Stafford Loans are available to eligible students to help them with their educational costs. Stafford loans at IIA can be made both through the Direct and Federal Family Education Loan Programs (DL and FFEL). Stafford loans are either subsidized or unsubsidized. A subsidized loan will remain interest free until you begin repayment. You will be charged interest on an unsubsidized loan from the time it's disbursed until it is paid in full. You will be given the choice of paying the interest while you are in school or allowing the interest to be capitalized. Stafford loan funds are sent to the school on your behalf to satisfy educational costs. The interest rate on your student loan is variable but will never exceed 8.25%. Currently (2003-2004 Award year) it is at 2.82% during in school, grace and deferment and at 3.42% during repayment.
Parents who do not have adverse credit histories can borrow to pay for their dependents educational costs. In other words, dependent students must have the cooperation of their parents in order to finalize the financial aid process. If the dependent student parents are denied the PLUS Loan, the dependent student may apply for the unsubsidized loan (ONLY if the PLUS loan is denied).
An amount (up to 4%) for fees will be deducted from the loan
The interest rate on a PLUS Loan is a variable 9%. Currently (2002-2004 Award year) it is at 4.22 %.
You are now ready to apply for your student loans. You are required to successfully complete an Entrance Interview prior to obtaining your student loans.
The following lenders are among the ones we prefer. This does not mean that if the lender of your choice does not appear here, that we will not honor your request. Choosing one of these lenders will ensure prompt and accurate processing of your student loans.
Once on their web sites please follow the directions in order to conduct your Entrance Interview and to apply for the subsidized, unsubsidized and PLUS loans. Dependent students can apply for the subsidized loans. Independent students can apply for both subsidized and unsubsidized loans. Dependent student parents must apply for the PLUS Loan. If the PLUS Loan is denied, the dependent student may apply for the unsubsidized loan.