ISL Education Lending

ISL Education Lending: nonprofit college funding in Iowa

ISL Education Lending is the trade name under which Iowa Student Loan Liquidity Corporation operates, a nonprofit organization based in Iowa. The organization maintains its original mission: to help students and families access the resources needed to pursue postsecondary education. According to its own presentation, it has more than 45 years of experience in student lending and has helped more than 400,000 students finance their studies.

Private loans for students and families

The organization offers private loans for undergraduate and graduate students, as well as loans for parents or legal guardians who want to contribute to their children's college costs. The site's catalog distinguishes between undergraduate student loans, parent loans, graduate loans and cosigner loans. The fixed rates published for current private loans range from 2.45% to 8.70% APR, with the lowest rate subject to a 0.25% auto-debit discount. Without that discount, the stated range is 2.70% to 8.70% APR. Iowa residents or those attending an institution in that state may qualify for the lowest rates.

Refinancing existing loans

ISL Education Lending also offers programs to refinance existing student loans and parent loans. The fixed rates published for refinancing range from 5.15% to 9.40% APR, assuming auto-debit; without it, the range is 5.40% to 9.65% APR. Borrowers who reside in Iowa or have loans owned by Iowa Student Loan Liquidity Corporation may qualify for the lowest rates. Approval and the final rate depend on credit profile, the term selected and other conditions.

Scholarships and assistance programs

The organization administers scholarship and award programs for high school students, college students and also parents or guardians. These include the ISL Education Lending Scholarship, the ISL Midwest Senior Scholarship and the Step 1 Scholarship Search. These initiatives are complemented by the College Financing Information Kit.

Free college planning tools

The site provides students and families with a set of free tools and calculators for planning for college. It includes Student Loan Game Plan, College Funding Forecaster, Return on College Investment, Grad Degree Gauge, the Parent Handbook and the SP 3 – Student Planning Pointers for Parents guide. It also publishes articles and videos organized by audience: high school students, parents, college students and recent graduates, as well as industry content.

Structure and operation

Loans are made by Iowa Student Loan Liquidity Corporation or by Bank of Lake Mills, subject to credit approval. Bank of Lake Mills does not have an ownership interest in Iowa Student Loan Liquidity Corporation and is not affiliated with the applicants' educational institutions, and is a Member FDIC. Loan servicing, including billing and customer service, is provided by Aspire Servicing Center. Customer service is handled from Iowa.