Loans


A loan is a form of financial aid that must be repaid, with interest. Your main loan options are:

Few students can afford to pay for college without some form of education financing. Nearly two-thirds of ISU undergraduate students borrow and build an average federal student loan debt of $19,317. Graduate and professional students tend to borrow even more.

Grants, scholarships, work-study and other forms of gift aid often do not cover the full cost of a college education. Many students find that they must supplement their savings with student loans. The Federal student loan programs offer lower interest rates and more flexible repayment plans than most consumer loans, making them an attractive way to finance your education. You can also deduct student loan interest even if you don't itemize deductions on your income tax return.

Access your Individual Loan Borrowing History at www.nslds.ed.gov.

Use your FAFSA PIN number to sign in.

Direct Loan Servicing

Contact the Direct Loan Servicing Center at 1-800-848-0979, or online at www.StudentLoans.gov.

Visit the web site or call to get loan account information, request a deferment or forbearance, download a deferment or forbearance request form, change repayment plans, make online payments, set up automatic payments, and much more.

Loans must be repaid

Student loans, unlike grants and scholarships or work, are borrowed funds that must be repaid. This is similar to a car loan or home mortgage.  Regardless of your educational outcomes, your student loan cannot be canceled.  Whether you completed your degree or not, you are responsible to repay your student loan obligation.  Even if your financial circumstances become difficult, you must repay your student loans.  Loans are legal obligations and so it is critically important to borrow wisely for your educational needs.

 

"Your Federal Student Loans: Learn the Basics and Manage Your Debt" can help you learn more about federal student loan debt. You can find this publication at: http://studentaid.ed.gov/students/publications/repaying_loans/index.html