Click HERE to prepare an estimate of the EFC and financial need. Federal regulations require all first-time borrowers to attend a loan counseling session prior to receiving the first check. Iowa Student Loan offers a variety of payment options to help borrowers meet their repayment obligations. The repayment schedule which requires the borrower to pay the least amount of interest possible during the life of the loan is automatically established at the time of repayment. The resulting repayment schedule is based on level payments.
Borrowers have the option, however, to request a graduated or income sensitive repayment schedule.
Keep in mind it is to your advantage to pay as much as you can. The lower the payment amount, the longer it takes to repay your loan and the more interest you will pay, therefore increasing your total debt over the life of the loan. Please read below for a description of the different payment choices available and examples for each. This schedule will calculate an interest and principal payment that will remain constant for the entire loan term. This schedule will accrue more interest over the life of the loan because principal decreases at a slower rate.