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Borrower Benefits
Federal Stafford Loans
Iowa Student Loan will provide its Serviced Lenders with an allowance equal to 0.25% of the loan balance, on behalf of students, for the lender to provide a benefit to the borrower. Most lenders will apply this amount toward the up-front origination fee (set at 1.00% beginning July 1, 2008), while a few lenders may utilize this amount to benefit borrowers during repayment.
| Eligibility Requirements |
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To be eligible for the Federal Stafford Loan Borrower Benefits, the borrower must:
- Be the recipient of a Federal Stafford Loan guaranteed on or after June 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 an Iowa Student Loan Serviced Lender.
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U.S. Bank is one lender that will use this allowance toward a repayment benefit. U.S. Bank will provide a 0.25% interest rate reduction to borrowers who pay by Auto-Debit. Auto-Debit is a requirement to be qualified for the 0.25% interest rate reduction benefit. If the Auto-Debit feature is canceled or Iowa Student Loan receives three non-sufficient funds payments in a 12-month period, the rate reduction benefit is lost.
Important Notice: Borrower Benefits may be modified or discontinued at any time without notice and at the sole discretion of Iowa Student Loan or U.S. Bank. Subsequent changes, however, will not affect loans already qualified for Borrower Benefits.
PLUS Loans
U.S. Bank will provide a 0.25% interest rate reduction to borrowers who pay by Auto-Debit. Auto-Debit is a requirement to be qualified for the 0.25% interest rate reduction benefit. If the Auto-Debit feature is canceled or Iowa Student Loan receives three non-sufficient funds payments in a 12-month period, the rate reduction benefit is lost.
| Eligibility Requirements |
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To be eligible for the Federal PLUS Loan Borrower Benefit offered by U.S. Bank, the borrower must:
- Be the recipient of a Federal PLUS Loan disbursed on or after June 1, 2008.
- Borrow a Federal PLUS Loan from U.S. Bank.
Important Notice: Borrower Benefits may be modified or discontinued at any time without notice and at the sole discretion of U.S. Bank. Subsequent changes, however, will not affect loans already qualified for Borrower Benefits.
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