You will find several payment possibilities. The amount and you can duration of your instalments depends upon how much you owe and you can and therefore repayment bundle you decide on. To own information about different payment plans, check out . You, as the moms and dad debtor, are responsible for repaying a direct Mother Together with Mortgage.
When your financing is within repayment, it will be allotted to that loan servicer
You may be informed who’s servicing your loan(s) before you go into payment. You have multiple servicers according to your loan history. To track down a whole reputation of the government loan borrowing and you may locate the loan servicer (if the mortgage(s) were allotted to a servicer), log on to the fresh new National Student loan Data System (NSLDS) at nslds.ed.gov making use of your FSA ID.
Private Solution Fund
A personal (alternative) financing isn’t a national mortgage, however it is sensed element of a student’s financial aid honor. The income are typically financing for you by the a bank otherwise other non-instructional team. People is to mention a myriad of federal scholar support before considering a private (alternative) financing. To own a summary of reason federal college loans are often a far greater option than personal (alternative) fund, visit .
Qualifications Standards: 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 free of charge App to own Federal Scholar Help (FAFSA) and you will eliminate any an excellent points about your own FAFSA
- Feel approved any eligible services, and additionally federal funds,
- Your Cost of Attendance (COA) without another services is greater than $0
- Satisfy High enough Educational Progress (SAP) criteria having GPA and Conclusion Price
- Become subscribed to at the least 6 borrowing from the bank period (or higher if necessary by the bank) within the a degree-looking to program
For those who have extenuating affairs as to why you simply cannot satisfy all of the eligibility conditions a lot more than and you’ve got already been approved to have a private (alternative) mortgage by the lender, contact your EEC or Educational funding Workplace for your alternatives.
Borrowing Restrictions: 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.
Rates of interest 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.
Software 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.
Post 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 over at the website 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.