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Armed Forces Interest Reduction

Iowa Student Loan recognizes and appreciates the sacrifices made by members of the military and their families. To assist service members with their student loan, we offer the Iowa Student Loan Armed Forces Interest Reduction Program.

Through the program, service members can get interest reduced to 0.00% for up to 24 months on private student loans.

You may be eligible for the program if you meet all the following requirements:

  • While on federal active duty, you have a non-defaulted private student loan owned by Iowa Student Loan during the period of eligibility.
  • You are deployed between Sept. 11, 2001, and June 30, 2019.

Note: Iowa Student Loan is required to issue a 1099-C form to the IRS and the borrower reporting a reduction of indebtedness of $600 or more. You should consult your tax adviser regarding any tax consequences resulting from an interest reduction.

Call Iowa Student Loan directly at (855) 811-9849 to learn more.

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Subject to credit approval, loans are made by Iowa Student Loan or Bank of Lake Mills. Bank of Lake Mills does not have an ownership interest in Iowa Student Loan. Bank of Lake Mills is not affiliated with the school you attended or are attending. Bank of Lake Mills is Member FDIC. Loan servicing, including billing and other customer service, will be provided by Aspire Servicing Center.