During your residency, you must make monthly payments of at least $75.00 for the Reset Refinance Loan for Medical Residents. The $75.00 monthly payments during the Residency Period may not be enough to fully pay the interest that will accrue during the Residency Period. If the interest that accrues each month is more than $75.00, the amount of interest that is not paid will be added to your loan balance. Your loan balance may therefore increase during your Residency Period even though you are making the required payments, which is called negative amortization. Because of the negative amortization, your loan will have a larger principal balance at the start of the Post-Residency Repayment Period than the amount that you originally borrowed. Annual percentage rates (APRs) of 2.63% to 6.16% assume a principal and interest repayment term as short as five years and as long as 20 years, borrowing $100,000, a 0% origination fee, deferring principal and interest for 66 months while requiring $75.00 monthly payments, and assumes you are enrolled in and maintain auto-debit payments during the Post-Residency Repayment Period. Enrolling in auto-debit during the Post-Residency Repayment Period results in a 0.25% interest rate reduction during the Post-Residency Repayment Period. Without enrolling in auto-debit, the APR range would be from 2.71% APR to 6.31% APR. Not all borrowers receive the lowest rate. If you are approved for a loan, the rate offered will depend on your credit profile and the term you select.
$500 Offer Details
- To receive the $500 offer, applicants must complete and submit an application for a Reset Refinance Loan for Medical and Dental Professionals or Reset Refinance Loan for Medical Residents in the amount of $60,000 or more using the link from this site. Applicants with loans already owned by Iowa Student Loan are not eligible for the $500 offer.
- The $500 offer will be provided via a check that will be mailed from Iowa Student Loan to the borrower within 60 days of the Reset Refinance Loan for Medical and Dental Professionals or Reset Refinance Loan for Medical Residents being successfully funded.
- Borrowers are only eligible for a single $500 offer. Cosigner(s) are not eligible for a $500 offer, and the $500 offer will not be paid to any cosigner.
- Employees of Iowa Student Loan, Aspire Resources Inc. and Bank of Lake Mills are not eligible for the $500 offer.
- Iowa Student Loan may be required to report any cash payments to the Internal Revenue Service. Please seek advice on the taxability of the $500 offer from your tax advisor.
- Iowa Student Loan reserves the right to change or eliminate this $500 offer at any time.