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Partnership Loan General Terms

The Partnership Loan is for borrowers and one or more creditworthy cosigner(s). Note: Applicants who are creditworthy (meet the underwriting and credit criteria) are not required to provide cosigner(s).

Eligibility Criteria

To be eligible for this supplemental private student loan program, you must:

  • Be of majority age pursuant to applicable law at the time of application or be an emancipated minor. A student not of majority age may apply with an eligible cosigner.
  • Not have defaulted on any private or government student loan.
  • Be an Iowa resident attending any nonprofit, Title IV eligible, degree-granting, accredited college or university or nonprofit school of nursing approved by the Iowa Board of Nursing; OR be a non-Iowa resident attending any nonprofit, Title IV eligible, degree-granting, accredited Iowa college or university or nonprofit school of nursing approved by the Iowa Board of Nursing. View list of eligible schools in Iowa.
  • Be accepted, enrolled or attending on at least a half-time basis, as defined by the school, and be making satisfactory academic progress in an eligible education program.
  • Be a citizen or permanent resident of the United States. Cosigner(s) must be citizens or permanent residents of the United States.

Underwriting Criteria

To qualify for a Partnership Loan, you or your cosigner(s) must have:

  • Monthly payments for approved credit (mortgages, rent, car loans, credit cards and other forms of credit, including the loan for which the student has submitted an application) that do not exceed 40% of gross monthly income (if a mortgage or rent is not included, debt-to-income ratio cannot exceed 25%). All student loan debt will be treated as though it is in repayment.
  • Continuous employment over the last two years. (This requirement may be waived for retirees, disabled persons or those receiving a verified income.)
  • An annual income of at least $25,000.
  • A FICO score of at least 670. (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.)
  • No more than two accounts reporting 30-day delinquencies and no delinquencies of 60 days or more during the previous two years.
  • No charge-offs, repossessions, collection accounts, judgments, foreclosures, garnishments by credit providers or tax liens.
  • No previous bankruptcies.
  • Not defaulted on any private or government student loan.

Note: For joint cosigned loans, at least one cosigner must meet all credit underwriting criteria with the exception of the debt-to-income ratio.

Please note that the list of criteria above may not be exhaustive. Iowa Student Loan may require you or your cosigner(s) to meet additional criteria in order to qualify for a loan. Iowa Student Loan reserves the right to change the list of criteria in any way from time to time.

If you cannot meet these qualifications, please discuss your options with your financial aid office.

Loan Limits

The Partnership Loan must be:

  • No more than the cost of attendance minus other aid annually.
  • No more than $80,000 cumulative.
  • At least $1,001.


Interest capitalizes at:

  • The end of any qualifying deferment period for all loan options.
  • The start of repayment status for loans that do not require principal and interest or interest-only payments while the borrower is enrolled and during the separation period.
  • The final disbursement of loans that require monthly principal and interest payments while the borrower is enrolled in school and that have more than one disbursement.
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