LOANS

College loans are available from the federal government and private lenders. As with any loan, a college loan must be paid back.

Federal student loans don’t need to be repaid until you’re out of college. However, interest may accrue on your loan amount while you are a student.

Students must be pursuing an eligible technical or vocational certificate, associate degree, or bachelor’s degree program, enrolled in required classes, and be at least half-time (6 credits or 180 hours) to apply for a student loan.

If you wish to apply for any of these federal loans, start by completing the Free Application for Federal Student Aid, or FAFSA. Then complete the online loan request in Student Forms, available through Student Self-Service, which you can find in The River Portal.

When your loan has been certified, you’ll receive a notification with your next steps. These will include:

• Completing a Master Promissory Note (MPN). The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education.
• Completing Loan Entrance Counseling. Entrance counseling will explain your rights and the obligations you agree to meet when you accept a Direct Loan.

Federal Direct Student Loans

Federal Direct Student Loans are funded by the U.S. Department of Education and do not require a credit check. Unlike grants and scholarships, loans must be repaid, with interest.

Students interested in borrowing a Federal Direct Student Loan must first complete the Free Application for Federal Student Aid (FAFSA) and then submit a loan request through Student Forms, available through Student Self-Service in The River Portal.

Once your loan request has been reviewed and certified, you will receive information regarding the following additional requirements:

• Completing a Master Promissory Note (MPN), which is the legal agreement to repay your loan and any associated interest and fees.
• Completing Entrance Counseling, which explains your rights and responsibilities as a student borrower.

Types of Federal Direct Loans

Subsidized Loans

Subsidized loans are need-based Federal Direct Loans awarded to eligible undergraduate students based on information provided on the FAFSA. The federal government pays the interest that accrues on the loan while the student is enrolled at least half-time and during certain approved periods.

If you are a first-time borrower, eligibility for Direct Subsidized Loans is limited to 150% of the published length of your academic program.

Unsubsidized Loans

Unsubsidized loans are Federal Direct Loans that are not based on financial need. Interest begins accruing when the loan is disbursed, and the borrower is responsible for paying all interest that accrues on the loan.

The total amount of financial aid received, including Unsubsidized Loans, cannot exceed the student’s Cost of Attendance.

Parent PLUS Loans

Parents of dependent undergraduate students may apply for a Federal Direct PLUS Loan to help cover educational expenses.

To qualify, the student must:

• Meet the standards of Satisfactory Academic Progress
• Be degree-seeking
• Be enrolled at least half-time in courses that count toward degree completion.

PLUS loans:

• Require a credit check.
• Have a fixed interest rate established annually by the U.S. Department of Education.
• Cannot exceed the student’s Cost of Attendance minus all other financial aid received.

Repayment generally begins when the loan is fully disbursed, although deferment options may be available. Parents may apply online through the Federal Student Aid website.

Enrollment Requirement for Loans

Students must be enrolled at least half-time (6 credit hours) in courses that apply toward their eligible program of study to receive a Federal Direct Student Loan (Subsidized, Unsubsidized, or PLUS).

In addition, beginning with the 2026–2027 academic year, annual loan eligibility will be prorated based on enrollment intensity. Students enrolled less than full-time will not be eligible to receive the maximum annual loan amount.

Enrollment is reviewed throughout the academic year. Students who withdraw from courses, stop attending, or reduce their enrollment after loan eligibility has been determined may experience changes to their current or future loan eligibility, such as:

• Reduce or cancel future loan disbursements.
• Result in a return of federal loan funds.
• Affect your eligibility to receive loans in subsequent terms within the same academic year.
• Trigger loan repayment requirements if you cease to be enrolled at least half-time.

Students are encouraged to consult with the Financial Aid Office before withdrawing from any course to understand the potential impact on their financial aid eligibility.

Annual Loan Limits

The chart below indicates the combined (fall and spring semesters) maximum loan amounts you may borrow each academic year.

Your class standing is determined by the number of credits you have earned (not the length of time you have been in school).

Dependent Students

Note: If you are a dependent student who is not eligible for a subsidized loan, you can receive an unsubsidized loan.

Independent Students

Indian River State College’s Student Loan Default Rates

Defaulting on a student loan means not making payments as specified in your master promissory note, or MPN.

The chart below shows Indian River State College’s student loan default rate over the past four years.

Private Education Loans

Private education loans are available through banks, credit unions, and other lending institutions. Unlike federal student loans, private loans typically require a credit check and may require a co-signer. Interest rates, repayment terms, and borrower benefits vary by lender.

Enrollment Requirements and Loan Eligibility

Private loan eligibility is based on enrollment status and the student’s Cost of Attendance (COA). Students normally must be enrolled at least half-time (6 credit hours or 180 hours), be enrolled in an eligible program of study, and be registered for coursework that applies toward program completion.

Borrower Responsibilities

Private education loans are a serious financial obligation and must be repaid with interest. Borrowers are responsible for repayment regardless of program completion, academic performance, satisfaction with their educational experience, or post-graduation employment outcomes.

Indian River State College can certify private loans only up to the student’s Cost of Attendance (COA), less any other financial assistance received. The COA is determined by the College and may vary based on factors such as enrollment status, residency classification, and dependency status.

Students are strongly encouraged to borrow only what is necessary to meet educational expenses and to carefully review all loan terms, interest rates, repayment requirements, and borrower benefits before accepting a private loan.

Preferred Private Loan Lender List

To assist students and families in evaluating private education loan options, Indian River State College provides the following Preferred Lender List. Lenders are listed in alphabetical order and are not ranked.

• College Ave
• Earnest
• LendKey
• Sallie Mae
• SoFi

Lender Selection Criteria

The lenders included on this list were selected through a review conducted by the Financial Aid Office. Factors considered included:

• Customer service and borrower experience
• Processing efficiency and school certification support
• Transparency of loan terms and disclosures
• Availability and accessibility of loans to a broad range of students

Important Consumer Information

• Students and families are not required to use any lender on this list. Indian River State College will process and certify private education loans from any eligible lender selected by the borrower.
• Students are encouraged to compare multiple lenders before making a borrowing decision.
• Interest rates, fees, repayment terms, and borrower benefits vary by lender and may be based on creditworthiness and other factors.
• Borrow only what is needed for educational expenses.

Students have the right to select any eligible lender and are not required to borrow from a lender included on the College’s Preferred Lender List.

Disclosure Statement

Indian River State College does not endorse any lender and receives no financial benefit, compensation, or incentive from any lender included on this list. This Preferred Lender List is provided in accordance with the Higher Education Act, as amended, and is intended solely as a resource for students and families evaluating private education loan options.