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Iowa Student Loan Review
College Family Loan
Rewards: Autopay Discount
Yearly Loan Limits: Up to 100% Cost of Attendance
Overall Loan Limits: No minimum borrowing limit
Cosigner Terms: Cosigner optional, does not offer cosigner release
Rewards: Autopay Discount
Yearly Loan Limits: Up to 100% Cost of Attendance
Overall Loan Limits: No minimum borrowing limit
Cosigner Terms: Cosigner optional, does not offer cosigner release
The bottom line
With a Family Loan from Iowa Student Loan, you’ll know what you’re getting from the start. They only offer fixed rate loans and charge no fees, but you’ll likely find lower-cost loans with more flexible repayment options elsewhere.
Pros- Covers up to 100% of annual cost of attendance
- Allows anyone to borrow on behalf of the student (not just family members)
- Offers a full deferment in-school repayment option
Cons- Does not offer variable interest rates
- Does not offer cosigner release
- Requires that the student maintain Satisfactory Academic Progress
Loan comparison
Full review
Iowa Student Loan’s parent loan is among the most transparent out there. They only offer fixed interest rates, and a narrow range of them, with no additional fees (not even on late payments). They don’t have a minimum borrowing limit, and you can borrow up to the full annual cost of attendance at the student’s college. If you’re not a family member, but still want to borrow on behalf of the student, Iowa Student Loan will allow it.
That transparency, however, comes with a significant dose of inflexibility. Though they offer a full deferment in-school repayment option, they only offer two repayment terms (10 years or 15 years) and do not specify their forbearance policies. They lend to borrowers with credit scores as low as 670, but they also require that you have a debt-to-income ratio that does not exceed 40%. Additionally, though a cosigner is optional, they do not offer a cosigner release.
Iowa Student Loan - College Family Loan
Other loans that Iowa Student Loan offers:
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