Frequently Asked Questions
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A. Iowa Student Loan disburses and collects its own loans. It supplies Federal Family Education Loan Program (FFELP) loans together with private lender partners.
A. Iowa Student Loan offers a wealth of innovative products and services, developed specifically to best serve Iowa students and families, particularly those who would not otherwise be able to afford a college education. Iowa students can take advantage of the Iowa Student Loan Borrower Benefits.
The Iowa Student Loan Nursing Education Loan Forgiveness Program, which offers loan forgiveness rebates totaling between $5,000 and $20,000 over a four-year period, was created to provide recruitment and retention incentives to reduce the shortage of nursing educators and nurses in Iowa. The Iowa Student Loan Teacher Education Loan Forgiveness Program is designed to aid recruitment and retention of teachers in state-designated shortage areas, with loan forgiveness up to $9,000. In 2007, Iowa Student Loan created the Armed Forces Interest Reduction Program offering 0% interest on private student loans for service members who have served, or are serving their country during wartime efforts since Sept. 11, 2001.
A. Iowa Student Loan is governed by a Board of Directors appointed by the governor of Iowa. Board members represent educational, banking and public interest sectors. The Board provides extensive levels of oversight, checks and balances that ensure Iowa Student Loan adheres to its mission and meets its obligations.
A. Iowa Student Loan is highly regulated and audited to ensure it adheres to its mission and meets the needs of its borrowers. The following audit controls are regularly completed:
- Creditor Agreed-upon Procedures Engagement
- Exceptional Performer Audit
- FFEL Program Audit
- Financial Statement Audit
- HEAL Program Audit
- Iowa Division of Banking Examination
- Network Assessment
- SAS 70 Audit
- U.S. Department of Education Audit
A. When Iowa Student Loan identifies resources beyond what is required to fund its reserves, it uses that money to offer programs vital to Iowa students and parents. Its Board of Directors work with policymakers and other leaders to identify the areas related to student loans most critical in Iowa. Iowa Student Loan designs innovative programs to directly impact these areas. For fiscal year 2007, these included the following:
| Interest-rate Reductions and Loan Fees Paid | $14,786,058 |
| College Planning Center Services | $2,036,956 |
| Support, Consulting and Financial Aid Information – Processing Services | $1,723,754 |
| Losses on Non-Guaranteed Loans | $14,884,289 |
| Current and Future Years of Loan Forgiveness for Teachers and Nurses | $18,000,000 |
| Average Reinvestment per each Iowa Student Loan Borrower | $171.50 |
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