Loans Available to IUPUI Students
General Information and Entrance Counseling
You should be an informed borrower whether considering a student loan, a car loan, or a mortgage. An informed borrower knows his or her rights and responsibilities. The money borrowed to finance an education can affect your lifestyle after leaving school, and the money will still have to be repaid even if you don't complete a degree, aren’t satisfied with your education, or are unable to find a job.
IUPUI & IUPU Columbus have partnered with SallieMae to provide online entrance counseling (information you should know prior to borrowing a student loan). We encourage all students who are planning on borrowing at some time in their college career to visit the online services available to be an informed borrower. Please read the information provided on this page then complete the full entrance counseling by clicking the link below. It takes approximately 30 minutes to complete the entrance counseling.
You should follow these suggestions when considering whether or not to borrow funds or how much to borrow:
- Be Realistic Before Borrowing
You should borrow only what is needed to cover your educational costs. You should consider the future and assess how much salary is needed to repay student loan debt. - Be Conservative
You should assess real needs and borrow the minimum amount to pay for these costs. - Be Aware of Excessive Borrowing
You may be awarded the maximum amount of loans for your grade level, but you doesn't have to borrow the entire amount. Excessive borrowing now will limit future purchasing power. - Set a Limit
You should set limits to the amount of debt you can afford. Uninformed borrowing can mean trouble in the future. - Be Aware of Cumulative Loan Debt
If you are not required to repay your loans while in school, it is easy to for you to lose track of how much you have borrowed each year. You can regularly access your loan records in the National Student Loan Data System to help assess your total indebtedness.
- Be a Good Record Keeper
You should keep copies of all promissory notes and correspondence related to student loans.
The table below shows estimated monthly student loan repayments to assure repayment is manageable. Knowing the monthly payments for the amount you borrow is a great start. As you plan your financial future, use this chart to determine your loan repayment obligations.
| Amount Borrowed | # of Payments | 7.00% Interest | 8.25% Interest | ||
|---|---|---|---|---|---|
| Monthly Payment | Total Interest | Monthly Payment | Total Interest | ||
| $2,625 | 63 | $51 | $280 | $51 | $340 |
| $4,000 | 108 | $50 | $702 | $50 | $1,817 |
| $5,000 | 120 | $58 | $1,966 | $61 | $2,359 |
| $8,000 | 120 | $93 | $3,147 | $98 | $3,774 |
| $10,000 | 120 | $116 | $3,993 | $123 | $4,718 |
| $20,000 | 120 | $232 | $7,866 | $245 | $9,437 |
| $30,000 | 120 | $348 | $11,800 | $368 | $14,155 |
| $45,000 | 120 | $522 | $17,699 | $522 | $21,233 |
| $50,000 | 120 | $581 | $19,666 | $613 | $23,591 |
| $60,000 | 120 | $697 | $23,598 | $736 | $28,310 |
