Learn about loans

A loan is a form of financial aid that you will have to repay, but can be a valuable resource in assisting you in paying for college. IU Fort Wayne participates in the Federal Direct Loan program for all Federal Direct Subsidized, Unsubsidized, and PLUS loans. The lender for the Federal Direct Loan program is the U.S. Department of Education.

Private student loans are offered by private lending institutions as an alternative aid option if additional funding is needed to supplement your state and federal aid. Before you consider borrowing a private student loan, we recommend you apply for federal student loans. The federal student loans generally have better terms and lower interest rates.

For all loans, you must meet these eligibility criteria:

  • Be a U.S. citizen, U.S. national, or permanent resident of the United States
  • Be admitted to a degree-seeking program
  • Meet satisfactory academic progress requirements
  • Not be in default on prior educational loans

How much debt can you afford?

When it comes to consumer debt such as student loans, credit card balances, and car payments, we recommend that your total debt adds up to 15 percent or less of your net anticipated future take-home income. (Remember, just because loans are available to you doesn’t mean you should borrow the maximum.)

You can see national averages for seniors with student loan debt from the Project on Student Debt.

Learn strategies for financial success

Read more about loans

Before you decide to apply for a loan, make sure you explore all grants and scholarships that are available. The less you have to repay, the easier you’ll find life after college.

Private loans

Anyone can apply for a private student loan, as long as you meet the lender's requirements.

Learn more about private loans