Federal Assistance Programs:
Federal Stafford Student Loans The Stafford Student Loan Program makes low-interest loans available to students who are enrolled at least half-time (4.5 hours for most graduate students). To be eligible for the federally subsidized loan, the student must show financial need unmet by other sources. This loan provides a fixed interest rate of 6.8%. Repayment begins six months after the student ceases half-time enrollment, and no interest accrues until that time. Unsubsidized Federal Stafford Loans also are available to students without regard to financial need. Loan limits and interest rates are the same as those in the subsidized program. Repayment of the principal begins six months after the student ceases half-time enrollment, but interest begins to accrue immediately.
Federal Teacher Education Assistance for College and Higher Education (TEACH) Grant Program Qualified students may be eligible for the TEACH Grant. Graduate students seeking a Masters in Teaching (MAT) or Curriculum and Instruction (CURR) degree as well as participants in the Woodrow Wilson Teaching Fellowship (WWTF) are eligible. This federal program affords schools the choice of program participation and allows schools to select which of its degree programs will be eligible for the TEACH Grant award. UIndy offers the TEACH award only to graduate students in these three majors. To inquire about the terms of the program and other application processes, please contact your graduate program director.
Federal Graduate PLUS Loans Graduate and professional degree students are now eligible to borrow under the PLUS Loan Program up to their cost of attendance minus other estimated financial assistance. The terms and conditions applicable to Parent PLUS Loans also apply to Graduate/Professional PLUS loans. These requirements include a determination that the applicant does not have an adverse credit history, repayment beginning on the date of the last disbursement of the loan, and a fixed interest rate of 8.5 percent. Applicants for these loans are required to complete the Free Application for Federal Student Aid (FAFSA). They also must have applied for their annual loan maximum eligibility under the Federal Subsidized and Unsubsidized Stafford Loan Program before applying for a Graduate/Professional PLUS loan.
Other Sources Available:
Alternative Loans These interest-accruing private loans are available if loan funds are needed in addition to the Federal Stafford Loans. To be eligible, the student must demonstrate creditworthiness or have a cosigner who is creditworthy. Interest rates vary depending on credit score. Payments are deferred until graduation or the student is enrolled less than half-time. For more information or an online application, contact Sallie Mae at http://www.studentloannet.com.
Sallie Mae Tuition Pay Tuition Pay by Sallie Mae is a monthly payment plan that allows students and parents to spread payments across a 10-month period interest-free. A nominal annual application fee to enroll (currently $55) is required. Tuition Pay can be used to pay all educational expenses or the remainder of charges after financial aid has been calculated. For more information or an application, contact Sallie Mae at http://www.tuitionpay.com.
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