Loans Refinance Review

ISL Student Loan Refinance Review 2024

ISL Student Loan Refinance

If you want to refinance your student loans while still enrolled in school, ISL student loan refinance may be a better option for you. There are several refinance solutions available from this non-profit lender. You can use ISL to refinance your student loans before you graduate. Low rates are available on the lender’s in-school products.

ISL is a non-profit state education lending organization in the United States that provides student loan refinancing as well as private student loans. ISL offers student loan refinancing nationwide through its Reset Refinance Loans, regardless of regional affiliation. It is possible to qualify for ISL student loan refinancing even if you did not graduate or have a degree. Medical professionals, dentists, and residents can receive special rates from ISL. 

This lender offers true school refinancing, unlike some lenders that allow you to refinance within a few months of graduation. We review ISL student loans refinance which will give you in-depth knowledge about this refinance company and its potential.

ISL Student Loan Refinancing at a Glance: Loan Details and Rates

Fixed Rates (APR)6.93%  – 11.83%
Variable RatesNone
Loan Types Federal and private student loans, including Private Parent Loans and Federal Parent PLUS Loans
Loan Terms5, 7, 10, 15 or 20 years (15-year term only for in-school refinancing)
Loan Amounts$5,000 – $300,000
Minimum Credit Score670 (660 for in-school refinance)
Minimum IncomeNot disclosed
ResidencyUS citizen or permanent resident
Cosigner ReleaseAvailable after 24 consecutive eligible payments
DegreeNot required 

Who is Eligible for ISL Student Loan Refinancing?

To qualify for ISL student loan refinancing, you must meet the following eligibility criteria. Let’s find out: 

  • Citizenship: Borrowers must be US citizens or permanent residents.
  • Credit Score: Student borrowers must have a minimum credit score of 670 to refinance their student loans through ISL student loan refinancing. For in-school refinance, the credit score requirement is 660.
  • Income Requirement: 40% to 45% maximum debt-to-income ratio. Minimum income is not disclosed.
  • Loan Amount: The refinancing eligibility requires a minimum loan amount of $5,000, while the upper limit stands at $300,000 for borrowers seeking refinancing options.
  • Graduation Requirement: To be eligible for ISL student loan refinancing, borrowers don’t require graduation.

ISL Student Loan Refinance Rates & Fees

ISL Student Loan Refinance offers fixed rates between 6.93% and 11.83% APR, ensuring stability in repayment. For borrowers seeking competitive fixed rates starting at 3.20% APR, Purefy Student Loan Refinance presents a viable alternative. 

Both ISL and Purefy cater to diverse borrower needs, including options for professionals like medical and dental practitioners. Additionally, both lenders provide a 0.25% interest rate reduction through autopay, simplifying repayment processes and potentially lowering overall interest costs.

Borrowers can tailor their repayment plans with flexible loan terms of 5, 7, 10, 15, or 20 years. Notably, the in-school refinancing has a special 15-year term option designed specifically for ISL student loan refinancing, providing a tailored solution to meet a variety of financial needs. With these offerings, ISL aims to empower borrowers to effectively manage their student loan obligations while enjoying the benefits of fixed rate stability.

Loan Types & Refinance Rates

Loan Types Fixed Rates
Student Refinance Loan6.93% – 11.83%
In-School Refinance7.54% – 8.54%
Medical & Dental Professional Refinance6.64% – 11.03%
Parent Refinance Loan6.93% – 11.83%

Additional Fees

ISL may or may not charge some additional fees to refinance your student loans with ISL student loan refinancing. Let’s uncover what those extra charges entail.

  • Application Fee: The fee for rates and approval remains undisclosed by ISL (the cost associated with processing applications for loan rates and approval).
  • Disbursement Fee: Not applicable with ISL (a charge imposed on lenders for disbursing funds towards repayment of refinanced loans).
  • Loan Origination Fee: ISL does not impose any loan origination fees (charges involved in initiating a new loan).
  • Late Payment Fee: No late payment fees are levied by ISL (charges incurred due to delayed payments).
  • Collection Fee: Not Applicable at ISL (fees connected to the collection of defaulted debts).
  • Prepayment Penalty: ISL does not enforce prepayment penalties (fees for making extra payments to reduce or settle the balance of a refinance loan ahead of schedule).
  • Returned Payment Fee: The fee for a failed payment due to insufficient funds remains undisclosed by ISL (charges associated with payments that fail because of insufficient funds).

Why Choose ISL to Refinance Your Student Loans?

There are several reasons why you might choose ISL to refinance your student loans. Let’s explore them!

  • Competitive Fixed Rates 

ISL offers competitive fixed interest rates. The intention behind these rates is to ensure competitiveness within the market. Additionally, ISL offers multiple repayment options, giving borrowers the flexibility to choose a term that fits their budget and financial priorities when refinancing their student loans through ISL student loan refinance.

  • No Origination Fee 

ISL does not charge any additional fees, such as origination fees, prepayment fees, or late fees when you refinance your student loan with ISL student loan refinance. The lender emphasizes a fee-free approach during the refinancing process.

  • Improved Customer Service 

The lender provides customer service with knowledgeable representatives located in the USA. This implies a focus on well-informed and local customer support, intending to potentially increase user experience and satisfaction.

  • No Degree Required 

ISL student loan refinancing option is particularly beneficial for student borrowers who want to save on interest payments before graduating. Additionally, it appears to be beneficial for borrowers who have not earned a graduation degree. This may include flexible terms or benefits designed to accommodate those who have not completed their college education and still want to manage their student loans effectively.

  • Option for Cosigner Release 

If you need a cosigner for your refinance loan, ISL may be the right option for you. Unlike many other lenders, ISL lets you release your cosigner after the first 24 months of consistent on-time payments, provided you also meet the credit and underwriting requirements at the time of the release request. This can be useful if you want to establish credit in your name.

Pros and Cons of ISL Student Loan Refinance 


  • Refinancing without a degree is possible.
  • You can determine your eligibility and the offered rate without undergoing a hard credit check.
  • You are allowed to refinance while you undergo medical residency or are enrolled in school.


  • Refinance products have different interest rates.

How to refinance your Student Loans with ISL?

Refinancing your student loans with ISL Student loan refinancing is a simple process. It takes approximately fifteen minutes to complete an application. When you’re ready to complete the application, make sure you have your social security number and details of your current loans ready.

If your loan refinance application is accepted, ISL will pay off your previous loans, leaving you with only your new loan to manage. A wide range of borrowers, including medical professionals, parents paying for their child’s education, and students still enrolled in school, may consider refinancing through ISL a good option.

To find the best deal for you, it’s still a good idea to shop around and compare as many student loan refinancing companies as possible.

How ISL can improve?

ISL could still use some improvement in some areas, even though it may be a reasonable option for student loan refinancing in some circumstances. These include:

  • Offering Low Rates: Due to the lack of variable rates, ISL Education Lending’s rates are sometimes higher than other lenders.
  • Offering a Shorter Cosigner Release Period: Although a 24-month cosigner release period is not very long, some lenders may accept applications for cosigner release after just 12 months.
  • Increasing the Maximum Loan Amount: While $300,000 is a large amount for student loans, it may not be enough to pay off loans from professional programs like dental or medical school.

Compilation of the Leading 10 Companies for Student Loan Refinancing

  • Earnest Best overall student loan refinance company
  • SoFi – Offers best benefits
  • Citizens Bank – Best for borrowers who have not completed graduation
  • PenFed – Best for spousal Loans 
  • Splash Financial – Best for interest rates
  • ISL Education Lending – Best for parent loans and in-school refinancing
  • LendKey: Best marketplace to find lenders
  • CommonBond – Best for lower interest rates
  • Discover – Best for no fees 
  • INvestED – Good for refinancing without a graduation degree 


1. Is ISL good for refinancing student loans?

Yes, borrowers who have not yet received a graduation degree, or who are still in school may find that ISL is a good way to refinance their student loans through ISL student loan refinancing.

2. Does checking your rates with ISL affect your credit score?

For its prequalification process, ISL performs a soft credit check, which will not affect your credit score. However, if you move forward with an application, ISL will conduct a hard credit check, potentially impacting your credit score.

3. How long does it take to get an ISL refinance loan?

It only takes a few minutes to apply through ISL for ISL student loan refinance. ISL will analyze your loan application and any supporting documents you provide for underwriting, and contact you with a decision within one day. As soon as ISL pulls your credit, you will be informed of the loan terms and interest rate if you are eligible.

Your rate will be available to you immediately upon submission of the required documents. You may have to wait for some time to receive your loan. Asking for loan repayment letters from your current lender and loan servicer will speed up the process.

4. Are ISL refinance loans federal or private?

ISL loans are private loans. You may be better off exhausting all federal loan possibilities before taking out a private loan. Refinancing federal student loans can result in the loss of important benefits. Before refinancing federal student loans, make sure you are aware of the potential pitfalls associated with doing so.

5. Is ISL a legitimate lender?

Yes, ISL is a legitimate and reliable student loan lender. This non-profit student loan organization offers student loan refinancing as well as private student loans.


Choosing ISL student loan refinance can be a strategic financial move for individuals who want to manage their student loans more efficiently. By consolidating loans into a single, potentially lower-interest loan, borrowers can benefit from lower monthly payments and simplified repayment terms. 

With ISL, you can refinance your student loans without a degree. Refinancing is possible both before and during medical residency. For borrowers with financial hardship, a generous forbearance policy is offered.

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