If you have trouble remembering to pay your bills on time, or simply don't like writing checks and paying for postage, signing up for auto-debit (PDF) is a great option for you.
How It Works
Auto-debit allows you to make your scheduled monthly student loan payments on time, with less hassle. After signing up for the free auto-debit program, Iowa Student Loan will be able to deduct your payment from your checking or savings account each month.
"It's nice that my student loan payment can be paid automatically, like all of my other bills. Plus, now that my payments are deducted automatically, I don't get charged late fees. "
— Anna, Iowa Student Loan borrower
Good to Know
Here are some things to know before you sign up:
- If you are setting up auto-debit through your checking or savings account, you must submit a completed authorization form.
- It may take up to 60 days to set up your auto-debit plan. Submit your monthly payment in the standard format until you are notified that the auto-debit has started.
- Check your account online for the first few months to make sure your payment was successfully debited from your bank account.
- If your payment due date falls on a holiday or weekend, the payment amount will be withdrawn from your bank account on the following business day.
- Know when your payment is due each month and make sure you have enough money in your bank account to cover the auto-debit.
- The auto-debit privilege is deactivated if three payments are returned for insufficient funds within a 24-month period.
- To terminate your auto-debit agreement before your next payment is debited, you must notify Iowa Student Loan at least five business days prior to your payment due date.
To sign up for auto-debit or receive more information, either: