Educate Yourself About Loans

As students investigate options for financing a college education, common questions invariably come up, such as:

• What are the interest rates on loans?
• When do I start re-payment?
• What is the difference between a subsidized and unsubsidized Loan?

These are all questions that require answers, and it is important that you understand the terms of borrowing student loans to help pay for your education.

Indiana Tech participates in the Direct Lending program, which originates all Federal Stafford loans (subsidized and unsubsidized) and Parent Loans for Undergraduate Students (PLUS) through the Department of Education.

For the successful completion of the Stafford loan process, log onto www.studentloans.gov and complete the following required items:

• Stafford Master Promisary Note (MPN)
• Entrance Counseling

The Parent Loan for Undergraduate Students (PLUS) is available for parents who wish to have loan funds in their name for their child's educational expenses. To apply for the loan, parents should complete the PLUS loan application and send it to the financial aid office for processing. For more information on the PLUS loan option or process, visit the Department of Education web site.

Indiana Tech utilizes the services of SimpleTuition to offer students and their families a free comparison tool for private loan options. The SimpleTuition web site allows students to enter the loan amount they will borrow and select two or more lenders. The site then compares the benefits that each lender offers to students. Students are able to research and compare information on private alternative loans.

SimpleTuition will get you started in making an educated decision in which lender will best fit your needs. As an added benefit, once you chose your lender you can automatically link directly to the application process from their web site.