No-Cosigner Loan for Graduate Health Programs

It depends. We strongly encourage graduate students to understand and take advantage of all sources of student financial aid, including graduate unsubsidized federal loans.

To be eligible for this private student loan program, you must:

• Be of majority age pursuant to applicable law at the time of application or be an emancipated minor.
• Not have defaulted on any private or government student loan.
• Be accepted or enrolled in eligible graduate programs at any nonprofit, Title IV eligible, degree-granting, accredited Iowa college or university or nonprofit school of nursing.
  • Nonprofit schools of nursing located in Iowa must be approved by the Iowa Board of Nursing.
• Be accepted, enrolled or attending on a full-time basis, as defined by the school, and be making satisfactory academic progress in an eligible graduate program.
• Be a U.S. citizen or permanent resident residing in the United States. (Connecticut, Maine and Puerto Rico residents are not eligible currently.) Military addresses are considered U.S. addresses if designated as an APO or FPO.

No. At this time, the ISL Health Professions Graduate Loan is only available for graduate students attending an eligible Iowa college or university.

The ISL Health Professions Graduate Loan is for graduate health professional students. Cosigners are not accepted for this loan. If you have a creditworthy cosigner, consider the Partnership Advance Education Loan as you may qualify for lower rates with that loan program.

To qualify, you must have:

• A FICO score of at least 660. (The FICO score used is the TransUnion FICO Score 8, which is based on data from TransUnion and may be different from other credit scores. FICO is a registered trademark of the Fair Isaac Corporation.)
• No more than two accounts reporting 30-day delinquencies and no delinquencies of 60 days or more during the previous two years.
• No charge-offs, repossessions, collection accounts, judgments, foreclosures, garnishments by credit providers or tax liens.
• No previous bankruptcies.
• Not defaulted on any private or government student loan.
• Total student loan debt, including the ISL Health Professions Graduate Loan, below the maximum student loan debt amount set for each field of study.

Note: The list of criteria above may not be exhaustive. ISL Education Lending may require you to meet additional criteria in order to qualify for a loan. ISL Education Lending reserves the right to change the list of criteria in any way from time to time.

You may borrow up to the cost of attendance minus other aid each year as certified by your school.

Full repayment begins six months after you graduate or drop below full time. Payments are deferred for up to 60 months while you are enrolled in a qualifying program full time plus six months after you graduate or drop below full time. A $25 minimum monthly payment is required during periods of residency deferment.

The repayment period is 15 years.

Use the student loan payment calculator to estimate how much your monthly student loan payment will be once you start repayment.

Once you enter repayment, you can earn a 0.25% interest rate reduction by signing up to have principal and interest payments automatically withdrawn. The 0.25% interest rate reduction will apply once payments begin to be automatically deducted. The reduction will remain in effect as long as automatic payments continue without interruption during the repayment period. The 0.25% interest rate reduction will not lower the monthly payment amount but will instead reduce the interest amount that accrues. The interest rate reduction will be suspended during approved assistance or if automatic payments are rejected due to insufficient funds.

Interest that is not paid during deferments or under other circumstances is capitalized (or added to the principal balance of the loan). Interest on this loan capitalizes at the end of deferment periods.

There are no origination, prepayment, late or other fees associated with this loan.

You may qualify for assistance based on your situation. Please call us as soon as possible if you experience issues, so we can help you avoid delinquency.

In the unfortunate event of a borrower's death, Iowa Student Loan Liquidity Corporation will forgive the loan and not require the borrower's estate to satisfy the loan obligation. In addition, if a borrower becomes totally and permanently disabled after the loan is made, Iowa Student Loan Liquidity Corporation will forgive the loan.

A tax professional or the IRS can provide additional information about possible tax consequences of loan forgiveness.

Customer service for all loans offered by ISL Education Lending will be provided by our affiliate, Aspire Servicing Center.