An alloy comprising: a magnetostrictive iron alloy having the formula: FexGayAlz, where x is of from about 65 at % to about 90 at %, y is of from about 5 at % to about 35 at %, andz is of from about 0 at % to about 30 at %; and wherein said alloy has a room temperature magnetostriction of at least approximately 150 ppm. An alloy having a saturated magnetostriction of from about at least 150 ppm comprising: a magnetostrictive iron alloy having the formula: FexGayBet, where x is of from about 65 at % to about 90 at %, y is of from about 1 at % to about 35 at %, andt is of from about 1 at % to about 30 at %; and wherein said alloy has a room temperature magnetostriction of at least approximately 150 ppm.