Indiana State University Student Loans

How do I apply for financial aid?

The first step in applying for federal financial aid is filling out the Free Application for Federal Student Aid (FAFSA). Students who receive a Pell Grant or have been awarded a Perkins Loan should complete their FAFSAs automatically each year. Visit www.fafsa.gov to fill out the FAFSA. The Indiana State University Office of Financial Aid will not accept FAFSAs submitted online. After submitting your FAFSA, you will receive notification of whether you were selected for funding and what level of funding you received. If you are not eligible for Pell Grants, you may still be able to receive assistance based on your financial need. Contact the College of Arts & Sciences office at 812-335-6614 to learn more.

If you are receiving a Stafford loan, you will need to contact the lender directly to find out how to file a request to make payments over a longer period of time.

When does my loan start paying off?

This varies depending on the amount of assistance you receive. Your loan begins making payments once you enter school. However, if you receive a grant or scholarship, your payments will begin after you graduate.

Does my loan ever increase in size?

Yes! Generally, your loan balance increases by $1 for every $1 you borrow. Interest rates are adjusted annually, meaning they could go up or down. To see if your rate changed, visit studentloans.gov/myaccount and log in using your FSA ID number.

Will I get any money back if I pay my loan off early?

To determine if you will get a refund, visit studentloansadvisors.ed.gov.

Can I use my Stafford loan as a co-signer for a private loan?

You cannot use your student loans as a co-signor for a private loan. Private lenders generally require borrowers to have no prior delinquencies on their federal loans.

Do I have to repay my loan?

Indiana State University Student Loans

Indiana University-Bloomington

Application Fee: A $25 nonrefundable application fee is required for each student.Applications received after 10 a.m. on January 1st will be charged an additional $50 processing fee per student. A payment plan may need to be discussed prior to applying.

4% APR until December 31, 2019, then 6.8%-12.8% variable rate.

Monthly payments begin on January 1st of each year and continue throughout the duration of your loan. If you have questions about paying back your loan, please contact us at (866) 537-5267 or email.

How long does it take to get your money? Once your acceptance letter is sent to you, you’ll receive a notification via e-mail from the School of Business indicating that you’ve been accepted. You’ll receive a copy of your personal disbursement information directly from our office once we’re able to review your financial documents.

Purdue University

Application Fee: None.

Interest Rate: Variable interest rate that begins at 8.0 percent, rises to 13.75 percent on July 1, 2018, and falls to 11.25 percent on October 1, 2020, with a monthly minimum payment of 2.00 percent of the principal balance due.

Repayment Plans: Beginning May 1, 2019, repayment begins 60 days following graduation. A three-month grace period applies before interest accrues. Your first payment will be about 57% of your adjusted gross income.Payments increase to approximately 70 percent of your adjusted gross annual income, with the last payment being approximately 84 percent of your annual income.

Ball State University.

Application Fee : None.

N/A Interest Rate

Graduates who complete their bachelor’s degrees in time to avoid defaulting on loans will have their remaining federal education loans paid off automatically by August 15th, upon successful completion of the program.

How long does it take for your money to arrive? Normally, funds are deposited into your account within 30 business days of receipt of the appropriate documentation. However, if you were admitted to a degree program, funds should have been deposited into your account within two weeks of receiving your admission letter. After you have graduated, and depending on your school, it could take as little as ten days to receive your final paycheck.

Indiana State University Student Loans

In-State Tuition Waiver

If you’re enrolled at an Indiana state university, then you may qualify for one of their tuition waivers. These programs are designed to help students with financial needs pay less for their education. You just have to meet certain qualifications.

The Federal Direct Loan Program

The federal direct loan program provides low-interest loans to eligible undergraduates. Generally, these loans are offered by banks, but they might also be provided directly by the government. Students who receive guaranteed student loans are not charged any fees.

Private Scholarships

In addition to federal student aid, there are private scholarships that you can apply for outside of school. If you’re interested in applying for scholarships, check out this link below:

Financial Aid Resources

There are several online websites devoted to providing information on how to find money for college. Here are some links for your convenience:

Free Money For College

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