As soon as your loan happens to be wanted to you, you have to log in to your MyIvy account to simply accept the entire or quantity that is partial decrease the mortgage quantity.
- Log in to your MyIvy account and visit SCHOLAR Billing and Financial help Financial Aid Awards.
- Choose the Award for help 12 months website link then find the appropriate year that is academic.
- Go through the Accept Award provide tab.
- Action by action directions offered in the web page describe in more detail what exactly is necessary to accept the loan offer in complete, accept a partial prize and/or decrease the complete offered loan amount.
- The decision that is award all funds is shown for the information.
As soon as funds are accepted you will not any longer manage to make modifications online.
In the event that you need certainly to replace the loan quantity accepted or demand additional funds (in the event that you accepted a partial quantity or declined your loan), contact your campus school funding workplace.
Borrowing restrictions: you can find limitations as to simply how much you are able to borrow in a year that is academic over your daily life. The limitations derive from your grade degree and dependency status.
| Year | Dependent Status (Except pupils whose moms and dads are not able to get PLUS Loans) | separate pupils (and reliant undergraduate pupils whoever moms and dads aren’t able to acquire PLUS Loans) |
|---|---|---|
| Freshman | $5,500; only $3,500 are in subsidized loans. | $7,500*; only $3,500 could be in subsidized loans. |
| Sophomore | $6,500; only $4,500 can be in subsidized loans. | $8,500*; only $4,500 can be in subsidized loans. |
| Maximum Lifetime (Subsidized and Unsubsidized Loans) | $31,000; a maximum of $23,000 might be in subsidized loans. | $57,500; a maximum of $23,000 could be in subsidized loans. |
*These annual restrictions are $2,000 less than the federal restrictions because Ivy Tech is taking part in a program that is experimental the U.S. Department of Education.
Rates of interest and costs: Click on this link for information about rates of interest and costs linked to the Direct Loan system. (studentaid.gov/types/loans/interest-rates that are. Ed
Posting and Refunds: You will find your expected posting date by visiting studentloans.gov and signing in making use of your FSA ID. Click “Disclosure Statements” under “My Loan Documents”. The date noted on your disclosure declaration could be the earliest your loan funds can upload for your requirements at Ivy Tech. Nevertheless, each pupil’s situation is significantly diffent considering many facets, consequently don’t assume all pupil’s educational funding will be published precisely on that date. Browse ivytech.edu/refunds to find out more on the publishing and process that is refunding.
Please note: loan funds for first-time loan borrowers can not be published in Campus Connect until thirty day period after your courses have started. Additionally, all loans that are single-semester are going to be disbursed in 2 installments through that semester.
Exit guidance: as soon as you graduate, stop attending or are no longer enrolled in at the very least 6 credit hours, you’ll be needed to finish Exit guidance, even though you want to move to some other school or return to Ivy Tech Community university in the next semester. Exit guidance describes the position for payment of your Direct Loan and offers information about how to handle your figuratively speaking. To perform Exit Counseling, visit nslds. Ed.gov and then click regarding the “Exit guidance” link.
Repayment: Since this is that loan, you have to repay the funds you borrowed along side any interest or costs which will have accrued.
You can find numerous payment choices. The length and amount of the re payments is determined by just how much your lent and which payment plan you select. For all about the repayment that is various, visit studentaid. Ed.gov/repay-loans/understand/plans.
As soon as your loan is with in payment, it shall be assigned to that loan servicer. You will be notified that is servicing your loan(s) before you enter payment. You have servicers that are multiple in your loan history. To locate a history that is complete of federal loan borrowing and also to find your loan servicer (when your loan(s) have now been assigned to a servicer), get on the National scholar Loan information System (NSLDS) at nslds. Ed.gov using your FSA ID.
William D. Ford Federal Direct Parent PLUS Loan (Direct PLUS Loan)
Your web browser will not help this movie. When you look at the Direct Loan system, the U.S. Department of Education could be the loan provider for your education loan. The Direct PLUS loan program is present to 
moms and dads of the reliant undergraduate pupil whom is qualified to receive educational funding. Unlike the Direct Loans for pupils, however, moms and dads trying to get a primary PLUS Loan must satisfy particular credit requirements.
Application Process: to try to get a primary PLUS Loan,
- Your pupil must finish a totally free Application for Federal scholar help (FAFSA) at fafsa.gov with Ivy Tech Community College listed among the college alternatives code that is(school 009917). In the event that you or the pupil have to submit some other papers, those should also be evaluated by the school funding workplace before your loan eligibility could be determined.
- Sign up to studentloans.gov utilizing your FSA ID. Click the connect to “Request a primary PLUS Loan” and stick to the steps when it comes to PLUS” that is“Parent loan. This task is where the credit check shall be done.
- In case your credit is authorized, you will need certainly to complete a Master Promissory Note (MPN). Make sure you finish the MPN for the PLUS” loan that is“Parent choice.
- Your data shall be provided for Ivy Tech Community College, where your student’s campus Financial help workplace will figure out the absolute most you are able to borrow. The Financial help workplace will process your loan for the quantity requested or perhaps the quantity available, whichever is greater. Take note: in the event that you selected the mortgage duration for your year that is academic your loan quantity will likely be split directly into half for autumn semester and half for springtime semester.