Loans
Student Loans and
Parent Loans for Students
Federal Direct Loan
These are low-interest loans made to
students by the Federal Government through the Direct Loan program.
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
Federal Direct PLUS Loan
Direct PLUS Loans to parents of dependent students are available as
"no-need" financial aid. Repayment begins about 30 days after the second
disbursement. For a full year loan, repayment will begin in early February. USI
PLUS Loan Request Forms are available from the USI Student Financial Assistance
office.
Federal Direct PLUS Loans- What You Should Know
Federal Direct Graduate PLUS Loan
Direct PLUS Loans to graduate students are available
as "no-need" financial aid. 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 or Alternative Loans
Non-governmental loans are 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
Book Loans (Your financial assistance has not yet been processed)
Sixty-day book loans (Book Loans borrow against estimated aid) will
be available for the fall, spring and summer semesters in the main lobby of the
Orr Center. Book Loans are only available for registered financial aid
recipients who are expecting excess financial assistance and have met all
financial assistance requirements (submitted all financial assistance requested
documents). Loans must be applied for in person and can only be used in the USI
Bookstore.
Book Loans are available starting the Tuesday before classes begin through the
Friday of the first week of classes, as funding permits.
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 will generally not exceed $500 for
students enrolled full-time. Students who owe prior term charges or have an
outstanding prior book loan balance are not eligible for book loans.
Short-term loans must be repaid even if financial aid fails to materialize!
To qualify for a book advance, you must:
1) Have a complete file. This means that all requested financial assistance requirements must be met (all requested documents submitted). There will be no exceptions!
2) Have sufficient Financial Aid to cover current term fees & repay book loan.
This means that your financial assistance must cover your bill, plus books.
3) Have a zero prior term balance. on your University accounts including all institutional
charges and short-term book loans (unless covered in full by pending financial assistance).
4) Be in good standing academically. with the University (students who are placed on academic
probation or who have been academically dismissed, including those enrolled in the Fresh Start Program, are not in good standing).
Note: Book advance availability is dependent on funding and therefore may
vary from term to term.
Student Loan Code of Conduct
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.
Student Loan Code of Conduct
