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Learn More About the Reset Loan

If you're paying high interest rates on your education loans, the Reset Loan might be right for you. This competitive student loan refinance program features fixed interest rates with multiple repayment options and an interest rate reduction benefit.

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

Ready to apply? You can start your application now or complete the pre-qualification steps to see which of our low competitive rates you could receive.

Eligibility and Underwriting Criteria

The Reset Loan is for creditworthy borrowers (those who meet the underwriting and credit criteria). Applicants who do not meet the underwriting and credit criterial on their own may apply with one or more creditworthy cosigners.

Borrowers and cosigners cannot have defaulted on any private or government student loan. In addition, borrowers and cosigners must be citizens or permanent residents of the United States.

To qualify for the Reset Loan, you or your cosigners must:

  • Have monthly payments for approved credit (mortgages, rent, car loans, credit cards and other forms of credit) 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.
  • Have a FICO score of at least 690. (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.)
  • Have no more than two accounts reporting 30-day delinquencies during the previous two years.
  • Have no delinquencies of 60 days or more during the previous two years.
  • Have no charge-offs, repossessions, collection accounts, judgments, foreclosures, garnishments by credit providers or tax liens.
  • Have no previous bankruptcies.

Please note that the list of criteria above may not be exhaustive. Iowa Student Loan may require you or your cosigners 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.

Loan Limits

This loan must be:

  • No more than $200,000.
  • At least $5,000.

Repayment Benefit

Reset Loan borrowers can earn a 0.25% interest rate reduction1 when they sign up to have principal and interest payments automatically withdrawn from a checking or savings account using our auto-debit program.

Death or Disability Policy

In the unfortunate event of a borrower's death or qualifying total and permanent disability, Iowa Student Loan will forgive the loan and not require cosigners or the borrower's estate to satisfy the loan obligation.

In addition, if a cosigner suffers a qualifying total and permanent disability, Iowa Student Loan will release the cosigner from his or her obligation. In the event of a cosigner's death or qualifying total and permanent disability, the borrower will not be required to find a new cosigner for an existing loan.

Please consult a tax professional or the IRS for information about possible tax consequences of loan forgiveness.


1 The 0.25% interest rate reduction will apply to loans once payments begin to be automatically deducted. The reduction will remain in effect as long as automatic payments continue without interruption during the repayment period. The 0.25% interest rate reduction will not lower the monthly payment amount but will instead reduce the interest amount that accrues. The interest rate reduction will be suspended during approved assistance or if automatic payments are rejected due to insufficient funds.

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