Advantages of Paying Your Loan on Time

Repaying your student loans is a serious legal obligation, so you need to set aside enough money to make your student loan payment on time and in full each month.

Iowa Student Loan depends on you to uphold your promise to repay your loan so that other deserving students can receive loans.

By paying your student loan on time, you are acting as a responsible borrower. You are also successfully managing your finances and establishing good credit.

Each month, Iowa Student Loan provides a report on your account to four national consumer reporting agencies: Equifax, Experian, Innovis and TransUnion. On-time payments have a positive impact on your credit report, while new applications for credit may be denied if your account is past due. Your payment history may account for up to 35% of your credit score, which is why it is so important to pay your bills on time and in full each month.