Student Loans

Stafford Loans

In order to be considered for these loans, students must file the Free Application for Federal Student Aid (FAFSA) and have the results sent to the IPFW Financial Aid office (school code: 001828) and resolve any problems with the processing of the application. The FAFSA needs to be filed each year—it will not carry over to another year. This is also the application for federal and state grants.

Once the FAFSA is filed and the Financial Aid office has everything needed to award you, Stafford Loans will be offered to you through myIPFW and OASIS. Since these are loans that you will be responsible for paying back, these loans will not automatically be accepted for you. You will have to log into you account and accept your loans. Please read the directions taking you through OASIS to accept your loan(s).

Stafford Subsidized Loans

Stafford Subsidized Loans are based on financial need. The federal government pays the interest during in-school, grace, and deferment periods.

Stafford Unsubsidized Loans

Stafford Unsubsidized Loans are not based on financial need. The federal government does not pay the interest for these loans. You, the student, are responsible for paying the interest on these funds from disbursement through repayment.  You may choose to defer interest payments while you are in school and let the accruing interest be added to the principal balance of the loan. You also may choose to make the interest payments so you can go into repayment owing only what you borrowed.

To receive a student loan you must:

• File the FAFSA
• Receive a financial aid package that includes loans
• Accept your loan(s) online and choose a lender—a lender must be chosen so the loan may be sent to the lender for processing
• Complete your Master Promissory Note (MPN)—the lender will not send any funds without the MPN.
• Complete the Loan Entrance Interview—this is a federal requirement; the Financial Aid office cannot disburse your funds to your Bursar bill without this completed.
• Loan money disburses
• Repeat cycle for next academic year

Find more information on the Master Promissory Note, Loan Entrance Interview and Disbursement of Funds.

Back To Top

Stafford Loan Limits

Dependent Student (see FAFSA definition)

	Annual Limit, Subsidized & Unsubsidized	Aggregate Limit, Subsidized & Unsubsidized Combined
Freshman (less than 30 credit hours earned)	$3,500 subsidized $2,000 unsubsidized	$31,000 of which no more than $23,000 can be subsidized
Sophomore (30 to 59 credit hours earned)	$4,500 subsidized $2,000 unsubsidized
Junior/Senior (60 or more credit hours earned )	$5,500 subsidized $2,000 unsubsidized

Independent Student (see FAFSA definition)

	Annual Limit, Subsidized & Unsubsidized	Annual Limit, Subsidized & Unsubsidized Combined
Freshman (less than 30 credit hours earned)	$3,500 subsidized $6,000 unsubsidized	$57,500 of which no more than $23,000 can be subsidized
Sophomore (30 to 59 credit hours earned)	$4,500 subsidized $6,000 unsubsidized
Junior/Senior (60 or more credit hours earned )	$5,500 subsidized $7,000 unsubsidized

Graduate Students (see FAFSA definition)

	Annual Limit, Subsidized & Unsubsidized	Annual Limit, Subsidized & Unsubsidized Combined
Graduate/Masters	$8,500 subsidized $12,000 unsubsidized	$138,000 of which no more than $65,500 can be subsidized

Things to know about Stafford Loans:

• If you are enrolled in an associate program, you may not receive more than a sophomore amount since it is a 2 year program.
• Eligibility for subsidized loans is determined by FAFSA analysis.
• You might only be eligible for the unsubsidized loan.
• If you are a dependent student and your loan is not enough to cover your expenses, one of your parents may apply for a Parent PLUS Loan to help with these costs. If your parent is denied the loan, you may bring in a copy of the denial and request the full amount of you loans for the academic year.
• These amounts on the loans are intended for the fall, spring, and summer semesters. Since majority of our students do not attend summer, the Financial Aid office will offer these loans for fall and spring only. See the Summer Information section for more about summer classes and financial aid.
• If the parent of a dependant student is denied a PLUS loan, then that student can borrow an additional $4000 from the unsubsidized loan program during that academic year. Bank issued Proof of Denial must be delivered to Financial Aid along with a written request for the additional unsubsidized loan.

Back To Top

Perkins Loans

In order to be considered for these loans, students must file the Free Application for Federal Student Aid (FAFSA) and have the results sent to the IPFW Financial Aid office (school code: 001828) and resolve any problems with the processing of the application. The FAFSA needs to be filed each year—it will not carry over to another year. This is also the application for federal and state grants.
Once the FAFSA is filed and the Financial Aid office has everything needed to award you, Perkins Loans will be offered to you through myIPFW and OASIS. Federal Perkins Loans are low interest (5 percent), long-term loans to help pay for your educational expenses. These loans are made to undergraduates and are awarded based on need. No interest is charged while students are enrolled in school on at least a half-time basis.  Since these are loans that you will be responsible for paying back, these loans will not automatically be accepted for you. You will have to log into you account and accept your loans. Please read the directions taking you through OASIS to accept your loan(s).
To receive a student loan you must:

• File the FAFSA
• Receive a financial aid package that includes loans
• Accept your loan(s) online and await instructions from ECSI via your ipfw.edu email address
• Complete your Master Promissory Note (MPN)—your funds will not disburse without the MPN.
• Complete the Loan Entrance Interview—this is a federal requirement; the Financial Aid office cannot disburse your funds to your Bursar Student Account without this completed.
• Loan money disburses
• Repeat cycle for next academic year

Private Education Loans

In addition to Stafford loans, there are also Private Education Loans. These are personal loans offered by banks, that require that you verify enrollment but do not consider your financial need. Application is usually made through your lender’s Web site. Rates, amounts, terms and conditions are set by the lender.

Here are some things to know about private loans:

• You should never consider these loans unless you have exhausted your eligibility for federal loans (above)
• Your lender may conduct a credit check for this type of loan
• Your lender may require you to have a co-signer
• Your lender can set the interest at whatever percentage they choose
• Terms and conditions will vary by lender so shop around
• Fees may be applied at disbursement and/or repayment
• The loan will be considered a resource in your financial aid package

Parent PLUS Loans

The Parent PLUS Loan program is a Federal loan program that helps a parent to fund their contribution to their dependant child’s education. The loan is in the parent’s name and will be repaid by the parent. All PLUS borrowers are required to pass a credit check but if they can not, they might still be able to receive a loan if they can secure a co-signer for the loan. If a parent does not pass the credit check, and they do not secure a co-signer, then the student may be eligible to borrow a limited amount through the Unsubsidized Stafford Loan program.

PLUS loan applications may be completed online at a lender’s Web site. Lenders have different credit requirements so if your application is denied with one, you can always try another.

Back To Top