Loans

Student loan options

A student loan is money you borrow that you are legally obligated to pay back later, usually with interest. This type of loan may be your best option for financing your education, depending on your situation.

What types of loans am I eligible for?

As an international student, you are not eligible for U.S. federal loans. However, you have several options for borrowing money for school.

IU Miller Loan

The IU Miller Loan is available to all IU students in the last year of their degree program. The loan amount is determined by the OIS Scholarship Committee. The maximum available is $5,000 per semester, not to exceed $10,000.

The Miller Loan has the following terms:

  • Interest rate is 5%
  • Repayment begins 9 months after ending studies
  • Repayment period will not exceed 10 years
  • Repayment will be in U.S. dollars

To be eligible for the Miller Loan, a student must:

  • Be an undergraduate, graduate or professional student
  • Be in the final year of their degree program
  • Have a cumulative program GPA of at least 2.75
  • Be fully enrolled
  • Have an unmet need
  • Have exhausted all other possible funding options

This is an open application. As long as all the criteria are met, you may apply at any time.

Complete a “Need-based Assistance” application form through iStart (under “Insurance and Finances”) and select “yes” to the question “Would you accept a loan?”

Complete all sections of the form.

Please allow up to three weeks from the date you submit all information for the loan to be fully processed.