Several types of loans are available to qualifying students. See the descriptions and application information here or contact the OCU financial aid office by email or by phone, (812) 749-1436.
Loans of up to $4,000 per year are awarded to graduate and undergraduate students who show financial need. Repayment of this loan begins nine months after a student ceases half-time enrollment status. Interest is 5% simple interest.
Federal Direct Loans are for undergraduate, graduate, and professional degree students. You must be enrolled as at least a half-time student to be eligible for a Direct Loan. There are two types of Direct Loans made through the Department of Education: Subsidized Direct Loans and Unsubsidized Direct Loans. You must have financial need to receive a Subsidized Direct Loan.
Subsidized Direct Loan
You are eligible for a Subsidized Direct Loan if you are in school at least half-time and have financial need. With a Subsidized Direct Loan, the federal government will pay the interest while you're enrolled at least half-time, during your grace period, and during deferment periods.
Unsubsidized Direct Loan
Unsubsidized Direct Loans are for students who do not have financial need. With an Unsubsidized Direct Loan, you are responsible for paying the interest during all periods, starting from the date the loan is first disbursed.
Direct PLUS Loans are loans parents can obtain to help pay the cost of education for their dependent undergraduate children. A biological or adoptive parent (and in some case, a stepparent) who does not have an adverse credit history may receive a PLUS Loan to help pay for the educational costs of a dependent undergraduate student who is enrolled at least half-time in an eligible institution. The maximum PLUS Loan amount a parent can borrow is equal to the cost of attendance, as determined by the school, minus any other financial aid the student may be receiving.
Exit Counseling is required before you withdraw, graduate, or drop below half-time attendance (even if you plan to transfer to another school). Now, it will soon be time to start repayment on the money you borrowed from the William D. Ford Direct Loan Program and/or the Federal Family Education Loan Program (FFELP). This Exit Session takes approximately 40 minutes and requires your PIN Number.