Illinois State University Student Loans

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What is an ISU student loan?

An ISU student loan is a type of private debt that students incur while attending Illinois State University. There are two types of loans: Federal Direct Subsidized and Federal Direct Unsubsidized. These are both federal financial aid programs offered by the U.S. Department of Education.

How do I qualify for ISU student loans?

Students who meet eligibility requirements may apply for Direct Loan assistance based on their financial need. Students must complete the FAFSA to determine if they should receive Direct Loan funds.

Do I have to borrow money for college?

No, not at all! However, borrowing money for educational purposes could help to fund other expenses besides tuition. You may want to consider taking out a small personal loan to pay for things such as books, supplies, and transportation costs to and from school.

What options are available for paying off my student loans?

There are many repayment plans available. However, the standard plan for federal student loans is 10 years for undergraduate students and 20 years for graduate/professional students. After the ten-year grace period, interest begins accruing at 8% per annum. A majority of borrowers choose to use the Income Contingent Repayment Plan (ICRP) for their federal student loans. This plan provides monthly payments based on the percentage of discretionary income a borrower makes. Graduates can start making payments after six months of graduation. However, undergraduates are expected to begin repaying their loans after entering employment. Graduate students would make monthly payments equal to 15% of their discretionary income, while undergraduate students would make payments equal to 10% of their discretionary income.

What are some organizations that offer financial assistance for college?

The National Association of Student Financial Aid Administrators (NASFAA), the Consumer Financial Protection Bureau (CFPB), and the United States Department of Education are three organizations that provide information about student loans and help guide students through the application process.

Illinois State University Student Loans

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Illinois State University Student Loans

What is a student loan?

A student loan is a type of debt where money is borrowed to pay a certain amount each month towards the balance owed. A student loan is also called a federal education loan or a federally guaranteed student loan.

Are there different types of student loans?

Yes. There are many types of student loans available. Most states have their own forms of student loans that vary slightly from those offered at the federal level. In Illinois, students have access to two forms of federal student loans: Direct Subsidized Stafford Loans and Direct Unsubsidized Stafford Loans. Both these options are subsidized (which means the government pays some of the interest), while the Federal Family Education Loan Program is not (meaning you’ll need to repay the interest). While direct loans offer direct funding, they’re limited to undergraduate borrowers who attend school full-time, making them less attractive than FFELP Loans.

How do I qualify for financial aid?

The first step in applying for financial aid is to determine your eligibility. If you already know what you want to study, search our website’s directory for your area of interest. Once you’ve determined which program you’d like to pursue, contact your financial aid office. The financial aid office will then decide whether or not you’re eligible for their specific programs. They may ask for additional documentation regarding your financial background as well as any outside scholarships you may have received in addition to financial aid.

Am I eligible for financial aid?

If you qualify for financial aid, you’ll receive a letter in the mail informing you about the amount of funding available to you. You’ll also have the opportunity to request information about your potential funding.

Will my financial aid be applied toward my tuition and fees?

Most lenders do apply your financial aid toward your tuition and fees. However, if the lender is unable to do so, you’ll be notified before your payment is due.

Can I borrow more than $4000 per year?

You can borrow up to $4000 per academic year when taking out a loan. However, depending on how much you owe on your previous loans and how long ago you took them out, you might only be able to borrow $3000 per academic year.

How much does it cost to take out a student loan?

Loan costs depend on several factors, including:

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