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Take note: You cannot import repayment of a primary And Loan towards the scholar

Take note: You cannot import repayment of a primary And Loan towards the scholar

You will find numerous installment choices. The quantity and you can length of your repayments is based on how much your debt and which repayment plan you select. Getting information regarding the many cost plans, head to . You, just like the parent debtor, have the effect of repaying an immediate Mother or father As well as Loan.

As soon as your mortgage is within payment, it might be assigned to that loan servicer

You’re notified who’s upkeep the loan(s) before you could enter payment. You have numerous servicers based on your loan record. To find a whole reputation of your government loan borrowing and you may to find your loan servicer (when your financing(s) was assigned to a beneficial servicer), get on the latest National Student loan Analysis Program (NSLDS) at with your FSA ID.

Personal Alternative Financing

An exclusive (alternative) mortgage isn’t a national loan, but it is felt element of a good student’s school funding honor. The cash are usually finance to you because of the a bank or almost every other low-educational team. Pupils is always to speak about all kinds of federal scholar support just before given an exclusive (alternative) financing. To have a summary of reasons why federal student education loans are usually a much better solution than personal (alternative) fund, head to .

Eligibility Criteria: Even if your lender approves your loan, you must also meet certain eligibility requirements to receive the funds at Ivy Tech. These requirements include:

  • File a free of charge Application to own Government Student Support (FAFSA) and you will resolve one a great factors related to their FAFSA
  • Become approved almost every other eligible assistance, together with federal money,
  • Your own Cost of Attendance (COA) minus any support are greater than $0
  • Satisfy High enough Academic Advances (SAP) conditions for GPA and you can Conclusion Speed
  • Getting enrolled in at least six borrowing days (or more if required by the bank) during the a degree-seeking program

When you yourself have extenuating circumstances why you can’t meet all of the qualifications requirements over along with come acknowledged to have a personal (alternative) loan by your financial, speak to your EEC or School funding Work environment for your possibilities.

Credit Limitations: The maximum amount you can borrow is based on your enrollment and other financial aid received. Based on these factors, your student’s campus Financial Aid Office will determine the maximum amount you can borrow. In addition, your lender may have a maximum limit based on your credit rating/score and the type of loan.

Interest rates and you can Charge: Rates and fees vary by lender. Be sure to read all of the terms and conditions of your loan to know how the rates and fees are determined for your loan.

App Procedure: Each lender has its own application process. Almost all private (alternative) loans are based on the borrower’s credit, and you may need to apply with a co-signer. If your loan is approved by the lender, the lender will send Ivy Tech a certification request. We will review your eligibility and send your lender a completed certification if you are eligible for the loan.

Send and you will Refunds: Just like other forms of financial aid, any funds sent to Ivy Tech will first apply to your tuition, fees and other charges. Any remaining funds will be issues as a refund to you. Private (alternative) loans follow the same posting and refund schedule as other types of financial aid. Visit for more information on this process. Private (alternative) loans will not show as Estimated Financial Aid on your Student Account until the funds actually arrive from the lender and post to your account. If you do not have other types of financial aid to pay your balance due, you should contact your Bursar/Business Office for payment options until the funds post to your account.

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