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An institutional loan is a type of non-federal financial aid a college or university provides for its students. They dont have the same terms and benefits as federal student loans. An institutional loan may be serviced by the school or a third-party lender and is only offered to enrolled students.
It is any college, university, trade school, or other post-secondary educational institution eligible to participate in a student aid program run by the U.S. Department of Education. This includes most accredited public, nonprofit and privately-ownedfor-profit postsecondary institutions.
Eligibility Requirements. Our general eligibility requirements include that you have financial need for need-based aid, are a U.S. citizen or eligible noncitizen, and are enrolled in an eligible degree or certificate program at an eligible college or career/trade school.
Three types of institutions are eligible to participate in the federal student aid programs: institutions of higher education. proprietary institutions of higher education. postsecondary vocational institutions.
Who should complete the FAFSA form? Any student, regardless of income, who wants to be considered for federal, state, and school financial aid programs. This includes grants, scholarships, work-study funds, and loans.
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The FAFSA form asks a series of questions that determine whether you are a dependent or independent student for purposes of applying for federal student aid. If you are a dependent student, you must report parent information, as well as your own information, on your application.
Submitted applications reflect all FAFSA forms submitted by students at that high school. However, these applications can be subsequently rejected by the Central Processing System if they are missing key pieces of information. The applications that are not rejected are referred to as completed applications.

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