ISL Education Lending full review
Don't forget to explore ISL's refinancing options and budget-friendly in-school programs before graduating. Read the complete review for more details!
A Top Student Loan Option for Eligible Borrowers: ISL Education Lending
When federal financial aid falls short of covering your educational expenses, turning to a private lender may be necessary. While private student loans may not offer all the protections of federal loans, they can still provide crucial funding for college.
However, not all private lenders are created equal. To find the best fit for your needs, it’s important to carefully consider the advantages and disadvantages of each lender. One lender worth exploring is ISL Education Lending, formerly known as Iowa Student Loan.
ISL Education Lending is a non-profit company that specializes in providing student loans and student loan refinancing options. They offer a variety of low-interest loan choices, including uncosigned loans for undergraduate students. One standout feature is their ability to offer in-class refinancing, allowing borrowers to refinance their loans to take advantage of lower interest rates even while still in school.
One of ISL Education Lending’s main benefits is the option for cosigner release after just 24 months of on-time payments, alleviating the cosigner’s responsibility sooner. Additionally, ISL Education Lending does not charge origination costs, late fees, or prepayment penalties, reducing the overall cost for borrowers.
Loan Options Offered by ISL Education Lending
ISL Education Lending provides several loan options to suit different needs:
1. Relationship Loan
The Iowa Student Loan Partnership Loan is available to both undergraduate and graduate students. It offers affordable interest rates and provides both fixed and variable-rate loan options. Borrowers can qualify for a rate decrease of 0.25% by setting up automatic payments, and they can borrow up to the full cost of attendance. There are no application, origination, or late fees for this loan, and borrowers can include up to two cosigners on their application.
2. University Family Loan
In contrast to other lenders that limit student loan borrowing to parents of undergraduate students, ISL Education Lending offers the College Family Loan program. This program allows parents, relatives, and others to assist undergraduate or graduate students with their tuition costs. There are no origination, application, or late fees for College Family Loans, and the interest rates are fixed. Borrowers can take out a loan of up to the entire cost of attendance.
How to Apply for ISL Education Lending
If you’re interested in applying for a loan with ISL Education Lending, check out our next article where we will guide you through the application process. Ensure you have all the necessary documents and information ready to complete your application efficiently.
