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What are the advantages of Iowa student loan?

I was searching the internet for the best place for student loans when I came across Iowa student loan. My college costs have become extremely overwhelming and therefore, I can’t depend on my federal student loan alone. I started searching for private lenders with high student loan limits.

I would like to get help in making a decision on whether I should apply for this loan to supplement my existing government loan. I’m also looking for reputable student loan consolidation companies so that I can combine my two loans when I start the repayment process.

Samantha Barber

in Student Loans

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Kaitlin Dean on March 22, 2018

The Iowa Student’s Loan is a private loan provided by a private student loan lending company. The company claims that almost 400,000 college students have benefited from their services.

Please note that ISL is not linked to the Department of Education in any way. Some of their lenders are the Veridian Credit Union and private banks in Iowa.

To be eligible for the ISL, you should go to school at an eligible Iowa institution and reside in the state.

Advantages of Iowa loan

  1. The Iowa loan helps you supplement your expenses with the financial package you receive.
  2. ISL does not look into your financial need before approving your application. You can get a high student loan limit despite not having a huge financial backing.
  3. ISL has both variable and fixed interest rate choices.
  4. ISL allows you to choose a plan for repayment that suits your risk tolerance.
  5. The Iowa loan offers different terms with regards to the loan applied for
  6. ISL does not charge any prepayment fees
  7. Interest accrued from ISL is tax-deductible
  8. You can get discounts on interest rate if you are eligible
  9. The Iowa loan allows you to refinance with a private refinancing

The following are suggestions on some of the best student loans consolidation companies in the USA.

SoFi

This is one of the best places for student’s loans. SoFi offers you both consolidation and refinancing services. You are required to choose the loan you would like to consolidate or refinance. SoFi then goes ahead to pay it off and offer you a new loan.

Benefits of SoFi

You are not charged origination fees when you apply for consolidation with this company. Before I go far, let me explain origination fees. These are charges you are required to pay for taking out a certain loan. This amount is often added to your principal amount.

Additionally, this company has no pre-payment penances. This means you can decide to start making repayments as early as it is convenient for you.  SoFi has zero prepayment penalties, as well. At any time you can pay off your debt early.

Citizens Bank

This is one of the best companies offering refinancing and consolidating services. The bank has many branches in the US hence is easy to access. I recommend this bank for you if you want to save money on your student loan.

Caleb Jenkins2 years ago

I would like to provide you with suggestions on some of the best student loan consolidation companies in the US. Go through my recommendations below to make an informed choice:

​Earnest- This is a company that helps students and other customers to refinance their loans. It also provides loans to individuals seeking the same. Its headquarters are in San Francisco.

Earnest thoroughly scrutinizes tons of data to determine your eligibility to get their service. This in turn provides information that ensures you get the best scheme/ plan.

ELFI- When approved, you will find out that ELFI provides the best interest rates in the market. In addition to students, it provides refinancing and consolidation services to parents with loans such as private student loans and the Parent PLUS.

To check if you are eligible, visit the ELFI website. This will give you insight on the steps to follow in the application.


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