Private Alternative 贷款

Private alternative loans are serviced by agencies outside the University and typically require a credit check or income requirement. Please note that prospective borrowers may qualify for other Title IV assistance including loans that may have more favorable terms and conditions than the provisions of private alternative loans. Private Alternative 贷款 are available to students. Parent Alternative 贷款 are available to parent, spouse, or any creditworthy individual. 使用 FASTChoice Loan Selector to compare up to three lenders side-by-side, as well as learn about interest rates and repayment requirements for our most common lenders.

资格

学生必须:

• Must have a complete file with the Office of Student 金融援助 (all requirements are satisfied).
• Qualify based on credit score. In many cases, a co-signer may be needed.
• Verify that he or she is using the loan for educational purposes. In other words, the loan may not exceed ISU's cost of attendance.
• Sign disclosures for the Truth in Lending Act.
• 应用 within 30 days of the end of the term.

如何申请

• Find the loan with terms that best suit the borrower's needs.
• 应用 online at the lender's website.
• Once the borrower is approved, the lender will forward the approved application to ISU for certification. ISU will certify that the student meets minimum 招生 criteria and academic standards as required by the lender.
• Complete a Self-Certification Form. The lender should provide the borrower with this form as well as the Application ID number.

To complete the Self-Certification Form, the borrower will need to know the student's cost of attendance and estimated financial aid. The student can access this information on his or her MyISU门户 account by clicking the following:

• My Banner Self-Service Links
• 财政援助表
• Access My Award Information
• Award by 援助 Year (select the current year); and
• 援助概况

If the student is not receiving financial aid, use the 出勤费用 figures provided by the Office of Student 金融援助.

The loan will require the borrower to specify the loan period with specific dates. 看到ISU的 校历.

量

Interest rates, rebates, origination fees, and payment terms vary by lender. 联邦学生贷款 generally have more favorable terms and conditions than private loans.

资金的发放

The Truth in Lending Act of 2010 requires that lenders establish a cancellation period between the final disbursement notification and the date that the actual funds are disbursed.

Hence, disbursement occurs at least 14-21 business days from the date of the application. 除了, some lenders require the institution to hold funds until 10 days before the start of the semester. Check with the lender for details.

首选的银行

Indiana State University does not participate in any preferred lender arrangement. We recommend thoroughly researching private loan terms and details before borrowing. 

Truth in Lending Act Disclosures

学生 borrowing any non-Federal loans (e.g., institutional or private loans) must sign and acknowledge disclosure forms acknowledging the specific terms of each loan and stating that the student is aware of lower cost Federal loan alternatives. The disclosure forms will be sent out by the lending institution when appropriate. Each disclosure form clearly states what steps the students must take next and in what timeframe those steps must be made.