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UNDERSTANDING YOUR LOAN OPTIONS
A loan can help bridge the gap between grants, scholarships, and what you can cover yourself,
but it’s money you borrow and repay, with interest. Here’s what to know before you decide.
UNDERSTANDING YOUR LOAN OPTIONS
A loan can help bridge the gap between grants, scholarships, and what you can cover yourself, but it’s money you borrow and repay, with interest. Here’s what to know before you decide.
Direct stafford loans
Direct Stafford Loans are low-interest federal student loans that help pay for the cost of education. The lender for these loans is the U.S. Department of Education. There are two types of Stafford Loans:
Subsidized
A loan for which the government pays the interest during your in-school and six month grace period. You will not become responsible for interest charges until the six month grace period has expired.
Unsubsidized
A loan for which you are responsible for paying all the interest that is charged starting 30 days from the date the loan is disbursed to the school and continuing until the loan is paid in full.
How Much Can I Borrow?
Annual loan limits are set by the Department of Education and depend on whether you’re a dependent or independent student.
Dependent Student
Max Subsidized
$3,500
$3,500
Max Unsubsidized
$2,000
$2,000
Total
$5,500
$5,500
Independent Student
Max Subsidized
$3,500
$3,500
Max Unsubsidized
$6,000
$6,000
Total
$9,500
$9,500
These reflect first-year federal limits, which apply to DIT’s program length. Your financial aid representative will confirm your exact eligibility once your FAFSA is processed.
With this tool, students can find out how much federal student aid they may be eligible for →
This is a separate estimator tool, not the FAFSA itself — it just gives you a rough idea before you apply.
Repayment on both begins 6 months after your last day of school — whether you graduate or withdraw. That 6-month window is your Grace Period.
Finishing The Program
If you have a federal subsidized or unsubsidized loan, you’ll need to complete Exit Counseling before entering repayment.
Direct Plus Loans (Parent Plus Loan)
Direct PLUS Loans are low-interest federal loans for parents of dependent students as determined by the FAFSA®. PLUS loans help pay for education expenses up to $20,000.
WHO CAN APPLY
A biological or adoptive parent, or a stepparent whose information is on the student’s FAFSA®.
CREDIT CHECK
Approval is based on the parent’s credit history — no major delinquencies or defaults.Â
HOW TO APPLY
- Make sure the student’s FAFSA® Application is already complete.
- The parent applies using their own FSA ID. (Not the student’s)
- Complete the Plus Master Promissory Note online, separate from the application.
★ About 1 in 10 DIT families use a Parent PLUS loan.
Private Student Loans
For those who qualify — this funding must be repaid with interest, and your rate may vary based on your credit strength. Before applying, it’s worth reviewing your credit standing or asking whether a cosigner could strengthen your application.
RevlTek – Find A Lender
Looking for a Private Student loan Provider?
Discover which of our Credit Union partners can help you reach your goals.
Loan Features:
- Loan types include Undergraduate, Graduate, Parent, Line of Credit, and Refinance options.
- Repayment options include deferred, immediate, interest-only, or a $50 in-school payment, with repayment terms available for up to 15 years.
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Edly
Edly” Edly is proud to help Divers Institute of Technology provide affordable, income-based repayment (IBR) loans to its students. Edly’s Income-Based Repayment (IBR) model helps ensure that payments remain affordable throughout a student’s career journey. As opposed to a single, fixed payment, the monthly payments for Edly IBR loans are calculated as a percentage of their income—starting lower when earnings are modest and naturally adjusting as income grows.Â
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- Easy Application Process
- Flexible payments adjust based on your income
- Tuition paid directly to your school
Climb
Climb Credit is a new kind of learner-focused lender. Climb provides access to career training in a financially responsible way through alternative payment options for their credit-based loans.
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- Quick Decisions, so you can start your education as soon as possible
- Fixed interest rates starting at 6.50%
- No pre-payment penalty
- Fast, Friendly, and responsive learner support
- A simple, secure, online account through which you can upload documents, view your status, and take action on your application.
FREQUENTLY ASKED QUESTIONS
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Every school has a federal OPEID code. DIT’s is 011481.
We accept most forms of payment. Your Financial Aid Administrator will work out a plan specific to you.
The Free Application for Federal Student Aid — the U.S. Department of Education uses it to determine your eligibility for aid like the Pell Grant and Direct Loans, based on financial need.
Once your FAFSA is complete and your Financial Aid Administrator has reviewed it, they’ll reach out with the details. You’re also welcome to call and check in.
Not on its own. After your FAFSA is complete, you and your advisor will look at other financing options to cover the rest of tuition and expenses.
A federal loan in default disqualifies you from new federal aid. Our Financial Aid Office can work with you on resolving the default to regain eligibility.
A legal document you complete online to accept your federal loans, confirming you’ll repay the loan plus any interest and fees. Complete it at studentaid.gov.
As long as you’re attending at least half time — which you are here — those payments can be deferred. Our staff makes sure the right organizations are notified.
Yes — the balance owed is your responsibility either way, and a personal loan is one option. We’ll walk through alternatives during your packaging process.
Most private loan options typically require a credit-worthy cosigner.
Timing varies by student — your advisor will walk through your specific dates and amounts.
All federal and private loans you borrow for school. There are several repayment plan options, both during and after school.
It goes to DIT first and is applied to tuition and other charges like gear. Anything left over is direct deposited to you throughout the program.
Yes — all of our programs are VA approved. Just let your Financial Aid Administrator know you’re planning to use your VA education benefits.
GI Bill® is a registered trademark of the U.S. Department of Veterans Affairs (VA). More information is available at benefits.va.gov/gibill. FAFSA® is a registered trademark of the U.S. Department of Education.
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