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Types of Loans

For all loans students must meet the following criteria:
   •  Be a U.S. citizen, U.S. national, or permanent resident of the United States
   •  Be admitted to a degree-seeking program
   •  Meet Satisfactory Academic Progress (SAP) requirements
   •  Not be in default on prior educational loans.

Lender(s) of Federal Direct Subsidized & Unsubsidized, Federal Direct PLUS and Private Loans

IUPUI participates in the Federal Direct Loan program for all Federal Direct Subsidized, Unsubsidized, and 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. The federal student loans generally have better terms and lower interest rates.

See below for more loan information:

    Federal Direct Subsidized & Unsubsidized Loans

    • Eligibility: FAFSA filed; Direct Subsidized (undergraduate students only) is based on need while the Direct Unsubsidized is non-need based

    • Current Interest Rates

    • Award Amount: Varies based on type of degree, academic level, dependency status, cost of attendance, other awards and previous borrowing.

    • Notes: Principal payments deferred while enrolled at least half time. Interest on Unsubsidized portion of the loan begins accruing at the time of loan disbursement.

      More Information »

    Federal Direct PLUS Loans

    • Eligibility: For parents of dependent undergraduate students or for graduate students

    • Current Interest Rates

    • 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 Loan application and meet the credit requirements (excluding borrowers from the schools of Dentistry, Law, Medicine,and Occupational & Physical Therapy).
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    Federal Perkins Loan* (Expired)

    *As of September 30, 2017, the Federal Perkins Loan Program Extension Act has expired. Therefore, no new Perkins Loans can be awarded to students beyond the 2017-2018 academic year. Students will receive information about repayment of Perkins Loans at the time they graduate or are no longer enrolled at least half-time.

    • Eligibility: First-time Freshmen who file the FAFSA by the IUPUI priority 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

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    Federal Nursing Loan (NSL)

    • 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.

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    Health Professions Student Loans (HPSL)

    • Eligibility: Need-based loan for Medical and DDS (dental) students who file FAFSA by IUPUI's priority deadline of March 10.

    • Interest Rate: Fixed interest rate of 5%; subsidized; 12 month grace period prior to repayment.

    • Award Amount: Annual amounts vary based on available funding.

    • Notes: Student must include parent income information on the FAFSA to be considered for this loan option, regardless of age or marital status.

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    Private Loans

    • 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.

      More Information »

Additional Resources

•  Borrowers' Rights and Responsibilities

•  Consolidate Student Loans

•  Student Loan Debt Management

•  Initial Loan Counseling for Student Borrowers