Partnership Loan for Students
Iowa Student Loan offers private education loans and services to Iowans and students attending Iowa colleges and universities.
Iowa Student Loan's Partnership Advance Education Loan® (Partnership Loan) is designed to supplement — not replace — other sources to fill funding gaps for students and parents. Students and parents should work with financial aid professionals at their respective colleges and universities to explore and exhaust all sources of student financial aid before seeking a Partnership Loan.
At a Glance
The Partnership Loan is a supplemental private student loan for students who are Iowa residents or are attending an Iowa school and is subject to credit approval. It offers borrowers, who meet the underwriting and credit criteria on their own or with cosigner(s), four private loan options.
||4.25% + 3-month Libor index1,2
||4.35% + 3-month Libor index1,2
|Payments Required While Enrolled and During Separation Period?
||Yes, interest-only payments3
||Yes, interest-only payments3
|Principal and Interest Repayment Term
|Example on a $10,000 Loan
|Annual Percentage Rate 6
|Finance Charge 6
|Interest-Only Monthly Payment 6
|Principal and Interest Monthly Payment 6
1 The rate is subject to increase after consummation. The three-month Libor index is defined as the daily average of the three-month London Interbank Offered Rate (Libor) (currency in U.S. dollars) that was calculated and published on the British Bankers' Association's website on each business day during the 91-day period ending on the 20th day of March, June, September and December. The three-month Libor index for the quarter Jan. 1 – March 31, 2014, is 0.24%.
2 The rate will not exceed 21.00%.
3 Borrowers with delinquencies during the interest-only repayment period may have future disbursements and/or loans suspended or canceled.
4 The in-school and separation periods cannot exceed 60 months. Interest-only repayment required during this period.
5 A loan of $1,000 or less has a maximum repayment term of 37 months.
6 Annual percentage rate (APR), finance charges and monthly payments are based on borrowing $10,000. APR examples are based on quarterly interest rates Jan. 1 – March 31, 2014.
7 Based on deferring principal for 55 months while maintaining a constant interest rate on a variable rate loan of 4.49% during the 55-month in-school and separation period and the 120-month principal and interest repayment period.
8 Based on deferring interest and principal for 51 months while maintaining a constant interest rate on a variable rate loan of 4.59% during the 51-month in-school and separation period and the 180-month principal and interest repayment period.
9 Based on deferring principal for 55 months and a fixed rate of interest of 7.75% during the 55-month in-school and separation period and the 120-month principal and interest repayment period.
10 Based on deferring interest and principal for 51 months, and a fixed rate of interest of 7.90% during the 51-month in-school and separation period and the 216-month principal and interest repayment period.