How to Make a Payment on My Iowa Student Loan

There are four ways in Iowa to pay off loans for higher education. Borrowing for college averages $7,100 annually in the United States in 2007-2008, according to the National Center for Educational Statistics. Most loans offer a grace period, after graduating or leaving school, before repayment must start. For example, the grace period for federal Stafford Loans is six months. Graduated payment plans, in which payments are smaller in the beginning and rise in later years, are available for federal and private loans. Falling behind or defaulting on a student loan can affect your credit rating and make it harder to reach your desired career track.

Instructions

1

Make automatic monthly payments. Auto-debit is a free automatic payment program that allows Iowa Student Loan, a non-profit organization, to deduct monthly payments from checking or savings accounts. This ensures that the bill is paid on time. Allow about two months to set up an auto-debit program, and make sure your account can cover the monthly amount on a regular basis. Auto-debit is deactivated if three payments within a two-year period are returned for insufficient funds.

2

Pay online. Set up an online account with Iowa Student Loan. Online payments can be made to the entire loan account or to specific loans. You can request immediate payment or schedule payments up to 60 days in advance. Have your 10-digit Iowa Student Loan account number ready. You will need loan sequence numbers when making payments to specific loans.

3

Pay by telephone. An automated toll-free number is available around the clock, seven days a week. Des Moines area residents can use a local number. Have your 10-digit Iowa Student Loan account number ready. Follow the prompts to make a payment in the desired amount. Payment can be made from your bank account, ATM card with one of the logos PULSE, STAR or NYCE, or with a Visa or MasterCard credit card. You will receive a confirmation number after paying. If you want to speak to a loan counselor, press 1 for the recorded announcement on how to make a payment, and press 0 anytime during the announcement.

Toll-free: 800-243-7552

Des Moines area: 515-243-5626

4

Pay by mail. Iowa Student Loan will send a monthly bill to you by mail about 20 days before the due date. You can pay with a check or money order, and you must detach and enclose the payment stub on the monthly bill. Mail the payment to:

Iowa Student Loan

P.O. Box 7388

Des Moines, IA 50309-7388