ans are a type of financial aid available as a means of funding your education. Unlike gift aid such as scholarships or grants, loans must be repaid! Please carefully consider if you need a student loan before borrowing one. You can accept a lesser amount than what is offered to you on your Campus Connect account. For instructions on how to view/accept/reduce your student loans, click on the "Quick Guide for Campus Connect and Financial Aid" on the Campus Connect homepage.
You must complete the Free Application for Federal Student Aid (FAFSA), be enrolled at least half-time (6+ credit hours) in a degree-seeking program, and be meeting the Satisfactory Academic Progress (SAP) requirements to be eligible for a federal loan.
Entrance Counseling and the Master Promissory Note (MPN)
All first-time Federal Stafford Loan borrowers must complete Entrance Counseling and a Master Promissory Note (MPN) before your funds can to be sent to the school. You will also choose your lender when you complete your MPN. You can do all of this online at Simple Tuition.
Students who have completed their MPN and still need to complete Entrance Counseling can do so online directly through one of these websites:
Please allow 10 days for your Campus Connect account to update that your Entrance Counseling is complete.
Types of Federal Loans:
-
Federal Stafford Loan Program (subsidized and unsubsidized)
Description: Variable interest rate; subsidized interest paid by federal government while in school; unsubsidized interest repayment begins upon disbursement
Eligibility: Enrolled at least half-time
Application: Complete the Free Application for Federal Student Aid (FAFSA) and indicate on question 31 that you are interested in student loans.
Maximum Award Amounts: *Dependency status based on FAFSA information
Maximum Annual Loan Limit
(Fall / Spring / Summer)# of credit hours earned Subsidized Dependent*
UnsubsidizedIndependent* Unsubsidized > 30
$3,500
$2,000
$4,000
< 30
$4,500
Maximum Lifetime Loan Limits
Dependent*
UndergraduateIndependent*
Undergraduate$31,000 total
(no more than $23,000 Subsidized)$57,500 total
(no more than $23,000 Subsidized)
- Federal PLUS Loan
Description: Fixed interest rate loan for parents/step-parents of dependent undergraduate students
Eligibility: Student must be enrolled at least half-time; parent applicant must meet credit requirements set by lender
Application: Visit Simple Tuition to choose a lender and complete the application process
Maximum Award Amount: Cost of Attendance minus all other aid received
Click here for information on repayment plans and calculators
IVY TECH COMMUNITY COLLEGE OF INDIANA RECOMMENDED LENDER LIST RATIONALE
Ivy Tech Community College of Indiana formed a committee to review lenders for the college's Recommended Lender List. This committee was created to seek lenders that responded to the needs of our students by answering a comprehensive request for information. The committee looked for lenders that met or exceeded the criteria of value based service to the students of Ivy Tech Community College.
The evaluation process included history and stability in the lending community, customer service, benefits, financial literacy and default prevention and management. To assure that the best service is given our student, committee uses the National Association of Student Financial Aid Administrators (NASFAA) Lender review form to identify the services offered by lenders. Our evaluation process is conducted annually, but at times there may be changes. The college feels it is important that students are offered the opportunity to choose and borrow from the same lenders to avoid multiple payments when no longer attending college. The college also feels that it is important that the lenders offer student and parent borrowers the best service available.
When on the Recommended Lender list, you may apply by clicking on the APPLY button for a particular lender or you may click to make a comparison between more than one lender to make an informed choice. We recommend that if you have questions regarding any lender on the list that you meet with your campus financial aid advisor, they are there to assist you.
REMINDER
If you choose not to use any lender on the Recommended Lender List or if you do not see the lender you prefer, you have the right apply for the lender of your choice and your application will be processed in the same manner as a lender that is listed.
Enter the maximum amount you wish to borrow for the requested loan period. The amount you will be approved to borrow depends on your financial aid eligibility as determined by the school.