Private Student Loans
- Nonprofit lender
- Offers no-cosigner loans
- Special rates and benefits for in-state Illinois and Iowa residents
- Limited digital service
- Not available in Maine
- No rate discounts for Iowa residents
| Fixed rates (APR) | 3.54% – 8.75% |
| Loan amounts | Up to your school-certified cost of attendance |
| Repayment terms | 10 or 15 years |
Refinance Student Loans
| Fixed rates (APR) | 5.14% – 9.40% |
| Loan amounts | $5,000 – $300,000 |
| Repayment terms | 5, 7, 10, 15, or 20 years |
Iowa Student Loan Liquidity Corporation, better known as ISL Lending, is an Iowa-based nonprofit that helps students plan for and finance their college educations. However, students and parents nationwide are still welcome to apply for its loans.
Many state-based nonprofits offer benefits for in-state students, but ISL Lending’s benefits aren’t as widespread for Iowa residents. Strangely enough, it’s Illinois students who have access to better rates and benefits.
About ISL Education Lending
ISL Education Lending offers a few loan types. It’s easy to get confused by them, so here’s the full list of its options and the main differences:
- Partnership Advance Education Loan: ISL Education Lending’s main student loan program for undergrads and grads nationwide.
- Illinois Partnership Loan: Students who are Illinois residents and studying at an in-state institution may qualify for a slight rate reduction.
- Partnership No-Cosigner Loan: Upper-level undergrads and grads living and studying in Iowa may qualify for a loan without needing a cosigner. Illinois undergrads may also qualify for a no-cosigner student loan.
- College Family Loan: Parents nationwide can fund their children’s undergrad or grad education with this loan.
- Illinois College Family Loan: Illinois parents can qualify for lower rates on student loans if their resident kids attend an in-state school for their undergrad or grad degree.
- Reset Refinance Loan: ISL Education Lending’s primary student loan refinance program.
- Parent Reset Refinance Loan: Refinance loans for parents who took out loans for your child’s education.
- In-School Refinance: Parents or students can refinance loans while still in school, with payment still deferred until after graduation.
ISL Education Loan details
Most of ISL Education Lending’s loans offer three in-school repayment options: deferred payments, interest-only payments, or immediate full repayment.
If you needed a cosigner to qualify, you can apply to have them removed from your loan after you meet the loan underwriting qualifications yourself, and you’ve made 24 consecutive on-time payments.
| Term | Private student loans | Student loan refinance |
| Rates (APR) | 3.54% – 8.75% | 5.14% – 9.40% |
| Loan amounts | Up to your school-certified cost of attendance | $5,000 – $300,000 |
| Repayment period | 10 or 15 years | 5, 7, 10, 15, or 20 years |
| Fees | None | None |
ISL Education eligibility requirements
| Requirement | Details |
| Citizenship | U.S. Citizen or permanent resident |
| State of residence | Any state except Maine. Special benefits and features for some loans may only be available for Illinois and Iowa residents. |
| Min. age | 18, or the age of majority in your state |
| Min. credit score | 660 FICO for student loans, 670 FICO for refinance loans |
| Min. income | No specific amount. Debt-to-income ratio must be less than 40% (or 25%, if not making any rent or mortgage payments) |
| Enrollment status* | Half-time status or higher, with satisfactory academic progress |
| Graduation status** | In-school refinancing available |
How does ISL Education Lending compare to alternatives?
Given the number of private student loan companies competing for your business, it’s wise to shop around before settling on ISL Education Lending. Here’s how it compares to a few similar options:
In-School Loans Disclosures
Earnest Private Student Loans are subject to credit approval. Before applying for private student loans, it’s best to maximize your other sources of financial aid first. It’s recommended to use a 3-step approach to assembling the funds you need: 1) Look for funds you don’t have to pay back, like scholarships, grants, and work-study opportunities. 2) Next, fill out a FAFSA® form to apply for federal student loans options. 3) Finally, consider a private student loan to cover any difference between your total cost of attendance and the amount not covered in steps 1 and 2. For more information, visit the Department of Education website at studentaid.gov.
Auto Pay Discount
You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment from a checking or savings account. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. It is important to note that the 0.25% Auto Pay discount is not available when loan payments are deferred during the interim period as a result of selecting the deferred repayment option.
Cosigner Release
To qualify for automatic cosigner release, the outstanding principal balance of your loan must be paid down to 50% or less of the original principal balance. The primary borrower must have made 36 months of required payments after the end of the Interim Period. The primary borrower must meet our eligibility and minimum credit requirements. Additional terms and conditions may apply.
To request cosigner release, the primary borrower must have made 12 consecutive, monthly on-time principal and interest payments (or an amount equal thereto) immediately preceding the cosigner release application. The primary borrower must satisfy certain eligibility and credit criteria at the time of application. Additional terms and conditions may apply.
Grace Period
Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school.
Loan Cost Examples
Available interest rates are subject to change. Interest rates as of 03/19/2026. Earnest’s Loan Cost Examples:
1.) These examples provide estimates based on principal and interest payments beginning immediately upon loan disbursement. Variable annual percentage rate (“”APR””): A $10,000 loan with a 15-year term (180 monthly payments of $152.84) and a 16.85% interest rate without Auto Pay (16.85% APR) would result in a total estimated payment amount of $27,511.20. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 15-year term (180 monthly payments of $150.30) and a 16.49% interest rate without Auto Pay (16.49% APR) would result in a total estimated payment amount of $27,054.10.
2.) These examples provide estimates based on interest-only payments while in school. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $152.84) and a 16.85% interest rate without Auto Pay (16.85% APR) would result in a total estimated payment amount of $35,515.14. For a variable loan, after your starting rate is set, your rate will then vary with the market. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $140.42 for 57 months. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $150.30) and a 16.49% interest rate without Auto Pay (16.49% APR) would result in a total estimated payment amount of $34,886.94. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $137.42 for 57 months.
3.) These examples provide estimates based on fixed $25 payments while in school. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $253.39) and a 16.85% interest rate without Auto Pay (14.92% APR) would result in a total estimated payment amount of $47,035.20. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $246.61) and a 16.49% interest rate without Auto Pay (14.65% APR) would result in a total estimated payment amount of $45,814.80. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $25.00.
4.) These examples provide estimates based on deferred payments. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $275.17) and a 16.85% interest rate without Auto Pay (14.67% APR) would result in a total estimated payment amount of $49,530.60. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $268.03) and a 16.49% interest rate without Auto Pay (14.39% APR) would result in a total estimated payment amount of $48,245.40. Your actual repayment terms may vary. Other repayment options are available. It is important to note that the 0.25% Auto Pay discount is not available when the deferred repayment option has been selected and the loan is in the interim period. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $0.
Loan Minimum
Residents of Hawaii must request a loan of at least $1,501.
Repayment Terms and Options
Repayment terms and repayment options available vary based on loan type.
Skip a Payment
Earnest clients may skip a payment through a single, one-month forbearance during a 12 month period. Your first request to skip a pay can be made once you’ve made at least 6 months of consecutive on-time full principal and interest payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Any unpaid accrued interest may capitalize (added to the principal balance) at the end of the forbearance period by adding unpaid accrued interest to the outstanding principal as permitted by law and the terms of the loan agreement. Please note that skipping a payment is not guaranteed and is at Earnest’s discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.
No Fees
Earnest does not charge fees for origination, late payments, returned check, or prepayments. Florida Stamp Tax: For Florida residents, Florida documentary stamp tax is required by law, calculated as $0.35 for each $100 (or portion thereof) of the principal loan amount, the amount of which is provided in the Final Disclosure. Lender will add the stamp tax to the principal loan amount. The full amount will be paid directly to the Florida Department of Revenue. Certificate of Registration No. 78-8016373916-1.
Earnest Private Student Loans are made by FinWise Bank, Member FDIC. FinWise Bank, 756 East Winchester, Suite 100, Murray, UT 84107. Earnest student loans are serviced by Earnest Operations LLC, 300 Frank H. Ogawa Plaza, Suite 340, Oakland, CA 94612. NMLS #1204917, with support from Higher Education Loan Authority of the State of Missouri (MOHELA) (NMLS# 1442770). FinWise Bank and Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.
Interest Rates Disclosure:
Includes 0.25% Auto Pay discount. Actual rate and available repayment terms will vary based on your financial profile. Fixed annual percentage rates (APR) range from 3.04% to 16.74% (2.79% – 16.49% with Auto Pay discount). Variable annual percentage rates (APR) range from 5.24% to 17.1% (4.99% – 16.85% with Auto Pay discount). Earnest variable interest rate student loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent plus a margin and will change on the 1st of each month. The rate will not increase more than once a month, but there is no limit on the amount that the rate could increase at one time. Our lowest rates are only available for our most credit qualified borrowers and requires selection of our shortest term offered, full principal and interest payment while in school, and enrollment in our 0.25% Auto Pay discount. Enrolling in Auto Pay is not required as a condition for approval. Interest rates are subject to change.
fixed apr
3.54% – 8.75%
3.39% – 17.99%
4.13% – 17.99%ⓘ
varirable apr
N/A
3.87% – 17.99%
4.13% – 17.99% ⓘ
loan amounts
Up to total costs
Vary
$1K – total costs
- Credible: Credible isn’t a lender, but it lets you check student loan and refinancing rates from 10+ lenders with one easy form, rather than checking your rates with each company individually.
- Earnest: Most lenders give you a choice of a few term length options, but Earnest offers 180 choices. That’s especially helpful when you’re refinancing, because you can choose the exact term length to dial your monthly payment in the sweet spot you can afford.
View our full lists of the best private student loans and best refinance lenders.
What do ISL customers say?
There aren’t a ton of customer reviews online for ISL Education Lending, and when you do find them, people are often discussing its scholarships, not its student loans.
However, customer reviews over the past couple of years that do talk about its student loans frequently mention that it’s not a very technologically modern lender, with several annoying glitches and limitations that make it harder to get and repay an ISL student loan.
| Platform | Rating | Number of reviews |
| Trustpilot | 4.7/5 | 1,463 |
| 3.1/5 | 28 |
How to apply for an ISL Education loan
Take these steps to apply for a student loan with ISL:
- Prequalify: Complete a simple form on ISL Education Lending’s website to see what rates you might be eligible for without undergoing a hard credit check (yet).
- Check with other lenders: This step is optional, but we recommend it to ensure you’re getting the best rates possible.
- Complete an application: ISL will reach out if it needs additional information or documents.
- Receive a decision: If you’re approved, the funds will be disbursed to your school.
About our contributors
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Written by Lindsay VanSomerenLindsay VanSomeren is a personal finance writer living in Suquamish, Washington. She's passionate about helping people manage their money better so that they can live the life they want. In her spare time, she enjoys outdoor adventures, reading, and learning new languages and hobbies.
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Edited by Kristen Barrett, MATKristen Barrett is a managing editor at LendEDU. She lives in Cincinnati, Ohio, with her wife and their pack of senior rescue dogs. She has edited and written personal finance content since 2015.