Updated: September 22, 2021

Iowa Student Loan Review

College Family Loan

Parents
Student Loan Rating
4 of 5
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.60% - 7.40%
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Not Available
Repayment Terms
10 years, 15 years
Important Information

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
Iowa Student Loan College Ave Alaska Commission on Postsecondary Education (ACPE)
Rates from (APR) i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Fixed:
4.60% - 7.40%
Variable:
Not Available
Fixed:
3.59% - 13.24%
Variable:
1.29% - 12.23%
Fixed:
5.75% - 6.00%
Variable:
Not Available
Loan repayment terms (Years) 10 years, 15 years 5 years to 15 years 10 years, 15 years
Cosigner release? None Not specified None

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 - Private Student Loan Details

Interest Rates, Fees and Terms
  • Credit Check: Soft to check rates, hard to process application
  • Repayment Terms: 10 years, 15 years
  • Minimum Borrowing Limit: None
  • Yearly Borrowing Limit: 100% of Cost of Attendance
  • Aggregate Borrowing Limit: Not specified by lender
  • Application Fee: None
  • Origination Fee: None
  • Prepayment Penalty: None
  • Late Fee: None
Requirements to Qualify
  • Minimum Credit Score: 670
  • Minimum Annual Income: Not specified by lender
  • Maximum Debt-to-Income Ratio: 0.4
  • Citizenship Restriction: Citizens or Residents
  • Minimum Enrollment Restriction: Half-Time
  • List of States where Loan is Not Available: None
  • Approved Schools Include: Non-Profit
Repayment Options
  • Immediate Principal and Interest Repayment: Yes
  • Fixed Monthly Repayment: None
  • Interest-Only Repayment: Yes
  • Full Deferment: Yes
Repayment Details
  • Length of Grace Period: 6 months
  • Maximum Deferment Period: 24 months
  • Maximum Forbearance Period: Not specified by lender
  • Cosigner Release Option: None
  • Death Discharge: Yes
  • Disability Discharge: Yes
Customer Service
  • US-Based Call Center: Not specified by lender
  • Hours of Operation (in addition to weekdays): No Evenings or Weekends
  • Application Timeline: Not specified by lender
Extras
  • Scholarship Search Tool: None
  • Sponsors a Scholarship: Not specified by lender
  • Job and Career Assistance: Yes
  • Financial Literacy Training: Not specified by lender
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