About lender
ISL Education Lending, formerly known as Iowa Student Loan, is a leading provider of student loans and refinancing solutions across 48 states and Washington, D.C. Offering competitive rates and flexible terms, ISL student loans cater to the diverse needs of borrowers seeking financial assistance for their postsecondary education. One notable feature of ISL student loans is the option for co-signer release, providing borrowers with the opportunity to take full responsibility for their loan once they meet certain criteria. This flexibility appeals to undergraduate students and their families who are looking to manage college costs effectively. With ISL Education Lending, borrowers can access loan options tailored to their needs and enjoy the benefits of lower interest rates and various repayment plans. Whether seeking assistance with existing student loans or exploring options for financing higher education, ISL Education Lending serves as a reliable partner in helping students achieve their academic goals.
Features
- Student Loans and Student Loan Refinancing. ISL Education Lending offers student financial aid solutions through both private student loans and refinancing options. These loans provide assistance to qualifying students and their family members in managing college costs effectively.
- Availability Across Multiple States. While some ISL loans are accessible in every state except Maine and Oregon, others are specifically tailored for students attending colleges in Iowa or Illinois. This wide coverage ensures that students from various regions can benefit from ISL's financial aid offerings.
- No Co-Signer Requirement. One standout feature of ISL Education Lending is its policy of not requiring co-signers for certain loan products. This provides eligible borrowers with greater accessibility to financial assistance without the need for a co-signer's involvement.
- Flexible Co-Signer Options. Borrowers have the flexibility to apply with multiple co-signers if necessary. Additionally, they can request co-signer release after 24 months of consistent, on-time repayment. This feature empowers borrowers to take full responsibility for their loans over time.
Pros and cons
Pros
Cons
Reliability
Subject to credit approval, loans are made by Iowa Student Loan Liquidity Corporation or Bank of Lake Mills. Bank of Lake Mills is Member FDIC. This partnership with reputable financial institutions provides borrowers with the assurance that their loans are backed by credible organizations. Additionally, the involvement of FDIC member institutions further enhances the reliability of ISL Education Lending, as it ensures that borrowers' deposits are protected up to the maximum allowable limit by law. Overall, the affiliation with established credit providers and adherence to regulatory standards contribute to the reliability of ISL Education Lending as a trusted source of student financial aid.
How to apply for an ISL Education Lending loan
-
Visit the Website. Go to the ISL Education Lending website by entering the URL in your web browser.
-
Click "Apply Now". Once on the website, locate the "Apply Now" button or link, typically found on the homepage or in the navigation menu.
-
Choose Loan Option and Click "Apply Now". Select the type of loan option that best suits your needs, such as private student loan or refinancing, and then click on the "Apply Now" button associated with that option.
-
Enter Your Email Address. Provide your email address when prompted. This step is necessary for creating an account or logging into an existing one.
-
Click "Continue". After entering your email address, click the "Continue" button to proceed with the application process.
-
Fill Out the Application. Complete the application form with accurate and up-to-date information. You may need to provide personal details, financial information, and other relevant documentation as required.
-
Submit. Once you have filled out all the required fields and reviewed the information for accuracy, submit your application. You may be prompted to review and agree to the terms and conditions before finalizing the submission.
Conditions
- Loan Amounts. ISL Education Lending offers loans with amounts that can cover up to the cost of attendance for the borrower's educational program. Also, for No-Co-Signer Partnership Loan for Undergraduates, amounts go up to $17,500.
- Loan Terms. Borrowers have the flexibility to choose from loan terms of either 10 or 15 years, depending on their individual preferences and financial circumstances. This allows borrowers to select a repayment schedule that aligns with their ability to manage monthly payments and meet their long-term financial goals.
- Interest Rate. Interest rates on ISL Education Lending loans may be either fixed or variable, depending on the specific loan type chosen by the borrower. Fixed rates provide stability and predictability, with consistent monthly payments throughout the life of the loan. Variable rates, on the other hand, may fluctuate over time based on market conditions, potentially offering lower initial rates but with the risk of increasing over the repayment term.
Requirements
- Age Requirement. Be the age of majority in your state or apply with a co-signer who meets the age requirement. This ensures that borrowers are legally able to enter into a loan agreement.
- Financial History. Not have a history of student loan default or an active bankruptcy case. This demonstrates financial responsibility and stability to the lender.
- School Eligibility. Attend a nonprofit, Title IV, degree-granting college or university. Some nonprofit schools of nursing in Iowa may also qualify. This requirement ensures that borrowers are pursuing higher education at accredited institutions.
- Enrollment Status. Attend school at least half-time and make satisfactory academic progress. This ensures that borrowers are actively pursuing their education and meeting academic requirements.
- Citizenship or Residency. Be a U.S. citizen or permanent resident. This requirement verifies the borrower's legal status and eligibility to receive federal financial aid.
- Credit Score and Debt-to-Income Ratio. Have a minimum FICO score of 660 and a debt-to-income ratio lower than 40%, or apply with a co-signer who meets these criteria. This demonstrates the borrower's creditworthiness and ability to manage debt responsibly.
- Employment History. Have two years of continuous employment. This requirement helps assess the borrower's stability and ability to repay the loan.
Ways to receive the money
Typically, the borrowed amount from ISL Education Lending is disbursed directly to the school you are applying to. This is a common practice for student loans, as it ensures that the funds are used for educational expenses such as tuition, fees, and other school-related costs. Once the loan has been approved and all necessary paperwork has been completed, ISL Education Lending will coordinate with the school's financial aid office to send the funds directly to the institution on your behalf.
Products
- Student Loans. ISL Education Lending provides various student loan options to help cover the costs of higher education. These loans may include both federal student aid and private loan options, offering borrowers flexibility in financing their education.
- Refinance Loans. ISL Education Lending offers refinancing options for borrowers looking to consolidate existing student loans or lower their interest rates. Refinancing can help borrowers simplify their repayment process and potentially save money over the life of their loans.
- Scholarships. In addition to loans, ISL Education Lending may also offer scholarship opportunities to eligible students. These scholarships can provide financial assistance that does not need to be repaid, helping to reduce the overall cost of education for students and their families.
Other Student Loans
Reasons you may be denied an ISL Education Lending loan
- Insufficient Gross Monthly Income. Your gross monthly income may not meet the minimum requirements set by ISL Education Lending, making you ineligible for the loan.
- High Debt-to-Income Ratio. If your monthly debt payments, including the proposed monthly payment for the loan, exceed a certain percentage of your gross monthly income, your application may be denied.
- Poor Credit History. A history of late payments, defaults, or collection accounts on your credit report may indicate to ISL Education Lending that you are a high-risk borrower, resulting in a denial of your loan application.
- Tax Liens or Bankruptcy. If you have outstanding tax liens or are currently in bankruptcy proceedings, ISL Education Lending may view you as financially unstable and deny your loan application.
- Cosigner Unavailability or Credit Issues. If you apply for a loan with a cosigner and they are unavailable or have credit issues themselves, it may negatively impact your application and result in a denial.
How to repay an ISL Education Lending loan
-
Immediate Repayment. You can choose to start making full payments on both the interest and principal balance of your loan right away. This option allows you to minimize the overall cost of the loan by reducing the amount of interest that accrues over time.
-
Interest-Only Payments. Another option is to pay off the interest that accrues each month while you're still in school, and then make full payments on both the interest and principal balance after you graduate. This can help you manage your financial obligations while you're still studying, and then transition to full repayment once you enter the workforce.
-
Deferred Repayment. If you prefer, you can postpone making payments on your loan until after you graduate or drop below half-time enrollment. This option allows you to focus on your studies without worrying about immediate loan payments, but keep in mind that interest will continue to accrue during this time, potentially increasing the total cost of your loan.
Student Loans like ISL Education Lending
LendKey
Utilizing cloud technology, LendKey connects borrowers with local lenders, offering transparent, accessible, and low-cost loan options, including private student loans. They have facilitated over $6.3 billion in funded loans, helping more than 160,000 borrowers achieve financial goals with lower interest rates. Their platform supports both borrowers and lenders with comprehensive marketing, operational, and technological infrastructure.
College Avenue
College Avenue specializes in private student loans and refinancing. They offer flexible repayment plans, customizable loan terms, and an easy-to-use online application process. Their focus is on providing a straightforward and borrower-friendly experience.
Ascent Funding
Ascent offers a range of student loan products, including loans that do not require a co-signer. They provide both undergraduate and graduate loans with various repayment plans and rewards for good academic performance.
Earnest
Earnest is known for its customizable student loan refinancing options. They offer competitive interest rates and flexible repayment terms, allowing borrowers to tailor their repayment plan to fit their financial situation.
Editorial opinion
Important
How to Choose a Lender
-
Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
-
Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
-
Carefully review all the terms and conditions of your payday loan contract.
-
Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
-
Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
-
Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
Additional Resources
- ISL Education Lending Customer Reviews
