Student Loan Information - Fund Your Education

Pell School Grants, Supplemental Education Opportunity Grants

Have questions about student loans? You're not alone. Ivy Bridge College's financial aid office is always available to help answer your questions, starting with this FAQ section on the resources available to help fund your college education.

Just as our professors strive to do everything in their power to help you earn your degree, our financial aid advisors are dedicated to helping identify the financial aid opportunities that best fit your needs.

1. What is a student loan?

A student loan is a form of financial aid that is borrowed and must be repaid, with interest, under the terms and conditions of the loan program. These loans are available to assist in educational expenses. Some loans may be deferred until after you graduate from school or fall below a half-time enrollment. (Scholarships and grants do not have to be repaid.)

2. What are my student loan options?

Your primary loan options include:

• Federal Stafford Loans
• Federal Parent Loans for Undergraduate Students (PLUS)
• Private Alternative Loans

3. What is a Federal Stafford Loan?

A Federal Stafford Loan is a student loan whose amount is based on the results of the Free Application for Federal Student Aid (FAFSA). This loan can be subsidized or unsubsidized.

Subsidized Stafford Loans are awarded based on financial need and the federal government pays the interest while you are in school. (The interest rate for a subsidized Stafford loan is 5.6%.)

Unsubsidized Stafford Loans accrue interest to you from the time the loan is disbursed to your account. (The interest rate on unsubsidized loans is 6.8%.) In both cases, payments can be deferred for as long as you are enrolled in school at least half-time (6 credits as an undergraduate). Federal Stafford loans are available both for undergraduate and graduate education.

Ivy Bridge College of Tiffin University has loans that are available both for undergraduate and graduate education. Ivy Bridge College participates in the William D. Ford Federal Direct Student Loan Program, which is through the school and will not require an application to a bank or lending agency.

An Important Note about Stafford Student Loans:

All first-time students at Ivy Bridge College of Tiffin University borrowing from the Stafford Student Loan Program must complete an online ENTRANCE counseling session. Current students who will be graduating, withdrawing, or dropping below half-time enrollment status must complete an online EXIT counseling session.

4. What is a Federal Parent Loan for Undergraduate Students (PLUS)?

If you're a dependent undergraduate student, your parents can borrow a PLUS loan. This loan is made available to your parents only after you have completed the FAFSA form and been awarded other forms of financial aid. Your parent may borrow up to the cost of your education, minus other forms of aid, for each academic year. Interest accrues from the time the loan is disbursed, but your parents may elect to have their payments deferred while you are in school. The interest rate for PLUS loans is 7.9%. To review our recommended lender list for Parent PLUS loans, click on the PLUS link at the Direct Lending loan site.

5. What is a Private Alternative Loan?

Because federal loans may not be enough to cover a student's educational costs, lenders offer private alternative loan options to help students like you bridge the education cost gap.

6. What is the Ivy Bridge College of Tiffin University Payment Plan?

We encourage you to consolidate all your student loan payments into the Tiffin University Payment Plan. This plan allows you to spread payments over 10 months with no interest. There is a $60 application fee but no additional fees or interest charged. For information on the payment plan, please contact the Assistant Bursar at (419) 448-3065.