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Learn More About the Partnership Loan

Before students and families consider a private loan, we strongly encourage them to understand and take advantage of all sources of student financial aid, including federal loans for students.

Once students and families have taken into account all student financial aid as well as their college savings, if they do not have enough money to cover all college costs, a supplemental private student loan may be needed.

The Partnership Loan Program® is one type of private student loan. The borrower is the student (undergraduate or graduate) and one or more cosigners are often needed, but student applicants who meet the underwriting and credit criteria on their own do not need to provide cosigners. The Partnership Loan is for:

  • Iowa students attending colleges and universities across the country.
  • Students from any state attending Iowa schools.

Information about the loan is provided upfront and in clear terms on the following tabs so students and their families have a full picture of the loan before they begin the application process.

Loan Options Tab Repayment Benefits Tab Underwriting Criteria Tab Compare to National Lenders Tab

Options

View the different tabs below for loan details. While you're in school, if you want to make:

  • Full payments, select the Immediate Payment tab.
  • Interest payments, select the Interest-Only Payment tab.
  • No payments, select the Deferred Payment tab.

Compare financial information on all Partnership Loan options. (PDF)

Parents deciding whether to cosign their student's Partnership Loan or take out a loan in their own name, like a federal loan for parents, can use this Partnership and Direct PLUS loan comparison chart to determine which option is better for their situation.

Immediate Payment Tab Interest-Only Payment Tab Deferred Payment Tab

The Immediate Payment options feature the lowest Partnership Loan interest rates, and making regular on-time payments during the in-school period prevents increases to the loan balance. These options:

  • Require that monthly payments of principal and interest begin immediately — while you are enrolled in school — after the loan is fully disbursed.1
  • Have a 10-year (120-month) principal and interest repayment period.2

Fixed-Rate

Examples for a $10,000 Loan

If your
FICO3
score is ...
Interest
Rate
Origination
Fee
Annual
Percentage
Rate
Finance
Charge
Principal &
Interest Monthly
Payment
800 or more4 5.50% 0% 5.50% $3,021 $109
760–7995 6.00% 0% 6.00% $3,321 $111
720–7596 6.20% 0% 6.20% $3,441 $112
670–7197 6.30% 0% 6.30% $3,502 $113

Variable-Rate (Quarterly Rates July 1–Sept. 30, 2017)

Examples for a $10,000 Loan

If your
FICO3
score is ...
Current
Interest
Rate8,9
Origination
Fee
Annual
Percentage
Rate
Finance
Charge
Principal &
Interest Monthly
Payment
800 or more10 4.49% 0% 4.49% $2,429 $104
760–79911 5.07% 0% 5.07% $2,767 $106
720–75912 5.33% 0% 5.33% $2,921 $108
670–71913 6.29% 0% 6.29% $3,496 $112

1 Borrowers with delinquencies during the principal and interest repayment period may have future disbursements and/or loans suspended or canceled.

2 If a pre-disbursement loan cancellation results in a Partnership Loan of $1,000 or less, the maximum principal and interest repayment term is 37 months.

3 The FICO score used is the TransUnion FICO Score 4, which is based on data from TransUnion and may be different from other credit scores. FICO is a registered trademark of the Fair Isaac Corporation.

4 Annual percentage rate (APR), finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee and a fixed interest rate of 5.50% during the 120-month principal and interest repayment period.

5 Annual percentage rate (APR), finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee and a fixed interest rate of 6.00% during the 120-month principal and interest repayment period.

6 Annual percentage rate (APR), finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee and a fixed interest rate of 6.20% during the 120-month principal and interest repayment period.

7 Annual percentage rate (APR), finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee and a fixed interest rate of 6.30% during the 120-month principal and interest repayment period.

8 The rate is subject to increase after consummation. These interest rates are calculated using the three-month Libor index, which is defined as the daily average of the three-month London Interbank Offered Rate (Libor) (currency in U.S. dollars) that was published on the Wall Street Journal's website (or any generally recognized successor method or means of publication) on each business day during the 91-day period ending on the 20th day of March, June, September and December. The three-month Libor index for the quarter July 1–Sept. 30, 2017, is 1.19%.

9 The rate will not exceed 21.00%.

10 The current interest rate is calculated quarterly by adding the three-month Libor index to 3.30%. Annual percentage rate (APR), finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee and maintaining a constant interest rate on a variable rate loan of 4.49% during the 120-month principal and interest repayment period. APR examples are based on quarterly interest rates for July 1–Sept. 30, 2017.

11 The current interest rate is calculated quarterly by adding the three-month Libor index to 3.88%. Annual percentage rate (APR), finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee and maintaining a constant interest rate on a variable rate loan of 5.07% during the 120-month principal and interest repayment period. APR examples are based on quarterly interest rates for July 1–Sept. 30, 2017.

12 The current interest rate is calculated quarterly by adding the three-month Libor index to 4.14%. Annual percentage rate (APR), finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee and maintaining a constant interest rate on a variable rate loan of 5.33% during the 120-month principal and interest repayment period. APR examples are based on quarterly interest rates for July 1–Sept. 30, 2017.

13 The current interest rate is calculated quarterly by adding the three-month Libor index to 5.10%. Annual percentage rate (APR), finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee and maintaining a constant interest rate on a variable rate loan of 6.29% during the 120-month principal and interest repayment period. APR examples are based on quarterly interest rates for July 1–Sept. 30, 2017.

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