Ivy Tech Community College of Indiana

Ivy Tech Community College of Indiana

Loans could also be accessible to you as a part of your monetary support awards to assist fund your schooling. Remember: A loan is cash that should be repaid and will accrue curiosity. You ought to solely borrow what is critical that will help you along with your schooling. Be positive you perceive the phrases and circumstances of your loan in case you determine to borrow.

 

In partnership with the U.S. Department of Education, Ivy Tech is taking steps to assist students cut back student loan debt. Like many establishments, we’ve seen our students’ elevated borrowing. Given our low tuition prices, we discover this development to be very regarding. We don’t need our students to be overly burdened with loan debt once they graduate.

As a end result, we’re lowering annual most Unsubsidized loan limits for impartial students by $2,000. For particulars concerning annual and mixture loan limits, please click on on the William D. Ford Federal Direct Student Loan drop-down arrow under. This solely impacts unsubsidized loans and can solely have an effect on impartial students making an attempt to borrow a mixed Subsidized and Unsubsidized loan quantity of $7,501 and above.

Also, solely students who meet sure standards might be robotically provided a Federal Direct Student Loan as a part of their monetary support bundle. If you weren’t initially awarded a Federal Direct Student Loan and are concerned about requesting one, or in case you have been solely awarded a Subsidized loan and wish to request an Unsubsidized loan, you could full and submit the net Federal Direct Loan Request Form accessible at ivytech.edu/financial-aid/types.html.

All students should meet sure eligibility necessities to be eligible for a student loan or a father or mother PLUS loan:

  • Complete a FAFSA annually – fafsa.gov – and submit all required paperwork as directed
  • Enroll in no less than 6 credit hours/semester in an aid-eligible diploma program;
  • Meet Satisfactory Academic Progress (SAP) necessities;
  • Meet all different necessities to be eligible for federal student support.

BEFORE YOU BORROW:

Here are some issues to contemplate earlier than borrowing a student loan.

  • The Federal Direct Student Loan is a kind of student monetary support, although it should be repaid, with curiosity. Get all the main points at studentaid.gov.
  • Direct Loans might be backed (the federal authorities pays the curiosity whilst you’re enrolled no less than half-time) or unsubsidized (YOU pay the curiosity, even whilst you’re in class). Some students borrow a mix of each sorts.
  • Eligibility is decided by the College Financial Aid Office, primarily based on the outcomes of your Free Application for Federal Student Aid (FAFSA), your estimated price of attendance, and different monetary support you might be receiving. To borrow a Direct Loan, you should be enrolled no less than half-time in an aid-eligible program. Click right here to apply.
  • All enrolled students should meet the College’s Satisfactory Academic Progress coverage.
  • Borrow solely as a lot as you completely want! If you rigorously handle bills whilst you’re in class, you’ll have a decrease loan steadiness to repay after faculty. Need assist with budgeting methods?  See wwwcc.ivytech.edu/lifeskills.html.
  • There are federal limits on how a lot you possibly can borrow and for how lengthy you can borrow.
    • How a lot you possibly can borrow: choose the William D. Ford Federal Direct Student Loan (Direct Loan) from the drop-down listing under and scroll all the way down to the “Borrowing Limits” desk.
    • For how lengthy you possibly can borrow:  in case you borrowed your first backed loan on or after 7/1/13 and also you meet all eligibility necessities, it’s possible you’ll borrow backed loans for as much as 150% of your present program size.  Example: in case you’re enrolled full-time in an affiliate diploma program (two years, or 4 semesters), your most eligibility for backed loans is six semesters (4 x 150% = 6 semesters).  This time restrict is pro-rated for part-time enrollment.
      • If you borrow the annual backed most for a one-semester loan interval, it is going to be counted as a full 12 months (2 semesters) in opposition to the utmost size of time for which you will borrow backed loans.
      • Once you’ve borrowed for 150% of your program size it’s possible you’ll not borrow extra backed funds.
      • Also, in case you didn’t full this system and then you definitely proceed no less than half-time enrollment in the identical program after borrowing for 150% of your program size, you lose the curiosity subsidy on the sooner loans.
  • If you switch to a four-year program, you’ll have six years of backed loan eligibility, or 12 semesters, minus any semesters of backed loans you’ve got already borrowed at any establishment for every other program.
  • If you could borrow, borrow WISELY!

There are numerous assets accessible that will help you with the student loan course of. StudentAid.gov, the U.S. Department of Education’s Federal Student Aid Office web site, is a implausible useful resource for you to search out solutions to most of your student loan questions.  You may contact your campus Financial Aid Office for help or extra data on any of the subjects on this web site.

More Information and Helpful Links

 

Loan Types

Select a loan sort for extra data:

William D. Ford Federal Direct Student Loan (Direct Loan)

In the Direct Loan program, the U.S. Department of Education is the lender on your student loan. There are two varieties of student loans within the Direct Loan program – backed and unsubsidized. These loans should not primarily based in your credit ranking/rating and don’t require a credit examine.

  • The Direct Subsidized Loan relies on want. Interest on the Direct Subsidized Loan doesn’t accrue when you are in class and through your grace interval.
  • The Direct Unsubsidized Loan just isn’t primarily based on want. Interest on the Direct Unsubsidized Loan does accrue as soon as the loan is disbursed.
READ:   A Guide on Getting Out of Student Loan Debt

Loan Request Process: If you weren’t initially awarded a Federal Direct Student Loan and are concerned about requesting one, or in case you have been solely awarded a Subsidized loan and wish to request an Unsubsidized loan, you could full and submit the net Federal Direct Loan Request Form.

Students who might be provided a
Subsidized loan robotically:
Students who have to submit
a loan request kind:
  • Had a loan with Ivy Tech Community College within the prior educational 12 months
  • Meets Satisfactory Academic Progress standards (SAP)
  • New borrower with Ivy Tech Community College (except you’ve got a bachelor’s diploma)
  • Is on Probation with Satisfactory Academic Progress (SAP)
  • Has withdrawn from all courses throughout any semester within the earlier two years
  • All students requesting an Unsubsidized loan for any semester
  • All students requesting a summer time loan, even in case you had a loan throughout the fall/spring semesters
  1. You should full your Free Application for Federal Student Aid (FAFSA) at fafsa.gov/ with Ivy Tech Community College listed as one in every of your faculty decisions (faculty code: 009917). If you might be required to submit every other paperwork, these should even be reviewed by the Financial Aid Office earlier than your loan eligibility might be decided.
  2. Complete the Federal Direct Student Loan Request in case you are not robotically provided a loan along with your different monetary support awards. Some students might be provided loans as a part of their monetary support bundle robotically.
  3. You might also want to finish one or each of the next:
    1. Master Promissory Note (MPN) – the MPN is your promise to repay your Direct Loan. You should full an MPN earlier than your loans can submit to your Ivy Tech account. To full your MPN, go to StudentAid.gov and sign up utilizing your FSA ID. Click on “Complete Master Promissory Note” and comply with the steps to finish this course of.
    2. Entrance Counseling – this can stroll you thru your rights and obligations of borrowing a Direct Loan. This is required for students who’ve by no means borrowed a Direct Loan. To full Entrance Counseling, go to StudentAid.gov and sign up utilizing your FSA ID. Click on “Complete Entrance Counseling” and comply with the steps to finish this course of.

Accepting Full / Partial Loan Amounts or Declining Your Loan: Once your loan has been provided to you, you could go browsing to your MyIvy account to simply accept the complete or partial quantity or decline the loan quantity.

  1. Log on to your MyIvy account and go to STUDENT > Billing and Financial Aid > Financial Aid Awards.
  2. Select the Award for Aid Year hyperlink after which choose the suitable educational 12 months.
  3. Click on the Accept Award Offer tab.
  4. Step by step directions supplied on the web page describe intimately what’s required to simply accept the loan supply in full, settle for a partial award and/or decline the complete provided loan quantity.
  5. The award determination for all funds is displayed on your data.

Once funds are accepted you’ll now not be capable to make adjustments on-line. If it is advisable to change the loan quantity accepted or request extra funds (in case you accepted a partial quantity or declined your loan), contact your campus Financial Aid Office.

Borrowing Limits: There are limits as to how a lot you possibly can borrow in an instructional 12 months and over your lifetime. The limits are primarily based in your grade stage and dependency standing.

Year Dependent Status (Except students whose dad and mom are unable to acquire PLUS Loans) Independent Students (and dependent undergraduate students whose dad and mom are unable to acquire PLUS Loans)
Freshman $5,500; No greater than $3,500 could also be in backed loans. $7,500*; No greater than $3,500 could also be in backed loans.
Sophomore $6,500; No greater than $4,500 could also be in backed loans. $8,500*; No greater than $4,500 could also be in backed loans.
Maximum Lifetime (Subsidized and Unsubsidized Loans) $31,000; No greater than $23,000 could also be in backed loans. $57,500; No greater than $23,000 could also be in backed loans.

*These annual limits are $2,000 decrease than the federal limits as a result of Ivy Tech is taking part in an experimental program with the U.S. Department of Education.

Interest Rates and Fees: Click right here for data on rates of interest and charges related to the Direct Loan program.

Posting and Refunds: Each student’s state of affairs is completely different primarily based on quite a few components, together with when your courses start, in case you are a first-time borrower and when your loan necessities have been full. Therefore not each student’s monetary support might be posted precisely on that date. Visit ivytech.edu/refunds for extra data on the posting and refunding course of.

Please notice: Loan funds for first-time, first-year loan debtors can’t be posted till 30 days after your programs have began. Also, all single-semester loans funds might be disbursed in two installments throughout that semester.

Exit Counseling: Once you graduate, cease attending or are now not enrolled in no less than 6 credit hours, you’ll be required to finish Exit Counseling, even in case you plan to switch to a different faculty or return to Ivy Tech Community College in a future semester. Exit Counseling explains your obligations for compensation of your Direct Loan and supplies data on methods to handle your student loans. To full Exit Counseling, go to studentaid.gov and click on on the “Complete Exit Counseling” hyperlink.

Repayment: Since this can be a loan, you could repay the funds you borrowed together with any curiosity or charges that will have accrued.

There are a number of compensation choices. The quantity and size of your funds will rely upon how a lot your borrowed and which compensation plan you select. For data on the assorted compensation plans, go to studentaid.gov. 

Once your loan is in compensation, it is going to be assigned to a loan servicer. You might be notified who’s servicing your loan(s) earlier than you enter compensation. You could have a number of servicers relying in your loan historical past. To discover a full historical past of your federal loan borrowing and to search out your loan servicer (in case your loan(s) have been assigned to a servicer), go browsing to the National Student Loan Data System (NSLDS) at nslds.ed.gov utilizing your FSA ID.

William D. Ford Federal Direct Parent PLUS Loan (Direct PLUS Loan)

In the Direct Loan program, the U.S. Department of Education is the lender on your student loan. The Direct PLUS loan program is accessible to oldsters of a dependent undergraduate student who’s eligible for monetary support. Unlike the Direct Loans for students, although, dad and mom making use of for a Direct PLUS Loan should meet sure credit standards.

Application Process: To apply for a Direct PLUS Loan,

  1. Your student should full a Free Application for Federal Student Aid (FAFSA) at fafsa.gov with Ivy Tech Community College listed as one of many faculty decisions (faculty code: 009917). If you or the student are required to submit every other paperwork, these should even be reviewed by the Financial Aid Office earlier than your loan eligibility might be decided.
  2. Sign on to StudentAid.gov utilizing your FSA ID. Under “Apply for Aid” lick on the hyperlink to “Apply for a Parent PLUS Loan” and comply with the steps. Note: A credit examine might be carried out.
  3. If your credit is accepted, you will want to finish a Master Promissory Note (MPN). Be positive to finish the MPN for the “Parent PLUS” loan possibility.
  4. Your data might be despatched to Ivy Tech Community College, the place the Financial Aid Office will decide the utmost quantity you possibly can borrow. The Financial Aid Office will course of your loan for the quantity requested or the quantity accessible, whichever is bigger. Please notice: in case you chosen the loan interval for the complete educational 12 months, your loan quantity might be break up in to half for fall semester and half for spring semester.

If your credit just isn’t accepted throughout the credit examine course of, you continue to have choices in case you want to obtain the Direct PLUS Loan. You might be notified of those choices after the credit examine is full or you possibly can contact your student’s campus Financial Aid Office for data. If you aren’t capable of get hold of a Direct Parent PLUS Loan, your student could also be eligible for extra Direct Unsubsidized Loan funds. The student ought to contact his/her campus Financial Aid Office for extra data.

Borrowing Limits: The quantity a father or mother can borrow relies on the student’s enrollment, grade stage and different monetary support acquired. Based on these components, the Financial Aid Office will decide the utmost quantity you possibly can borrow.

Interest Rates and Fees: Click right here for data on rates of interest and charges related to the Direct Loan program. 

Posting and Refunds: All federal student support, together with Direct PLUS Loans, should first be despatched to Ivy Tech Community College to pay any excellent tuition, charges or different relevant prices. If there are extra funds from the Direct PLUS Loan in spite of everything relevant prices have been paid, a refund might be generated. Visit ivytech.edu/refunds for extra data on the posting and refunding course of.

Repayment: Since this can be a loan, you could repay the funds you borrowed together with any curiosity or charges that will have accrued. Repayment will start as soon as the loan is absolutely disbursed (paid to the varsity). Unlike Direct Loans for students, there isn’t any in-school deferment or grace interval. However, you possibly can request a deferment or forbearance in case you meet sure standards. You ought to contact your loan servicer for extra data.

There are a number of compensation choices. The quantity and size of your funds will rely upon how a lot you borrowed and which compensation plan you select. For data on the assorted compensation plans, go to studentaid.gov. Please notice: You can’t switch compensation of a Direct PLUS Loan to your student. You, because the father or mother borrower, are accountable for repaying a Direct Parent PLUS Loan.

Once your loan is in compensation, it is going to be assigned to a loan servicer. You might be notified who’s servicing your loan(s) earlier than you enter compensation. You could have a number of servicers relying in your loan historical past. To discover a full historical past of your federal loan borrowing and to search out your loan servicer (in case your loan(s) have been assigned to a servicer), go browsing to the National Student Loan Data System (NSLDS) at nslds.ed.gov utilizing your FSA ID.

Private Alternative Loans

A non-public (different) loan just isn’t a federal loan, however it’s thought of a part of a student’s monetary support award. The funds are usually loans to you by a bank or different non-educational group. Students ought to discover all varieties of federal student support earlier than contemplating a non-public (different) loan. For a listing of cause why federal student loans are often a greater possibility than non-public (different) loans, go to studentaid.gov.

Below is a few data it is best to know in case you select to use for a non-public (different) loan.

Eligibility Requirements: Even in case your lender approves your loan, you could additionally meet sure eligibility necessities to obtain the funds at Ivy Tech. These necessities embody:

  • File a Free Application for Federal Student Aid (FAFSA) and resolve any excellent points associated to your FAFSA
  • Be awarded all different eligible support, together with federal loans,
  • Your Cost of Attendance (COA) minus all different support is bigger than $0
  • Meet Satisfactory Academic Progress (SAP) necessities for GPA and Completion Rate
  • Be enrolled in no less than 6 credit hours (or extra if required by your lender) in a degree-seeking program

If you’ve got extenuating circumstances as to why you can not meet the entire eligibility necessities above and you’ve got been accepted for a non-public (different) loan by your lender, contact your EEC or Financial Aid Office on your choices.

Borrowing Limits: The most quantity you possibly can borrow relies in your enrollment and different monetary support acquired. Based on these components, your student’s campus Financial Aid Office will decide the utmost quantity you possibly can borrow. In addition, your lender could have a most restrict primarily based in your credit ranking/rating and the kind of loan.

Interest Rates and Fees: Rates and charges fluctuate by lender. Be positive to learn the entire phrases and circumstances of your loan to understand how the charges and charges are decided on your loan.

Application Process: Each lender has its personal software course of. Almost all non-public (different) loans are primarily based on the borrower’s credit, and it’s possible you’ll want to use with a co-signer. If your loan is accepted by the lender, the lender will ship Ivy Tech a certification request. We will evaluation your eligibility and ship your lender a accomplished certification in case you are eligible for the loan.

Posting and Refunds: Just like different types of monetary support, any funds despatched to Ivy Tech will first apply to your tuition, charges and different prices. Any remaining funds might be points as a refund to you. Private (different) loans comply with the identical posting and refund schedule as different varieties of monetary support. Visit ivytech.edu/refunds for extra data on this course of. Private (different) loans will not present as Estimated Financial Aid in your Student Account till the funds truly arrive from the lender and submit to your account. If you shouldn’t have different varieties of monetary support to pay your steadiness due, it is best to contact your Bursar/Business Office for cost choices till the funds submit to your account.

Bookstore Credit Line: Funds out of your non-public loan should not accessible to make use of as a part of the bookstore monetary support credit line. The bookstore monetary support credit line is just accessible primarily based on federal, state and institutional funds.

Repayment: Repayment phrases and quantities fluctuate by lender and rely upon how a lot you borrow. Typically the compensation choices for a non-public/different loan are inferior to the Federal Direct Student Loan program.

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