Loans

Learn about loans

A loan is a form of financial aid that you will have to repay even if you don’t finish your schooling. Loans are an investment in your education, but loan debt can add up quickly for you (or your parents). Borrow only what you truly need to cover your costs.

For all loans, you must meet these eligibility 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 requirements
Not be in default on prior educational loans

Remember, you’re required to repay loans even if you do not finish your academic program or your program doesn’t meet your expectations.

How much debt can you afford?

Remember, just because loans are available to you doesn’t mean you should borrow the maximum. When it comes to student loans, aim to borrow no more than your anticipated first-year salary.

What kind of loans can you apply for?

You can apply for three types of loans:

Federal student loans come from the U.S. government. They usually offer the best loan terms and repayment options.
Private student loans come from banks and other financial institutions. They often have higher overall costs and fewer repayment options.
Short-term loans of up to $750 are available from the IUPUI Office of the Bursar. These loans are interest free and due in 30 days.

Before you decide to apply for a loan, make sure you explore all grants and scholarships that are available. The less you have to repay, the easier you’ll find life after college.

Federal loans

Federal Direct Loans

Federal Direct Subsidized, Unsubsidized, and PLUS Loans are available to undergraduate and graduate students and (for Parent PLUS Loans) parents of dependent undergraduate students.

Federal Nursing Loans

Federal Nursing Loans are available to students pursuing an associate, bachelor’s, or graduate degree in the IU School of Nursing.

Health Professions Loans

Students working toward a D.D.S. from the IU School of Dentistry or an M.D. from the IU School of Medicine may be eligible for a Health Professions Student Loan.

Private loans

Anyone can apply for a private student loan, as long as you meet the lender’s requirements.

Learn about private loans

Short-term loans

You can apply for an interest-free short-term loan of up to $750. In order to qualify, you must meet these eligibility criteria:

Be enrolled at least half time (6 hours undergraduate or 4 hours graduate)
Have no past due charges and no outstanding short-term loan balances
Be in good financial standing with the university
Have an active direct deposit account
Sign a Title IV authorization

Repaying a short-term loan

You’ll have approximately 30 days from the date the loan is processed to repay it. If you fail to pay the loan balance in full by the due date, you’ll be subject to late payment fees and denied access to services such as registration and transcripts.

If you have a history of late payments or returned checks, we may deny your loan request.

To receive a short term loan between semesters, you must be enrolled for the upcoming semester and meet the other eligibility criteria.

After we review your application, we’ll send a decision to your university email address. If your loan is approved, you can expect to receive the funds within 3-5 business days.

Apply for a short-term loan