Private Student Loans
Private Student Loans
Prior to considering private student loans, students are strongly encouraged to complete the Free Application for Federal Student Aid (FAFSA) annually by the March 10 Priority Application Receipt Deadline to receive maximum consideration for financial aid. Private Student Loans should be considered after all other sources of financial aid (grants, scholarships, federal work-study, and federal student loans) have been exhausted.
The IU Kokomo Office of Scholarships and Financial Aid will review and certify Private/Alternative Loans for eligible students with your preferred lender.
At the request of an enrolled or admitted student applicant for a private educational loan (or to the parent loan applicant of an enrolled or admitted student), an institution must provide the Self-Certification form to the applicant with the information requested in Section 2 of the form, to the extent that the institution possesses the information. Section 2 of the Self-Certification form requests the following information:
-- The student's Cost of Attendance (COA) for the period of enrollment covered by the loan;
-- Any estimated Financial Assistance (EFA) for the period of enrollment covered by the loan; and,
-- The difference between the COA and EFA.
Student Loan Repayment
For federal student loans, you have a grade period when you graduate, leave school, or drop below half-time enrollment before you begin repayment.
- Six months for a Federal Stafford Loan
- Nine months for a Federal Perkins Loan
- Nine months for a Nursing Student Loan
For additional information, visit the Department of Education Student Aid on the Web on Repaying Your Loans.The information includes Exit Counseling, Repayment Options, Difficulty Repaying, Loan Discharge (Cancellation), Loan Consolidation, and Loan Default. For print information, you can download Funding Education Beyond High School: The Guide to Federal Student Aid with a section on Repaying Your Student Loan.
For print information on Federal Perkins Loans and the Nursing Student Loan Program from IU Student Loan Administration, you can download the Repayment Guide for Your IU Student Loans.
Student Loan Lender Information via NSLDS
The key resource to compliment good record keeping is the National Student Loan Data System. The National Student Loan Data System (NSLDS) is the U.S. Department of Education's (ED) central database for student aid. NSLDS receives data from schools, guaranty agencies, the Direct Loan program, and other Department of ED programs. NSLDS Student Access provides a centralized, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data.