You can find numerous fees selection. The total amount and you may length of your payments will depend on just how far your debt and which fees plan you choose. To own information regarding various payment arrangements, check out . You, just like the parent borrower, are responsible for paying a primary Moms and dad And additionally Loan.
Once your mortgage is actually fees, it will be allotted to financing servicer
You’re notified who’s maintenance the loan(s) before you could enter fees. You have got multiple servicers depending on the loan record. To acquire a complete history of their federal loan borrowing from the bank and you may locate your loan servicer (in case your mortgage(s) have been assigned to a beneficial servicer), log on to new Federal Education loan Analysis System (NSLDS) during the nslds.ed.gov with your FSA ID.
Individual Choice Money
An exclusive (alternative) financing isn’t a national financing, however it is experienced part of an excellent student’s financial aid award. Money are usually money for you of the a lender or other non-informative team. Pupils is to explore all types of government student aid before given an exclusive (alternative) loan. To own a list of good reason why federal student loans are often a far greater alternative than just private (alternative) money, go to .
Qualifications Conditions: Even if your lender approves your loan, you must also meet certain eligibility requirements to receive the funds at Ivy Tech. These requirements include:
- Document a totally free Application getting Government Pupil Aid (FAFSA) and you will resolve one a fantastic affairs related to your own FAFSA
- Be issued some other eligible help, plus government financing,
- Your own Price of Attendance (COA) without virtually any services was greater than $0
- See Satisfactory Academic Advances (SAP) criteria to own GPA and End Rates
- End up being subscribed to at least 6 borrowing from the bank era (or higher if necessary by your bank) inside a degree-seeking system
When you yourself have extenuating items as to the reasons you simply can’t online payday LA meet all qualification conditions over and you have already been recognized to possess an exclusive (alternative) financing by your financial, contact your EEC or School funding Work environment for your alternatives.
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 levels and Fees: 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.
Application Processes: 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.
Posting and 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.