Lender Options for Federal Stafford, Federal PLUS and Private Loans
IUPUI participates in the federal Direct Loan program for all federal Stafford and federal PLUS loans. The lender for the federal Direct Loan program is the U.S. Department of Education.
Private student loans are offered by private lending institutions as an alternative aid option if additional funding is needed to supplement your state and federal aid. Before you consider borrowing a private student loan, we recommend you apply for federal student loans, which generally have better terms and lower interest rates.
See below for more loans information:
Eligibility: First-time Freshmen who file the FAFSA by the on-time deadline of March 10; EFC less than 5081
Interest Rate: 5%, fixed
Award Amount: Perkins loans are $2,000 for the academic year, which will be distributed equally between the Fall and Spring terms.
Notes: Based on exceptional need and availability of funds. No origination fee. Payments deferred while enrolled at least half-time
Federal PLUS (Parent Loan for Undergraduate Students)
Eligibility: For parents of dependent undergraduate students or for graduate students
Interest Rate: 7.9%, fixed
Award Amount: The maximum is limited to the student's cost of attendance minus all other aid.
Notes: Parent (dependent) or Student (graduate) borrowers must complete a separate PLUS application (excluding the Schools of Dentistry, Law, Medicine, Occupational and Physical Therapy.) and meet the credit requirements.
Eligibility: FAFSA filed; must demonstrate financial need
Interest Rate: 5.0% fixed rate; interest does not accrue during deferment and grace periods
Award Amount: Awarded to students in selected Nursing Programs for the academic year with disbursements divided equally between fall and spring terms
Notes: These low-interest loans are made with government funds through a school's financial aid office. The school acts as the lender. You are not responsible for paying the interest on the loan while enrolled as at least a half-time student.
Health Professions Loan (HPL)
Eligibility: Medical or Dental student; FAFSA filed; based on need
Interest Rate: 5%, fixed
Award Amount: Maximum varies
Notes: Must submit FAFSA with parent information
Eligibility: General requirements above
Interest Rate: Varies based upon credit
Award Amount: The maximum is limited to the student's cost of attendance minus all other aid
Notes: Loans are processed once eligibility for other financial aid has been determined. Must complete a separate application with the lender and meet the credit requirements or apply with a credit-worthy cosigner.