ISL Education Lending Reviews: Student Loan Refinancing and Private Student Loans
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Student loan ratings

Student loan refinancing
Private student loan
5.0
The bottom line:
ISL is a nonprofit lender that offers student loan refinancing and private student loans nationwide. Its refinancing loan is good for borrowers who have yet to graduate — or didn’t in the first place. Its private loan offers consumer-friendly features, like no late fees and a generous forbearance policy.
Student loan refinancing review

5.0
/5 NerdWallet ratingPros
You can see if you’ll qualify and what rate you’ll get without a hard credit check.
You can refinance without a degree.
You can refinance while in school or during a medical residency.
Cons
Interest rates vary by refi product.
Best for saving on interest before graduation and borrowers who didn’t finish school.
Full Review
ISL Education Lending, formerly Iowa Student Loans, is a nonprofit state student loan lender that was established in 1979. Despite its regional affiliation, ISL offers nationwide student loan refinancing via its Reset Refinance Loans.
ISL may be a good choice if it offers a lower rate than other refinance lenders or you don’t meet their eligibility criteria. ISL doesn’t have a minimum income requirement, and you can qualify if you don’t have a degree — or haven’t even graduated yet.
While some lenders let you refinance within a few months of graduation, ISL offers true in-school refinancing. If you have private student loans, refinance as soon as you can get a lower rate. If that’s while you’re in school — and before loans enter repayment — refinancing could reduce your interest costs and the amount you repay overall.
ISL also offers specific refinancing loans for medical residents, health professionals and parents. Rates and terms can vary by product. For example, in-school refinancing has a 15-year term only. Understand the details of your loan before accepting.
ISL REFINANCING AT A GLANCE
You can refinance without a degree.
You can refinance before graduation or during a medical residency.
Generous forbearance policy for struggling borrowers.
Up to 24 months of deferment for general and medical residency refinance, or up to 84 months of deferment for in-school refinance.
HOW ISL COULD IMPROVE
ISL, like other five-star loans, isn’t perfect. They could improve by offering additional programs such as:
Biweekly student loan payments via autopay.
ISL student loan refinancing details
Before refinancing with ISL
Before deciding on a student loan refinance lender, compare student loan refinance options to make sure you’re getting the best rate you qualify for. In addition to interest rates, compare lenders’ repayment options and the flexibility they offer for borrowers who are struggling to make payments.
If you aren’t eligible to refinance with ISL
If ISL denies your refinance application, the lender will let you know why. Depending on the reason, you may want to consider other lenders or need a co-signer.
NerdWallet recommends prequalifying with multiple refinance lenders before you apply. This will let you know which lenders you may be eligible with, without affecting your credit.
STUDENT LOAN REFINANCE RATINGS METHODOLOGY
Our survey of more than 29 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and the top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.
We consider 41 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
Read more about our ratings methodologies for student loan refinance and our editorial guidelines.
Private student loan review

5.0
/5 NerdWallet ratingPros
Forbearance of 24 months is longer than many lenders offer.
No late fees.
Cons
Only offers 2 loan terms.
Best for low-interest loans with consumer-friendly features, like a generous forbearance policy.
Full Review
ISL offers undergraduate, graduate and parent student loans. Unlike many state-based lenders, you don’t have to be from or attending college in Iowa to qualify; funding is available nationwide.
Consider ISL if you can’t qualify for a low interest rate elsewhere. As a nonprofit, ISL has maximum rates below many lenders, while also providing consumer-friendly features such as no late fees and 24 months of forbearance if you run into financial difficulties.
Your repayment term will be set at 15 years if you opt to defer payments while in school. Otherwise, loans receive a 10-year term. Other lenders may offer additional flexibility via longer and shorter repayment terms.
ISL PRIVATE LOANS AT A GLANCE
Loans available nationwide, except in Maine.
Generous forbearance policy for struggling borrowers.
Term based on repayment option selected.
Graduated repayment plan, which allows borrowers to begin with lower payments and increase them 10% every two years.
Academic deferment if you’re enrolled at least half-time.
HOW ISL COULD IMPROVE
ISL could improve its private student loan product by offering:
More loan term options.
ISL private student loan details
Before applying for an ISL loan
Before taking out an ISL loan or any other private student loan, exhaust your federal student loan options first. Submit the Free Application for Federal Student Aid, known as the FAFSA, to apply.
» MORE: NerdWallet’s FAFSA Guide
Compare your private student loan options to make sure you’re getting the best rate you qualify for. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments.
If you aren’t eligible for an ISL loan
If ISL denies your student loan application, the lender will let you know why. Depending on the reason, you may want to consider other lenders.
If you don’t have access to a co-signer — or still aren’t eligible with one — consider lenders that don’t require co-signers or specialize in bad or no credit student loans.
STUDENT LOAN RATINGS METHODOLOGY
Our survey of more than 29 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.
We consider 40 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
Read more about our ratings methodologies for student loans and our editorial guidelines.