Click HERE for more details on the Partnership Loan. The Scholar's Advantage Loan is available to students attending eligible schools in the United States. The Scholar's Advantage Loan was designed to provide low-interest loans to students and families who don't otherwise receive adequate amounts of student aid. The loans are originated by Principal Bank SM and disbursed and serviced by Iowa Student Loan. Advantage I or II depends upon the Iowa Student Loan's student loan default rate guidelines for the borrower's school.
Origination Fees vary depending on employment and credit.
Scholar's Advantage II Available at schools with medium default rates as defined by Iowa Student Loan's student loan default guidelines - interest rate and origination fee are slightly higher than the Scholar's Advantage I interest rate. At this time, Iowa Student Loan, as servicer for Principal Bank, is not making Scholar's Advantage loans to residents, or students attending school in Colorado, Kansas, Massachusetts, North Carolina, Oklahoma, South Carolina, West Virginia, Wyoming, Idaho and Ohio. Click HERE for more details on the Scholar's Advantage Loan. The colleges then calculate the student's financial need by subtracting the EFC from the cost of education. The college will then inform the student, via a financial aid award letter, about any financial aid for which the student is eligible.