Bonus Savings
If you are or will be attending a Federal Family Education Loan Program (FFELP) college, you will have the opportunity to choose your lender. You should know that not all student loans are alike. You can save money with Iowa Student Loan and its Serviced Lenders.
Bonus Savings for:
Stafford Loans Guaranteed On or After April 1, 2008
Iowa Student Loan will pay the origination fee (currently 1.50%, and changing to 1.00% July 1, 2008) for Federal Stafford Loans on behalf of students.
| Eligibility Requirements |
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To be eligible for the Bonus Savings, the borrower must:
- Be the recipient of a Federal Stafford Loan guaranteed on or after April 1, 2008.
- Attend an educational institution in Iowa or be an Iowa resident attending an educational institution across the country.
- Borrow a Federal Stafford Loan from a participating financial institution.
Important Notice: Bonus Savings benefits may be modified or discontinued at any time without notice and at the sole discretion of Iowa Student Loan.
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Learn more about Federal Stafford Loans for undergraduate, graduate and professional degree students.
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PLUS Loans with a first disbursement on or Before May 15, 2008
Iowa Student Loan is pleased to offer the following Bonus Savings to our borrowers. Please see the important information below regarding our Bonus Savings.
Federal PLUS Loans for Parents
- Save 0.60% on your interest rate after the first 11 on-time payments.
- Save 0.25% on your interest rate when you make payments by Auto-Debit.
The 0.60% interest rate reduction occurs after the first 11 payments due are made on time, and remains in effect as long as the borrower continues to make on-time payments.
In addition to these Bonus Savings, parents have the flexibility of postponing payments while their student is attending school. Parents can choose to use an in-school forbearance if they have a student attending at least half time. Borrowers interested in postponing payments should contact Iowa Student Loan to request this option.
Note: Forbearance of payments while in school will impact the overall cost of the loan. Interest will continue to accrue during the forbearance period and will be added to the balance of the loan at the end of the forbearance period.
Learn more about Federal PLUS Loans for Parents
borrowing on behalf of dependent undergraduate students.
Federal Grad PLUS Loans
- Save 0.60% on your interest rate after the first 11 on-time payments.
- Save 0.25% on your interest rate when you make payments by Auto-Debit.
The 0.60% interest rate reduction occurs after the first 11 payments due are made on time, and remains in effect as long as the borrower continues to make on-time payments.
In addition to these Bonus Savings, graduate students have the flexibility of postponing payments while attending school. Borrowers interested in postponing payments should contact Iowa Student Loan to request this option.
Note: Forbearance of payments while in school will impact the overall cost of the loan. Interest will continue to accrue during the forbearance period and will be added to the balance of the loan at the end of the forbearance period.
Learn more about Federal Grad PLUS Loans for graduate and professional degree students.
| IMPORTANT INFORMATION ABOUT PLUS LOAN BONUS SAVINGS |
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PLUS Loan Bonus Savings are for borrowers who use an eligible Iowa Student Loan serviced lender.
- Bonus Savings are effective for Federal PLUS Loans guaranteed on or after Nov. 1, 2007, and with a first disbursement between Nov. 1, 2007, and May 15, 2008.
Iowa Student Loan reserves the right to modify or withdraw these Bonus Savings without notice. However, PLUS Loan Bonus Savings will not be withdrawn for a borrower whose loan was guaranteed during the time when the Bonus Savings were being offered.
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