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Student Loan Refinance

Fixed rates from 3.25% to 7.78% APR1

Get Your Rate*Apply Today

* Will not impact your credit score.

Banner: Reset Refinance Loan

Reset Refinance Loan

It's time to reset and simplify! Pay off your current student loans — private or federal — and replace them with a new, single loan that fits your budget.

Advantages of Cosigners

Cosigners can help you qualify or receive better rates. Learn more about how cosigners can help you.


Icon: Fixed rates

Fixed interest rates provide you with certainty when it comes to your budget.

Icon: Repayment choices

Multiple repayment choices let you maximize your financial goals.

Icon: Simplified repayment

Simplifying repayment can help free up time so you can do more.

Icon: No Fees

No origination or prepayment fees and no late charges so you have more money in your pocket.

Refinancing Is Easy

1

Pre-Qualify

Get your rate in less than a minute without impacting your credit score.

(Thinking about a cosigner? Ask them to check their rate too and see if they can help you qualify for a lower rate.)

2

Apply

Know your rate or ready to apply? Our simple application can be completed in less than 15 minutes.

3

Accept

Once you're approved, you'll receive a loan offer. After you accept the offer, we'll pay off your current loans and issue you one, single new loan.

I had no idea how much money I could save by refinancing … with Iowa Student Loan! The process was seamless, and I feel better knowing my loan is with an Iowa-based company that specializes in paying for college, while reinvesting in our communities.

Mary T.

Common Questions About Refinancing Student Loans

There are many things to consider when thinking about refinancing your private or federal student loans. For more information, check out our Beginner's Guide to Refinancing Your Student Loans.

You may qualify for assistance based on your situation. Please contact our servicer, Aspire Servicing Center , as soon as possible if you experience issues, so we can help you avoid delinquency.

If you are experiencing financial hardship due to COVID-19 national health emergency, assistance is available. Review the COVID-19 information on the Aspire Servicing Center website for additional information and to request assistance.

To be eligible for the Reset Loan, you and any cosigners cannot have defaulted on any private or government student loan. In addition, you and any cosigners must be citizens or permanent residents of the United States. Cosigners must reside in the United States. Military addresses are considered U.S. addresses if designated as an APO or FPO.

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. Applicants and/or cosigners with a mortgage who earn a combined income greater than or equal to $100,000 per year must have monthly payments for approved credit (mortgages, rent, car loans, credit cards and other forms of credit) that do not exceed 45% of gross monthly income.
  • 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.

Note: For joint cosigned Reset Loans, at least one cosigner must meet all credit underwriting criteria with the exception of the debt-to-income ratio, which the cosigners may combine debt and income to calculate the debt-to-income ratio. For loans with only one cosigner, either the applicant or cosigner must meet all credit underwriting criteria with the exception of the debt-to-income ratio, which the applicant and cosigner may combine debt and income to calculate the debt-to-income ratio.

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.

Yes; you can apply to release any cosigners from payment obligations:

  1. After the first 24 consecutive monthly payments are received on time.
  2. If you meet the underwriting and credit criteria at the time the cosigner release is requested.

You may choose between five different repayment terms. View the Reset Loan repayment terms and APR Examples (PDF).

You may refinance up to $300,000 in eligible education loans. The loan must be at least $5,000.

The following loan types are eligible for refinancing:

  • Federal loans (William D. Ford Federal Direct Loan, Federal Family Education Loan and Federal Perkins Loan programs) including:
    • Undergraduate and graduate subsidized and unsubsidized student loans
    • PLUS Loans taken out by parents or graduate/professional students
  • Private education loans
  • Previously refinanced or consolidated education loans

Consumer loans, such as those used to attend coding bootcamps or other specialized training, are not eligible to be refinanced in a Reset Loan.

You can earn a 0.25% interest rate reduction by signing up to have payments automatically withdrawn. The 0.25% interest rate reduction will apply 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.

Download and complete an auto-debit authorization form to start receiving this benefit as soon as possible for your new Reset Loan.

Reset Loans with seven-year repayment terms, under certain circumstances, as well as 10-, 15- or 20-year repayment terms are eligible for graduated repayment plans where you begin with lower payments that increase gradually during the life of the loan. By using a graduated repayment plan, you will pay more in interest over the life of the loan because the principal balance will decrease at a slower rate.

We offer reduced interest rates on current Reset Loan for qualifying active duty service members. If you are called to active duty, be sure to reach out to us as soon as possible so we can provide you with the information you need.

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. A tax professional or the IRS can provide additional information about possible tax consequences of loan forgiveness.

No; in the event of a cosigner's death or qualifying total and permanent disability, you will not be required to find a new cosigner for an existing loan. In addition, if a cosigner suffers a qualifying total and permanent disability, Iowa Student Loan will release the cosigner from his or her obligation.

Customer service for all loans offered by Iowa Student Loan will be provided by Aspire Servicing Center, a wholly owned subsidiary of Iowa Student Loan.


1 Annual percentage rates (APRs) assume you are enrolled in and maintain auto-debit payments from the date of origination. Enrolling in auto-debit results in a 0.25% interest rate reduction. Without enrolling in auto-debit, the rate will range from 3.50% APR to 8.03% APR. Not all borrowers receive the lowest rate. If you are approved for a loan, the rate offered will depend on your credit profile and the term you select and will be within the ranges shown above assuming the auto-debit interest rate reduction applies.