Loans are borrowed funds that you must repay with interest.
- Federal: Federal loans have fixed interest rates and offer flexible repayment terms. For subsidized Stafford loans, the government will pay the interest while the student is enrolled at least half-time in a degree-seeking program.*
- Private: These loans are issued by a bank or credit union. Private student loans have variable interest rates and usually require a credit check.
Consider Financial Awareness Counseling to help you understand your financial aid. This will not satisfy the loan entrance counseling requirement.
*Other benefits include fixed interest rates, income-based repayment plans, loan forgiveness and deferment options, as well as deferment of loan payments when a student returns to school.
Students and Parents – Download and use the following step-by-step guides to assist in common loan procedures.
- Completing A Master Promissory Note
- Completing Counseling (Entrance/Exit or Plus Credit)
- Completing A Direct PLUS (parent & graduate) Loan
Graduate PLUS Loan: Federal Direct Graduate PLUS Loans can help graduate and law students pay for educational expenses. There is no annual limit but students cannot borrow in excess of their university set cost of attendance. Graduate PLUS loans require a credit check (a cosigner may be obtained). The federal government charges interest from the date the first disbursement is made but it can be deferred (along with the regular payment) while the student is enrolled at least half-time (5 credits).
- Learn more about the Graduate PLUS Loan
Stafford Loans: Students must be enrolled at least half-time (6 credits per semester for undergraduates/5 credits for graduates and law students) to be eligible.
Direct Stafford Loans (Subsidized and Unsubsidized): For a Subsidized Stafford loan the government will pay the interest while the student is enrolled at least half-time in a degree-seeking program. For An unsubsidized Stafford Loan the student is responsible for the interest payment while in school (payments can be deferred until after graduation). Amounts offered will vary based on grade level and the loans have annual and lifetime limits.
This program was not renewed by Congress; it will expire September 30, 2017.
Perkins Loans: A Federal Perkins Loan is a low-interest loan for full-time undergraduate students (12 credits per semester) with high financial need. UI is the lender but it is serviced through Heartland ECSI.
This is a Federal Direct Loan that parents of undergraduate students can apply for (students must be enrolled at least half time (6 credits)). Parent PLUS loan applications are available online.
Private loans given through a bank vary considerably (some require payments while in school).
Vandal loans are funded from donations and an endowment. The loan has a 5 percent interest rate, a nine-month grace period, and a maximum 10-year repayment term.There are specific requirements to receive a Vandal Loan. Speak with your Financial Aid Counselor for more information.
Benjamin O. Braham Loan
- Benjamin O. Braham (BOB) loans assist students who are graduates of Kellogg High School, in Kellogg, Idaho. The loan has a 3 percent interest rate, a nine-month grace period, and a maximum 10-year repayment term.
- Student must be a graduate of Kellogg High School, Kellogg, Idaho.
- A full-time, undergraduate degree-seeking student who has not yet attained a bachelor’s degree.
- A U.S. citizen or eligible non-citizen.
- Long-Term Institutional Loan Application and Solicitation Disclosure
- BOB Loan Fund Entrance Interview
- BOB Loan Recipient Information Sheet
- Long-Term Institutional Loan Approval Disclosure
- Long-Term Institutional Loan Final Approval Disclosure
Emergency Short-term Loan Program
This program covers payments that may fall due before a resource is available. It is available to students at 7 percent simple interest. To be considered, students shall be:
- Enrolled during the semester in which the loan is requested
- Enrolled at least half-time (half-time enrollment is a minimum of 6 credit hours for undergraduates and 5 credit hours for graduates and law students)
- In good academic standing
This loan is subject to approval by the counseling staff and may be denied depending on the situation.
You must demonstrate the ability to repay the loan within 90 days. $600 is the typical maximum loan amount.