University of Southern Indiana
Loans

Federal Direct (Student) Loans

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, 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. The Free Application for Federal Student Aid (FAFSA) is required each year, students must be enrolled at least half-time and must maintain satisfactory academic progress.

Federal Direct PLUS Loans

For Parents

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, 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 http://studentloans.gov. If you prefer a paper application, they are available in Student Financial Assistance, or you may download the form online in the Student Financial Assistance forms library. The Free Application for Federal Student Aid (FAFSA) is required each year, students must be enrolled at least half-time and must maintain satisfactory academic progress.

For Graduate Students

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, 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 in Student Financial Assistance. The Free Application for Federal Student Aid (FAFSA) is required each year, students must be enrolled at least half-time and must maintain satisfactory academic progress.

Private or Alternative Loans

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.

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 Ombudsman Group

The Federal Student Aid Ombudsman Group of the U.S. Department of Education is dedicated to helping resolve disputes related to federal student loans. The Ombudsman Group is a neutral, informal and confidential resource to help solve disputes about your federal student/parent loans.

The Ombudsman Group should be your last resort for resolving federal student/parent loan problems.

Contact the Ombudsman Group by visiting their website or by one of the following methods:

Telephone: 877-557-2575

Fax: 202-275-0549

Mail: 
Department of Education
FSA Ombudsman Group
830 First Street, N.E., Mail Stop 5144
Washington, D.C. 20202-5144 


Contact Student Financial Assistance
×
Send Email to
×