Success Tip Seek Out Help If these solutions do not offer the assistance you are seeking, the loan counselors at Iowa Student Loan can assist you with one-on-one counseling either in person or over the phone. Iowa Student Loan wants to help you avoid default and keep your credit in good standing.

Having Trouble Making Your Payment?

Iowa Student Loan can help you if you're having difficulty making your student loan payments. A number of options and resources that are available to assist you in avoiding or resolving delinquency and default.

Federal Student Loan Repayment Plan Options

If you are unable to make your current scheduled monthly payment, Iowa Student Loan offers various repayment plans to allow maximum flexibility in the repayment of your student loan(s).

• Standard Repayment Plan — With this plan, the monthly installment amount generally remains the same throughout repayment. However, circumstances or events during repayment may result in changes to the monthly installment amount. Generally, this option is the fastest and most economical method of repayment.
• Graduated Repayment Plan — This plan allows you to pay a small monthly amount (typically, interest only) during the beginning of the repayment period. Your installment amount will increase gradually over the life of your loan(s). The amount of interest paid over the life of the loan is higher with this option than with the Standard Repayment Plan option.
• Extended Repayment Plan — The 25-Year Extended Repayment Plan is available to you only if your loan(s) were first disbursed on or after Oct. 7, 1998, and you have an outstanding balance of principal and interest in federal loans totaling more than $30,000. This plan offers you the ability to repay your loan(s) on a Standard or Graduated Repayment Plan up to 25 years rather than the standard 10 years. This plan provides for a lower monthly payment; however, the amount of interest paid over the life of the loan would be much higher than with a 10-year repayment plan.
• Income-Sensitive Repayment Plan — This plan is a reduced monthly installment amount for a 12-month period. Your installment amount will be based on a percentage of your monthly gross income from all sources and the amount of interest that accumulates on your loan(s) monthly. The plan must be requested annually and you must supply all supporting documentation.
• Income-Based Repayment Plan — This repayment option is available for Stafford Loans, PLUS Loans made to graduate or professional students, and Federal Consolidation Loans (with no underlying PLUS Loans made to parent borrowers). You must qualify for this repayment plan by providing required documentation to prove you have a partial financial hardship. If you apply for this repayment plan (PDF), you are required to provide Iowa Student Loan with current tax return information. Under this repayment plan, your monthly installment amount is based on your annual adjusted gross income (AGI), family size and marital tax filing status if your spouse has federal student loans.
  

Find out more about these federal student loan repayment plans.

Changing Your Repayment Option

If you would like to change your repayment plan, please call Iowa Student Loan for additional information on how to submit your request.

Postponing Your Repayment

If you can't make any payments at all, then a deferment or forbearance might be the right choice to keep your loan(s) from defaulting.

• Deferment — Installments of principal may be deferred if you qualify for one of the deferment conditions listed on your original Master Promissory Note(s). You must request and provide proper documentation to Iowa Student Loan to support any deferment status. Interest for which you are responsible will continue to accrue on unsubsidized Stafford Loans, PLUS Loans, Federal Supplemental Loans for Students (SLS loans) and the unsubsidized portion of Federal Consolidation Loans during periods of deferment. Any interest that you do not pay during the deferment will be capitalized (added to the principal balance of your loans). Capitalization of interest increases the total cost of your loans. The federal government will pay the accruing interest on subsidized Stafford Loans and the subsidized portion of a Federal Consolidation Loan during periods of deferment.
• Forbearance — If you are unable to make your scheduled payments and do not qualify for a deferment, you may be able to temporarily stop making payments as long as you intend to repay your loan. This action is called forbearance. During a period of forbearance, interest charges continue to accrue while you are temporarily permitted to delay or reduce payments. Reasons for forbearance include but are not limited to:
  • Experiencing a temporary financial hardship.
  • Serving in a medical or dental internship or residency program
  • Serving in a national service position for which you receive a national service education award under the National and Community Service Trust Act of 1993.
  • When your annual debt burden for federal loans equals or exceeds 20% of your total monthly income.
  Please note that you must request and provide proper documentation to Iowa Student Loan to support any forbearance status. Interest for which you are responsible will accrue on all loan types during periods of forbearance. Any interest that you do not pay during the forbearance will be capitalized (added to the principal balance of your loans). Capitalization of interest increases the total cost of your loans.

Discharge

A loan discharge is a release of a borrower's or any endorser's obligation to repay his or her loan, either in whole or in part. There are several circumstances under which a borrower's or endorser's loan may be discharged. A list of reasons under which a loan may be discharged include:

• Closed School Discharge
• False Certification of Ability to Benefit Discharge
• False Certification — Disqualifying Status Loan Discharge
• False Certification — Unauthorized Signature/Unauthorized Payment Discharge
• False Certification as a result of the crime of Identity Theft
• Unpaid Refund
• Total and Permanent Disability Discharge
• Teacher Loan Forgiveness

If you feel you qualify to have your loan(s) discharged for any of these reasons, please contact Iowa Student Loan for more information.

Advice/Assistance on Loan Repayment

If you have been unable to resolve a dispute concerning the terms of your loan(s), the U.S. Department of Education's Office of Student Financial Assistance has created the Student Loan Ombudsman's office to assist you with issues. You may contact them at:

Office of the Ombudsman
U.S. Department of Education
830 First St. N.E.
Fourth Floor
Washington, DC 20202-5144

or

(877) 557-2575