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Loans

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Direct Loans are low-interest loans for students to help pay for the cost of a student's education. The lender is the U.S. Department of Education (the Department), though most of the contact will be with your loan servicer. Direct Loans are available to both undergraduate and graduate students. Repayment begins six months after the borrower graduates, withdraws from USI, or drops below half-time status.

Students may apply for a loan by completing the Free Application for Federal Student Aid (FAFSA) and accepting the loan on myUSI.

Federal Direct Loans- What You Should Know

Direct PLUS Loans are low-interest loans for parents of dependent students to help pay for the cost of a student's education. The lender is the U.S. Department of Education (the Department), though most of the contact will be with your loan servicer. Students for whom PLUS Loan funds are borrowed must be classified as dependent for financial aid purposes, and the FAFSA must be completed before the loan is certified. To apply for a Direct PLUS Loan please visit www.studentloans.gov. If you prefer a paper application, they are available in the USI Student Financial Assistance Office or you may download the form online at www.usi.edu/finaid/sfaforms.asp.

Federal Direct PLUS Loans- What You Should Know

Direct Graduate PLUS Loans are low-interest loans for graduate students to help pay for the cost of a student's education. The lender is the U.S. Department of Education (the Department), though most of the contact will be with your loan servicer. Interest is higher than for Direct Loans and accumulates while the student is in school. It is therefore recommended that students apply for the Direct Loan first. Since the Direct Loan provides up to $20,500 per year, most students will cover their cost of attendance with the Direct Loan and not be eligible for the Direct Graduate PLUS Loan. USI Direct Graduate PLUS Loan Request Forms are available from the USI Student Financial Assistance Office.

Private/Alternative educational loans may be available to qualified applicants. Some students and parents use these lenders to borrow funds in excess of federal program limits or to borrow when the student is not currently eligible for federal financial assistance. It is not recommended that you seek alternative loans until you have exhausted your eligibility for federal student loans. For information on lenders use our link.

Alternative Loans

Sixty-day book loans (Book Loans borrow against estimated aid) will be available for the fall, spring and summer semesters. The Book Loan requires a separate application and a $10 processing fee is charged for each loan but no interest is charged if the loan is paid back by the due date. Book Loans must be repaid even if financial aid fails to materialize. Visit www.usi.edu/finaid/bookloans.asp for more information.

This policy establishes the University of Southern Indiana's (USI) Student Loan Code of Conduct which is applicable to all USI officers, USI employees, and USI Agents involved with the administration of student loans or who otherwise have responsibilities related to student loans in accordance with the Higher Education Opportunity Act (HEOA) of 2008.

USI Student Loan Code of Conduct