How to apply for ISL Education Lending

Providing Lower Rates as a Non-Financing Institution

Founded in 1979, ISL Education Lending (previously known as Iowa Student Loans) is a nonprofit state student loan provider that offers nationwide student loan refinancing.

One of the advantages of ISL’s Reset Refinance Loans is that they provide lower rates compared to other refinancing lenders, making it a wise choice for borrowers who want to save on interest charges.

An interesting feature of ISL Education Lending is that it doesn’t have a minimum income criterion, allowing individuals without a degree or high school diploma to be eligible for their loans.

Unlike certain lenders that only allow refinancing a few months before graduation, ISL offers actual in-school refinancing. This means you can refinance your private student loans while still in school to secure a better rate.

Another benefit of refinancing through ISL Education Lending is that it can lower your overall payment amount and reduce interest charges if you refinance before your loans start accruing interest.

ISL also offers specialized refinancing loans for parents, health professionals, and medical residents, with varying rates and terms depending on the product.

If you’re considering ISL Education Lending, it’s important to carefully review the loan’s terms and conditions before making a decision.

Who qualifies for ISL Education Lending?

In order to be eligible for an ISL Education Lending loan, you must meet the following criteria:

• Your total credit obligations, including rent, vehicle loans, credit card payments, and other permitted credit obligations, cannot exceed 40% of your gross monthly income.
• You must have had a job for the past two years, unless you are a retiree, disabled person, or receive verified income from other sources.
• You need to have a credit score of at least 670.
• Your credit history should not have more than two accounts with 30-day delinquencies, and there should be no 60-day or longer delinquencies in the past two years.
• No charge-offs, repossessions, collections accounts, foreclosures, or wage garnishments are allowed in your history.
• You must not have filed for bankruptcy in the past.
• You cannot currently be in default on any federal or private student loans.

If you don’t meet the requirements for income and credit scores on your own, you will need a co-signer to be approved for an ISL Education Lending loan.

Applying for an ISL Education Lending Loan

When you’ve determined which loan is ideal for the student or family member who will use the funds, it’s time to apply for an ISL Education Lending loan.

Most lenders, including ISL, have an online application process that requires basic personal details about the borrower, any cosigners, and the student (if they’re not the borrower).

Before starting the application, make sure you have necessary information on hand, such as Social Security numbers for the borrower and student.

During the application process, the borrower may be required to provide names and contact details of references. These references are typically not contacted during the application process unless the lender is unable to reach the borrower in the future.

Co-signers usually complete their application after the borrower has applied and submitted theirs.

After receiving the application, the lender may request a credit report from one of the major consumer reporting agencies to assess the borrower’s creditworthiness and credit score. They may also require additional documents, such as paystubs or tax returns, for underwriting evaluation and approval.

For most private education loan lenders, the college or university needs to certify the loan amount needed by the borrower to prevent overborrowing. If the borrower requests more than the cost of attendance permits, the loan amount may be reduced.

Comparing ISL Education Lending and Ascent Student Loans

If you don’t have a strong credit history, Ascent Student Loans may be a good option to consider. They provide loans of up to $400,000 and are also suitable for international students studying in the U.S.

However, if you are eligible for ISL Education Lending, it is considered one of the best student lenders available.

Benefits of ISL Education Lending

• Get an approval decision and rate quote without a hard credit check.
• No degree is required to refinance.
• Refinancing is available while attending school or a medical residency.

Benefits of Ascent Student Loans

• Available for borrowers without an excellent credit history or a co-signer.
• Offers forbearance options for up to 24 months in cases of financial hardship.
• Graduates may be eligible for a 1% cash-back bonus.
• International students with a suitable co-signer can apply for loans.

Applying for Ascent Student Loans

If you want to learn more about applying for Ascent Student Loans, you can refer to our “How to Apply” article for detailed information.

Written by

Claire Harrison