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Types of Student Loans                     

Loan

Eligibility

Amount for Academic Year

Interest Rate

Notes

Federal Perkins Loan

FAFSA required. Preference given to borrowers with exceptional financial need enrolled at least half-time.

$1,000 maximum

5.00% fixed

Awarded to undergraduate students based on exceptional need and availability of funds. No origination fee. Payments deferred while you are enrolled at least half-time. Maximum undergraduate aggregate: $20,000.

Federal Direct Subsidized Stafford Loan

FAFSA required. Must show financial need and be enrolled at least half-time.

Varies based on need, year in school, dependency status, & previous borrowing.

6.0% undergrad; 6.8% graduate

Payments deferred and no interest charged while you are enrolled at least half-time.

Federal Direct Unsubsidized Stafford Loan

FAFSA required. Must be enrolled at least half-time.

Varies based on need, year in school, dependency status, & previous borrowing.

6.8%

Payments deferred and interest begins accruing at the time of loan disbursement.

Nursing Student Loan Program

FAFSA required. Must be enrolled at least half-time in the Bachelor of Science in Nursing program with an IU overall grade point average of 2.00 or higher and financial need.

Maximum of $1,000

5.0%

Awarded based on receipt of FAFSA and confirmation of student's eligibility and cost of attendance minus other financial aid

Federal Direct PLUS Loan

PLUS loan application. FAFSA recommended for student of a parent borrower and required for a Graduate student borrower. For parents of an undergraduate student or graduate students. Enrolled at least half-time. Borrower must complete a separate PLUS application.

Maximum equal to cost of attendance minus other financial aid.

7.9%

You must complete a PLUS application. Lender will require borrower to meet credit criteria. For parents, repayment begins within 60 days after the final loan disbursement.

Private Alternative Loan

Private loan application. Credit Worthiness (Other eligibility requirements vary by loan and lender.)

Maximum equal to cost of attendance minus other financial aid.

Varies

Borrower must meet credit criteria. Cosigners may be required. Payments deferred and interest begins accruing at the time of loan disbursement.

Campus Info

2300 S. Washington St.
Kokomo, IN 46904-9003
Phone: (765) 453-2000

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