Ivy Tech Community College of Indiana

Applying for a Stafford Student Loan IMPORTANT FINANCIAL AID MESSAGE (Monday, January 8th, 2007):
The deadline for completing summer student loan requests is Friday, May 25, 2007. No loans will be processed after this time. Fall/Spring loan requests may be completed beginning Monday, July 2, 2007. The deadline for completing a Fall/Spring loan request is Friday, August 31, 2007. No loans will be processed after this date.

In order to be eligible for a Stafford Loan, a student must be:

• enrolled in at least 6 credit hours (1/2 time) per semester
• have filed the FAFSA (www.fafsa.ed.gov)

If after applying for the loan the student drops below 1/2 time status, the following will happen:

• he/she will lose eligibility for any remaining loan disbursements
• the six-month grace period could begin before entering payment.

Students MUST apply for a Stafford Loan electronically as follows:

go to www.elmselect.com
Returning borrowers will just enter their Usernames and Passwords on the Log-In Page
First time borrowers will need to create a new account

• before setting up your account, you MUST accept the "terms of service"
• enter information for all required fields (those marked with a red asterisk); includes:

Create user ID must be at least 6 alphanumeric characters; NOT case-sensitive
Create Password. Must be at least 8 alphanumeric characters and must contain a minimum of one number.

• after you create your account, you will be required to log in using your new ID and password

borrowers who have not completed a SallieMae On-Line entrance counseling will be REQUIRED to do that before being allowed to apply for a loan.

the entire loan application will be completed at this time including the Master Promissory Note (MPN); be sure to have information available for the two (2) references required for the MPN.

IMPORTANT - Once the loan has been processed, you will receive an email notification.

You MUST access your electronic award letter and Accept, Decline, or Reduce the processed loan amount or your loan may be cancelled!!

Definitions and Answers to Frequently Asked Questions Loan Period

Fall/Spring loans - August ( of current year ) to May of the next year.
Fall Only - August to December of the current year.
Spring Only - January to May.
Summer - May to August (cannot be combined with any other term).

Select Lender

If you don't have a lender preference, select Indiana Secondary Market C/O Key Bank 834006. If you have had a prior loan, please use the same lender.

Interest

Yes - Capitalizing your interest means you want the interest for an unsubsidized loan added to the principal of the loan. You will then repay both interest and principal when you begin the repayment process.

No - This means the student makes quarterly interest payments while in school at the current interest rate. (For example, assume $6,000 is borrowed, a student would pay about $70.50 per quarter or $23.50/month.)

Disbursements

Disbursements for 2 semesters will disburse approximately 30 days after each term begins.
One semester loans will have 2 disbursements. The first will arrive at the college approximately 30 days after the term begins and the second will arrive half way through the term.

The student should expect to receive his/her check in the mail no later than 14 calendar days after the funds arrive at the College.

Last Modified: Monday, 07-Jan-2008 14:12:35 EST

Changing Lives

Anderson
104 W. 53rd St.
Anderson, IN
46013
(765) 643-7133
(800) 644-4882

Marion
261 South Commerce Drive
Marion, IN
46952
(765) 651-3100
(800) 554-1159

Muncie
4301 S. Cowan Rd.
Muncie, IN
47302
(765) 289-2291
(800) 589-8324

Home Page