National Comparison

Compare Rates to National Lenders

Many lenders offer a range of rates you may receive for a loan but do not provide the exact rate until after you have applied for and been approved for the loan. At Iowa Student Loan, we believe in providing you with as much information as possible upfront, before you even start an application.

Compare the annual percentage rates (APRs) offered by Iowa Student Loan for the Deferred Payment Partnership Loan to rates offered by three national lenders. Not all three national lenders offer options where principal and interest payments or interest-only payments are required during the in-school period, so comparisons for those options are not available.

According to FinAid.org1, about 80% of borrowers do not qualify for a lender's lowest interest rate, so APRs are presented in ascending order of the highest rates.

Fixed-Rate APR Comparison

Lender Fixed Interest Annual Percentage Rate (APR)2
  (listed in ascending order of highest rate)
Iowa Student Loan3 5.56% or 6.02% or 6.22% or 6.86%
Wells Fargo4 5.94%     up to     11.26%
Discover 6.28%     up to     11.83%
Sallie Mae 5.74%     up to     11.85%

Variable-Rate APR Comparison

Lender Variable Interest Annual Percentage Rate (APR)2
  (listed in ascending order of highest rate)
Iowa Student Loan3 5.87% or 6.39% or 6.52% or 7.42%
Wells Fargo4 4.80%     up to     10.72%
Discover 4.44%     up to     11.00%
Sallie Mae 4.25%     up to     11.10%

1 http://www.finaid.org/loans/privatestudentloans.phtml

2 Annual Percentage Rates (APRs) were retrieved from the lenders' websites on Oct. 4, 2018, for loans where repayment is deferred while the student is enrolled at least half time.

3 Iowa Student Loan provides specific rates on its website; other lenders provide ranges.

4 Wells Fargo's lowest rates include a 0.25% customer discount for having a prior student loan with Wells Fargo or a qualified Wells Fargo consumer checking account.