ISL Education Lending was established as Iowa Student Loan in 1979 as a private, nonprofit corporation. Its mission is to help Iowa students and families obtain the resources necessary to succeed in postsecondary education. ISL Education Lending has helped nearly 400,000 students pay for college. Based in West Des Moines, Iowa, the organization:
- Together with its subsidiary, employs more than 150 individuals.
- Is self-funded and self-capitalized.
- Is governed by a board of directors that, since its inception, has been appointed by the governor of Iowa.
- Does not have shareholders, nor does it receive state appropriations.
Operating as a tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code, ISL Education Lending is subject to strict regulation of its exempt purpose and use of funds. No funds may be used for the private benefit of any officer or director of the company.