Lender
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ISL Education Lending

Advertiser Disclosure

About lender

Iowa Student Loan Liquidity Corporation, accomplishing business as ISL Education Lending, is a 501(c) organization. The company was launched in 1979 and is headquartered in West Des Moines, Iowa. Christine Hensley is the organization's Chair. 

While the organization was founded to assist Iowa students in locating appropriate financial aid, you do not have to be an Iowa resident or attend an Iowa school to apply for an ISL loan or student loan refinancing.

ISL loan may be a good option if it offers a lower interest rate than other refinances lenders or if you do not meet their eligibility requirements. ISL has no minimum income criterion, and you can apply even if you don't have a degree – or haven't graduated yet.

While other lenders allow you to refinance as soon as a few months after graduation, ISL Education Lending provides actual in-school refinancing. If you have private student loans, refinance quickly to get a cheaper interest rate. Refinance while still in school — and before your loans begin to be repaid — may lower your interest costs and the total amount you repay.

ISL also provides refinancing loans tailored to medical residents, health professionals, and parents. Before taking your loan, be sure you understand the terms. Rates and payment terms are subject to change depending upon the product. 

Pros and cons

Obtaining an ISL loan or student loan refinancing sounds appealing, but it has some constraints that may conflict with your goals. Weigh all pros and cons to decide if this is the right lender for you.

Pros 

  • No hidden fees and penalties for paying early
  • You can see if you qualify without a hard credit check and what rate you'll get
  • Reset Refinance Loan refinancing is available for students from all US except Maine and Oregon
  • You can refinance even if you don't have a degree
  • You can refinance while still in school or while doing a medical residency.

Cons

  • Interest rates differ depending on the refi product
  • There are no biweekly payments via autopay
  • Students are not permitted to take over parents PLUS loans their parents have taken out on their behalf
  • There is no pre-qualification tool.

Terms and conditions

ISL Education Lending offers current students private student loans and student loan refinancing for postsecondary education. Loans are made available to students and families with the help of a co-signer. Loan amounts are from $5,000 to $300,000.

Because private student loans do not provide the same benefits as federal student loans, federal student loans should be evaluated first. It is even mentioned on the ISL website. They contend that IS loans should only be used as a last resort when all federal funding has been exhausted.

Private loans

  • The Partnership Loan. Loans for undergraduate and graduate students. A co-signer is not necessary if the student meets the loan credit standards. Variable rates range from 3.47% to 6.11% APR, while fixed rates range from 4.60% to 7.40% APR. Terms range from 10 to 15 years.
  • No-Cosigner Loan for Graduates. Graduate students only. It does not require a co-signer and has a fixed rate ranging from 6.10% APR to 6.32% APR. Terms range from 10 to 15 years.
  • College Family Loan. Loans for undergraduate and graduate studies. Co-signers can be parents, family members, or others, although they are not essential. Variable interest rates are not available. APR at fixed rates ranging from 4.60% to 7.40%. Terms range from 10 to 15 years.

Graduate students generally have access to unrestricted federal support through Grad PLUS loans. Unlike Subsidized and Unsubsidized loans (which have yearly and aggregate limits), Grad PLUS loans allow students to loan up to the entire cost of attendance at their school.

Reset refinance loan 

ISL Education Lending also provides student loan refinancing. If you refinance a federal student loan, it will become a private loan, and you will lose all federal loan benefits.

ISL is one of the few lenders that provides in-school refinancing. After-school refinancing is offered for the following loan types, in addition to its in-school refinance loan:

  • Undergraduate loans
  • Graduate loans
  • Medical professional loans
  • Medical resident loans
  • Parent loans.

ISL refinancing loans have longer repayment terms than in-school loans. Borrowers can repay their loans over 5, 7, 10, 12, 15, or 20 years. The fixed interest rates on these loans go from 2.62% to 7.64% APR. The minimum loan amount borrowers can refinance is $5,000; the maximum is $300,000.

Requirements

According to the ISL website, the student or co-signer should meet the following requirements:

  • Be a US citizen or permanent resident of the United States;
  • Be of legal age in your state (which is 18 in most states);
  • A debt-to-income ratio of 40% or less;
  • A minimum credit score is 670;
  • Accounts with two or fewer 30-day delinquencies;
  • There have been no delinquencies of 60 days or more on any credit account in the preceding two years;
  • Have no charge-offs, defaults, tax liens, wage garnishments, repossessions, or foreclosures on your credit report;
  • There were no past bankruptcies. 

A slight disadvantage is that ISL Education Lending's Partnership Loan and No-Cosigner Graduate Loan do not offer a pre-qualification tool. So, you should submit a comprehensive loan application if you want a rate quote for each loan.

A co-signer is used when students cannot independently achieve the loan qualification standards. ISL Education Lending has stringent co-signer requirements, including a minimum credit score of 670. Co-signers have the advantage of not having to meet the debt-to-income ratio (DTI) that students must. The Partnership Loan also has a co-signer release provision. Following 24 months of on-time payments, the borrower may request that the co-signer be withdrawn from the loan.

Fees

ISL Education Lending is committed to keeping borrowers' refinancing costs as low as possible. To accomplish this, they waive all loan processing fees, including application and origination fees. 

You will also not be charged additional costs if you make early payments on your loan. Through accumulated interest, you can reduce the overall cost of your loan.

Funding a loan

The questions on the new, streamlined online application are uncomplicated. ISL Education Lending makes it simple; review and pick the student loans you want to refinance. 

After uploading the completed form, you will be offered a variety of refinancing options to choose from. Examine your options and select the one that best meets your needs. Make sure your financial situation and long- and short-term objectives are met before deciding.

ISL Education Lending will review and return a decision within one day of receiving your loan application and documents for underwriting reasons. It only takes a few minutes to apply for ISL. If you qualify, ISL will notify you of the loan rate and terms as soon as it pulls your credit. You will not have to wait till your documentation is submitted to get your pricing. 

It may take some time until you receive your loan—request debt payoff letters from your existing lenders and loan servicers to expedite the process.

ISL Education Lending

FAQ

What does ISL Education Lending do?

ISL is a non-profit lender that provides student debt refinancing and private student loans across the US. Its refinancing loan benefits borrowers who have yet to graduate or never graduated in the first place. Its loan includes consumer-friendly features such as no late fees and an accommodating forbearance policy.

Is ISL Education Lending private or federal?

The company offers private loans for current students and parents or family members who want to borrow to help their students with college costs.

Can I refinance my loan with ISL Education Lending?

Yes, in addition to student loans, ISL offers a refinancing program called Reset Refinance Loan.

Does ISL Education Lending require a high credit?

ISL has stringent requirements, including a minimum credit score of 670. You may use a co-signer if you can't meet the loan qualification requirements.

Company documents

Terms of use
Privacy Policy

Our mission is to help Iowa students and families obtain the resources necessary to succeed in postsecondary education.

© Iowa Student Loan Liquidity Corporation
Financial products
ISL Education Lending
Private and Federal Student Loan Refinancing
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$5,000-$300,000
Rate
i

Effective interest rate on the product

up to 7.64%
Term
i

Loan term for the financial product

up to 20 years
ISL Education Lending
Private Education Loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$5,000-$300,000
Rate
i

Effective interest rate on the product

up to 7.40%
Term
i

Loan term for the financial product

up to 15 years
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ISL Education Lending calculator
Interest rates are given in accordance with the rates of the ISL Education Lending of 23.05.2024
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