Iowa Student Loan was established 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. Iowa Student Loan has helped more than 392,500 students pay for college. Based in West Des Moines, Iowa, the organization:
- Together with its subsidiary, employs more than 200 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, Iowa Student Loan 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.