Guaranteed Student Loans

1st Source Bank participates in the Stafford Guaranteed Student Loan program that provides low-interest education loans to eligible students.

If you are a student attending an accredited college, university, vocational or technical school in Indiana or if you are an Indiana resident attending a school out-of-state, you may qualify for a Stafford GSL. The state does not provide the funds, but guarantees repayment of the student loan in case of default, total disability or death.

Your school's financial aid office determines your financial eligibility for a Stafford GSL based on their analysis of your financial need.

Undergraduate students may borrow up to $2,625 for the first year in college ...up to $3,500 for the second year...and up to $5,500 per year for the remaining undergraduate years. Graduate students may borrow up to $8,500 per year.

An undergraduate student may borrow up to $23,000. The combined amount borrowed for undergraduate and graduate studies can total up to $65,500.

Repayment of the loan begins six months after graduation, withdrawal from school, failure to make academic progress, or falling below half-time status.