Illinois State University

Loans

Rising college costs make borrowing money a fact of life for most college students. More than 65 percent of students attending four-year colleges take out loans.

At Illinois State, the average student:

  • borrows $25,111 over four years;
  • pays a post-graduation monthly payment of about $250 on a standard, 10-year repayment plan; and
  • makes payments on-time: 97 percent of Illinois State graduates pay their federal loans back on schedule (based on 3-year cohort rate).

Once you decide to borrow money for college, you must choose the type of loan you want: a federal student or parent loan or an alternative loan. As you determine how much you'll borrow, do your future self a favor and plan for repayment now.

Before you receive funds from a federal loan, you must complete Entrance Loan Counseling and a Master Promissory Note.

Federal Student Loan Program Changes for 2014-2015

Loss of Subsidized Loan Eligibility for Graduate/Professional Students:

The Budget Control Act of 2011 was signed into law on August 2, 2011. This Act makes two changes to the Direct Loan. Effective July 1, 2012, graduate and professional students will no longer receive the Federal Direct Subsidized Loan. As a result, graduate and professional students will be awarded Federal Direct Unsubsidized Loan. The annual limit, however, does not change.

Interest Rates and Origination Fees for Federal Loans

Interest rates for loans after July 1, 2014 will have the following FIXED interest rate:

Undergraduate Subsidized and Unsubsidized: 4.66 percent

Unsubsidized Graduate: 6.21 percent

Parent PLUS and Graduate PLUS: 7.21 percent

Congress passed the Bipartisan Student Loan Certainty Act 7/24/2013 that requires that for each academic year, all newly-issued student loans be set to the U.S. Treasury 10-year borrowing rate plus add-ons to offset costs associated with defaults, collections, deferments, forgiveness, and delinquency.

Most federal student loans have loan fees that are deducted proportionately from each loan disbursement you receive. This means the money you receive will be less than the amount you actually borrow. You're responsible for repaying the entire amount you borrowed and not just the amount you received. There are no loan fees for Perkins Loans.

 

 

 

Illinois State University

FinancialAid@IllinoisState.edu

Office of Financial Aid
Fell 231
Campus Box 2320
Normal, Il 61790
Phone: (309) 438-2231
Fax: (309) 438-3755
Información en Español

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