Title IV (Stafford) Loans
- When to apply for student loans
- Applying for Student Loans
- The Initial Application: The FAFSA (Free Application for Federal Student Aid)
- Federal Stafford Loan Program
When to Apply for Student Loans
Student loans are meant to help pay for college when scholarships, grants, or other resources that do not require repayment do not pay for 100% of your tuition. It is best to investigate those resources first. ITP offers several scholarships, and works with many different organizations to bring scholarship money to ITP students. Be sure to investigate those opportunities thoroughly before getting a loan you will have to repay.
If you do take out a student loan, be sure to explore options such as Federal Stafford Loans, deferment and forbearance, and Income-Based Repayment.
To apply for Title IV Aid On-line:
When you apply for admission
Complete the FAFSA* on the Department of Education web site.
After you receive an award letter from the school which details the amount you are eligible to borrow, first complete your on-line Master Promissory Note (MPN)*. Second, complete Entrance counseling*.
If additional living expenses are needed, please apply online through GradPlus (it is advised that you consult with the Financial Aid Director for the loan amount prior to application).
When you graduate or leave school:
Complete Exit counseling*.
Check your Total loan balance*.
*All outside links will launch a new browser window.
Not all students will qualify for all aid programs.
Title IV Loans
The Institute participates in the Federal Student Financial Aid Program (Title IV) Stafford Loan Program. Aid received through this program is a loan that must be repaid with interest at the time of withdrawal or graduation from school.
Initial Application - The FAFSA
The first step in applying for virtually every form of financial aid available at the Institute is to complete the Free Application for Federal Student Financial Aid (FAFSA). The Institute's identification number is G22676.
It is highly recommended that you complete the FAFSA on-line through the U.S. Department of Education web site.
To complete the FAFSA, you will need:
your previous year's tax return (or W-2 forms if you are not required to file a return);
W-2 forms and other records of money earned in the previous year;
records of untaxed income such as welfare, social security, AFDC or ADC, or veterans benefits;
current bank statements;
current mortgage information;
business and farm records;
records of stocks, bonds, and other investments;
driver's license and social security card.
A paper version of the application is also available; however, the on-line version includes a checking system which catches common errors. The turnaround time for the electronic version is also significantly faster.
The SAR
Upon completing the FAFSA, a Student Aid Report (SAR) will be generated for you. The Institute will draw down an electronic version of the SAR which will contain a figure called the EFC. This figure will be used to determine your eligibility for most forms of aid.
Stafford Loans
The Stafford Loans are the primary source of financial assistance available to Institute students. Stafford Loans are made by private lending institutions using funds guaranteed by regional guarantee agencies. The program was created by an act of Congress and is regulated by the U.S. Department of Education. It is open to all US Citizens and Permanent Residents enrolled at least half time in the Residential or Global Program.
There are two types of Stafford Loan available, subsidized and unsubsidized. Subsidized loans are need based loans. Interest payments on subsidized loans are paid to the lender by the Department of Education while the student is enrolled in school. Unsubsidized loans are available to all eligible students regardless of need. Interest which accrues on the loan while the student is enrolled is the responsibility of the student.
Deadlines
Applying for a Stafford Loan takes approximately two months. Students should apply for financial aid at the earliest opportunity. Applications for financial aid may begin prior to acceptance to an Institute program.
Global students should submit the FAFSA and the Institute application at least two months prior to their expected start date. Residential students should submit all application materials no later than August 15th to receive funds by the start of the fall quarter. Applications received after the 15th will be processed as time permits; however, funds may not be available until after tuition is due.
Annual Loan Limits
Graduate students are eligible to borrow up to $20,500 through the Stafford Loan program per year. At least $12,000 of this will be in the form of an unsubsidized loan.
Deferral of Prior Student Loans
If you currently have outstanding student loans, consult your loan servicer to determine if you may defer payment while you are in school. Student enrollment status is reported regularly to the National Student Loan Database. Loan servicers collect information from this database; however, some require that you specifically request deferment.
More Information
If you would like more information about the Stafford program, you may request The Student Guide to Financial Aid from the Financial Aid Office or directly from the Department of Education web site, or call them at (800) 433-3243.
