apply on ISL’s website. 

Loan Forbearance and Discharge Options

If you happen to run into financial hardship, ISL Education Lending encourages you to call your loan servicer to debate assistance options and avoid delinquency. While the lender doesn’t disclose specific details of forbearance or deferment programs, it does state that your loan can be forgiven within the event of death or everlasting disability. In these circumstances, the Iowa Student Loan Liquidity Corporation is not going to demand repayment out of your co-signer or estate. 


Is Student Loan Refinancing Available?

ISL Education Lending provides student loan refinancing options for borrowers with existing student loan debt who wish to lower their rate and restructure their loan terms. Together with a general Reset Refinance Loan, ISL offers specific refinance products, including, 

  • Parent loan refinance 
  • Medical loan refinance 
  • Medical resident refinance 
  • In-school refinance 

Refinancing rates are fixed and range from 6.93% to 11.58%. You possibly can select repayment terms of seven, 10, 15, or 20 years. The minimum amount you possibly can refinance is $5,000 (or $10,000 in California), and the utmost amount is $300,000.

While some lenders require you to graduate along with your degree before allowing you to refinance, ISL Education Lending will work with students who’re still at school. If you happen to’re a medical resident, moreover, you possibly can go for monthly payments of $75 until you finish your residency. 

As with its in-school student loans, ISL Education Lending requires a minimum FICO rating of 660 to qualify for refinancing. It allows co-signers and offers co-signer release after 24 months of on-time payments, so long as the first borrower meets certain financial criteria. 

If you happen to refinance federal student loans with a non-public lender, you lose eligibility for federal repayment plans and forgiveness programs. If you happen to need any federal protections, it wouldn’t make sense to refinance your federal student loans. 


Customer Service

ISL Education Lending has two phone numbers you possibly can contact for assistance:

  • Loan questions: Call (844) 268-2203 Monday to Thursday, 8 a.m. to six p.m. Central Time, Friday 8 a.m. to 4:30 p.m. CT
  • Loan application assistance: Call (800) 542-6005 Monday to Friday, 8 a.m.–4:30 p.m. CT

Alternatively, you possibly can send a secure message on ISL Education Lending’s website. 


Applying for an Iowa Student Loan (ISL) Education Lending Student Loan 

Whether you’re an undergraduate or graduate student, it’s at all times idea to pursue federal financial aid before borrowing a non-public student loan. By submitting the Free Application for Federal Student Aid (FAFSA), you possibly can access federal grants, student loans, and other assistance. 

If you happen to’ve maxed out your eligibility for federal aid and still have a niche in funding, it might make sense to borrow from a non-public lender. To start with ISL Education Lending, you possibly can first pre-qualify for a loan on its website. Pre-qualifying enables you to view potential loan offers without impacting your credit. 

If you happen to resolve to maneuver forward with a loan, you’ll submit a full application, which is able to require verifying documentation and a tough credit inquiry. Here’s a number of the information you’ll have to have available if you apply: 

  • Name 
  • Address
  • School 
  • Loan amount 
  • Proof of income 
  • Employment history 
  • Co-signer information, if applicable 

To avoid delays, be sure to upload all of the required documents and review your application for accuracy before you hit submit. 


Alternative Selections

  ISL Education Lending PNC  MEFA 
Loan Types Offered Undergraduate; graduate; parent Undergraduate; graduate; skilled  Undergraduate; graduate
Undergraduate Fixed APR  3.95%–8.01%  4.59%–13.89%  5.35%–7.95% 
Undergraduate Variable APR  5.59%–10.13%  4.94%–14.24%  N/A 
Origination/Administrative Fee  None  None  None 
Repayment Options  Full payment; interest-only repayment; deferred payment Deferment; interest-only; full payment  Deferment; interest-only; immediate; full payment 
Refinancing Available  Yes  Yes  Yes 


Final Verdict

With competitive rates and no fees, ISL Education Lending is value exploring in the event you’re out there for a student loan or student loan refinance. You possibly can easily check your rates online via pre-qualification with no obligation or impact in your credit rating. Borrowers may especially appreciate the choice of deferred repayment while they get on their feet after graduation. 

At the identical time, ISL Education Lending has a reasonably hefty credit rating requirement of 660, so it won’t be a top alternative for borrowers who don’t have strong credit or lack a co-signer. If you happen to can meet ISL’s underwriting requirements for credit and debt-to-income ratio, though, you may qualify for an in-school or refinance loan with relatively low costs of borrowing.


Having trouble qualifying for student loans? Cut to the chase and find the proper lender with our picks for the very best student loans.


Methodology

Investopedia is devoted to providing consumers with unbiased, comprehensive reviews of student loan lenders. We collected hundreds of information points across 30 lenders—including loan types, rates of interest, fees, loan amounts, and repayment terms—to be certain that we help readers make the proper borrowing decision for his or her education needs.


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