| Type of aid: |
Federal loan that must be repaid. No interest is charged while you are in school at least half-time, during your grace period, and during deferment periods. |
| Award amounts: |
Up to $3,500 for freshmen
Up to $4,500 for sophomores
Up to $5,500 for juniors, seniors, and continued undergraduate-level study |
| Application process: |
Must have completed a Federal Direct Loan Master Promissory Note, the Federal Direct Loan Entrance Counseling session, IWU Financial Aid Request Form, valid year-appropriate FAFSA, and all associated paperwork to complete your financial aid file |
| Eligibility requirements: |
Must demonstrate financial need after other aid |
| Repayment: |
Begins six months after last date of half-time enrollment. Interest for
undergraduate students is fixed at 3.4% for the 2012-2013 award year. Interest rates are set
annually by the federal government. |
| Renewal requirements: |
Renewal FAFSA is required |
| EFC eligibility requirements: |
Determined by FAFSA, Cost of Attendance, and enrollment status |
| Enrollment requirements: |
Half-time or more enrollment is required to obtain any of these funds |
| Grade-level eligibility: |
All undergraduate degree-seeking students |
| Costs this aid can cover: |
Any education related expense |