Student Loans
Information subject to change to conform with Federal regulations.
- Financial Aid: Money for college: Money for college - Find out about getting financial aid the easy way.
- How To Apply: Need help with all those applications? This is your one-stop-shop for applying.
- Scholarships & Grants: Free Money! It's all the rage! Find out about alternative ways to finance a college education
- High School Loan Calendar: Are you all caught up on college applications? Find out where you need to be in the college search.
- Stafford Loans: Find out more about Stafford loans and how they can help you pay for a College education.
- PLUS Loans: This loan is especially for parents and graduate students.
- Alternative Private Loans: A source of non-need credit-based loans.
- Repayment Calculators: How much do my parents and I need to pay for my education? What will it cost us in the long run?
- Student Links: Visit sites that will help you make the right choices. Cool links for your financial quest through "College Land".
- IFSB Student Loans Benefits Chart:
Financial Aid is available to U.S. citizens and eligible noncitizens. Federal Financial Aid includes programs offered through the Department of Education. The major Student Financial Assistance (SFA) Programs are:
- Federal Pell Grants
- Stafford Loans
- PLUS Loans (Parent Loans for Undergraduate Students)
- Graduate PLUS Loans
- Consolidation Loans
- (FSEOG) Federal Supplemental Educational Opportunity Grants
- Federal Work Study (Jobs)
- Federal Perkins Loans
- Grants are financial aid you don't have to pay back.
- Work-Study Aid allows you to work and earn money to help pay for school.
- Loans are money you borrow that you must repay with interest.
Applying for federal student aid is easy. You only have to fill out a simple form. You can even apply before you have been accepted at a college or university.
To receive Financial Aid you must complete a Free Application for Federal Student Aid (FAFSA) form. The FAFSA should be completed online at http://www.fafsa.ed.gov/. In 2005, more than 96% of all FAFSA applications were completed online. You may also call 1-800-FED-AID or call IFSB at 1-800-733-0473.
You will need a valid Social Security Number to apply. If you are dependent, you have to report both you and your parents' financial information on the FAFSA. This information will be considered when your eligibility is determined. Therefore, it is a great idea to have a completed income tax return available. After your completed application is received and processed, you will receive a Student Aid Report (SAR). The SAR will report the information from your application such as your Expected Family Contribution (EFC), the number used to determine your eligibility for federal student aid. The formula takes into account your family's income, certain assets, necessary living expenses, and employment-related expenses. The results will be sent to you and to the schools that you list on your application.
Scholarships and Grants are examples of "free money" that does not need to be repaid. Scholarships may be given to students who have potential in athletics, academics, music, and other areas. Scholarships also are given to students in other areas such as gender, religion, occupation, or aspirations. We at Independence Federal Savings Bank suggest that you start early and consider free search sites such as Fastweb.com or Scholarships.com to help you locate scholarships that may be available to you. Grants are another type of free money that do not need to be repaid. Grants can be received from the federal government, state government, local government, your school or private organizations.
COLLEGE PREP STUDENT LOAN CALENDAR
FALL-August through December
- Write down relevant dates on a calendar so you can organize your college entrance process.
- Request application materials for admission and financial aid from the school (s) you are considering.
- APPLY TO THOSE SCHOOLS. Know the deadline dates.
- Arrange visits to schools you are considering and schedule admissions interviews if required.
- Take (SAT) Scholastic Aptitude Test or (ACT) American Collegiate Test.
- Apply for financial aid by completing and submitting your FAFSA form as soon after January 1st as possible.
- Request that your high school send a copy of your transcript to the school (s) where you have applied.
- When you receive the results of your FAFSA, make any necessary corrections and resubmit it as soon as possible. Remember to keep a copy of all forms for your records.
- Submit any additional financial aid documentation that is required by the schools of your choice.
- Notify the school of your choice in writing as to whether you are accepting or declining admission.
- Review your financial aid award letter with your parents and be sure that you understand the terms and conditions of the aid. SIGN your financial aid award letter and return it to the school.
- Respond to ALL correspondence regarding school, scholarships and financial aid.
- Contact your INDEPENDENCE FEDERAL SAVINGS BANK Representative for your Stafford and PLUS loan applications, and for answers to any questions you might have.
STAFFORD LOANS
To print a paper application, please use the following link:
Loan Application |
Eligibility:
For eligible student borrowers, based on need. A financial aid form must be filed with the college or university the student plans to attend. Stafford loans are need-based loans available to eligible U.S. citizens and resident aliens.
Maximum Loan Amounts:
- Freshmen -- up to $3,500/$4,000
- Sophomores -- up to $4,500/$4,000
- Juniors and Seniors -- up to $5,500/$5,000
- Graduate students -- up to $8,500/$12,000
Figures represent Subsidized and Unsubsidized borrowing limits.
Interest Rate:
The interest rate for these loans is 6.8%.
Contact your INDEPENDENCE FEDERAL SAVINGS BANK STUDENT LOAN DEPARTMENT for the cost saving benefits that we can offer on the interest.
Fees:
Guarantee Fee - Zero fees for IFSB borrowers whose loans are Guaranteed by USAFunds or zero fee guarantors.
Origination Fee - 1.5% on Federal Stafford Loans.
Repayment:
Repayment begins 6 months after the student graduates, withdraws or stops attending school at least half-time. Contact your INDEPENDENCE FEDERAL SAVINGS BANK STUDENT LOAN DEPARTMENT for our special repayment incentives that will help you save money during the repayment of your loan.
SUBSIDIZED STAFFORD LOAN:
The interest and principal are subsidized by the federal government until you begin repaying your loan. Interest begins to accrue during the repayment period.
UNSUBSIDIZED STAFFORD LOAN:
The interest is not paid by the federal government. The borrower is responsible for all interest payments. The interest and principal may be deferred until the student is no longer enrolled at least half-time.
Contact your INDEPENDENCE FEDERAL SAVINGS BANK STUDENT LOAN DEPARTMENT at 1-800-733-0473 for applications and information on the cost-saving benefits we offer.
PARENT LOANS FOR UNDERGRADUATE STUDENTS (PLUS)
To print a paper application, use the following link:
Loan Application |
For parents or legal guardians of dependent undergraduate students. A credit check is performed prior to approval of the PLUS. Contact your INDEPENDENCE FEDERAL SAVINGS BANK STUDENT LOAN DEPARTMENT for further information and to learn whether you qualify.
Maximum Loan Amounts:
Parents may borrow up to the Cost of Attending the college or university minus any financial aid awarded. There are no aggregate loan limits.
Interest Rate:
The interest rate for this loan is fixed at 8.5%.
Contact your INDEPENDENCE FEDERAL SAVINGS BANK STUDENT LOAN DEPARTMENT for the current interest rate and for cost saving benefits.
Fees:
Guarantee Fee -- not to exceed 1%. This fee is charged to insure/guarantee the student loan.
Origination Fee -- 3% fixed. This fee is charged by the Federal Government to help reduce the cost of making these loans.
Repayment: Repayment begins 60 days after the loan is fully disbursed.
5 Minute PLUS Pre-Approval: Parents of students can obtain PLUS loan pre-approval in 5 Minutes! Parents call a toll free number and a well-trained Parent Answer Service representative takes the parent step-by-step through the streamline approval process and handles credit approval over the phone. MENTION INDEPENDENCE LENDER CODE 831036. Call 1-800-891-1410.
Contact your INDEPENDENCE FEDERAL SAVINGS BANK STUDENT LOAN DEPARTMENT at 1-800-733-0473 for applications and information on our cost-saving benefits.
GRADUATE AND PROFESSIONAL PLUS
Eligibility:
Graduate and professional school students. A credit check is performed prior to approval of the Graduate PLUS. Contact your Independence Federal Savings Bank Student Loan Team for further information and to learn whether you qualify.
Maximum Loan Amounts :
Graduate and professional school students may borrow up to the Cost of Attendance for college or university, minus any financial aid awarded. There are no aggregate loan limits.
Interest Rates:
The interest rate is fixed at 8.5%.
Fees:
Guarantee Fee: 0%.
Origination Fee: 3% fixed. This fee is charged by the Federal Government to help reduce the cost of making these loans.
Cost Saving Benefits
Interest Reduction Benefits
.25% at 1st disbursement
.75% at repayment for paid by due date
.50% for ACH (auto payment withdrawals)
Loan Credits
1.0 % Principal reduction after 12 on-time-payments
+1.0 % Principal reduction after 30 on-time-payments
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