FREQUENTLY ASKED QUESTIONS

How much can I borrow?
Iduka Micro-Loans are up to $3,000.00.

Who can apply for an Iduka micro-loan?
Anyone with a high school diploma or GED who is enrolled in an accredited college or technical/vocational/trade school may apply.

Will all Iduka micro-loans limited to students attending qualified educational institutions?
Yes. Only students enrolled in qualified educational institutions may qualify for an Iduka micro-loan.

What are the qualified educational institutions?
Currently we are only offering micro-loans to students attending post-secondary education institutions in the following Florida counties: Indian River, Okeechobee, St. Lucie, and Martin.

Note: Please contact Iduka for a list of qualifying educational institutions in these counties.

Can spouses, children, descendents, spouses of children or of descendents related to the organization, its directors, or its officers apply for an Iduka micro-loan or grant?
No. Anyone related to the organization, its directors, or its officers is disqualified to apply for an Iduka micro-loan or grant.

Can I apply for an Iduka micro-loan if I was not born in the United States?
Yes. There is no residential requirement to apply. However, foreign nationals applying in the US for an Iduka micro-loan to attend a U.S. school must have valid immigration documents and maintain good immigration status while participating in our program.

Can I apply for an Iduka micro-loan to study abroad?
Yes. Iduka micro-loans can be used to cover your expenses toward study abroad programs, including summer study abroad and internship, service learning and volunteer abroad program, intensive language programs and more.

Can I apply for an Iduka micro-loan if I live with foster parents?
Yes. Minors who apply must have signed permission from a parent or guardian.

How do I apply for an Iduka micro-loan?
As a web-based program, anyone, anywhere who meets the qualifications and has access to a computer may apply by visiting www.iduka.org.

How are Iduka micro-loans awarded?
Based on recipient’s needs. Almost any need relate to post-secondary education will qualify. Upon receiving an application, Iduka will submit it to an Iduka field partner for sponsorship. Upon sponsor’s approval, Iduka will post student’s profile on Iduka’s website and Gifters will then have a chance to select the students they wish to lend to based on the information provided by the student, including the purpose for the loan.

Do my parents make too much money for me to apply for an Iduka micro-loan?
No. There is no maximum income that will disqualify you from applying for an Iduka micro-loan.

Can an Iduka micro-loan be used for tuition in any college?
Yes. An Iduka micro-loan is to help students pay any of the expenses of post-secondary education, and can be used to pay for tuition in any accredited post secondary learning institution.

What are the qualified uses of an Iduka micro-loan?
An Iduka micro-loan is to help students pay any of the expenses of post-secondary education, e.g. tuition, books, lab fees, equipment and more.

How are Iduka micro-loans disbursed?
Gifters send funds to Iduka and Iduka will make loan payable to the sponsor organization that will disburse it directly to the student or to the educational institution.

When do I apply for an Iduka micro-loan?
Anytime. You may apply online at Iduka.org/student_application.html at your convenience.

Can I have more than one Iduka micro-loan at any one time?
No. Only one Iduka micro-loan can be awarded at the one time.

What happens after I apply for an Iduka micro-loan?
Your application is processed by an Iduka field partner working in your area. If approved by your sponsor organization, your profile is posted on Iduka’s website for gifters to see. Gifters then be able select students to receive their loans.

Who are the Iduka field partners?
Iduka field partners are local non-profit organizations that have partnered with Iduka to sponsor local students. In same cases, Iduka may have local Iduka Chapters that will also be able to sponsor students. These field partners are also responsible to follow-up with students and ensure funds are used for stated purpose, and that students can pay back their loans per agreed terms and conditions, and ultimately have all the necessary tools to advance in their education.

What other loans are available to me?
There are many other types of financial aid available to you, including free financial aid, almost free financial aid, and very costly financial aid. For information on other types of student loans go to www.FederalStudentAid.ed.gov

What if I withdraw from all courses prior to loan repayment?
If you withdraw from classes you must still repay the loan per terms and conditions agreed with your sponsor organization.

Should I be concerned with over awards when using an Iduka micro-loan?
No. You may still apply for an Iduka micro-loan if you have received other forms of financial aid.

Does Iduka provide counseling while participating in the program?
Yes. Students will have to follow the counsel of their sponsors. Generally, the sponsor is a volunteer organization working in the community that acts as an Iduka field partner and is responsible for all face-to-face communication with the student.

How can I find out if Iduka has a field partner working in my area?
Currently we are only operating in the Florida counties of Indian River, Okeechobee, St. Lucie, and Martin. As we expand to other counties in the State of Florida, and the nation, we will provide a complete list of field partners under our website’s Sponsor section.

What if there is no field partner working in my area to sponsor my application, can I still apply?
Yes. You can still submit your application and Iduka will try to identify a field partner or sponsor to process your application.

How much time do I have to repay an Iduka micro-loan?
Student will be advised of loan repayment period at the time loan is awarded. Terms and conditions are negotiated on a per-case basis by Iduka’s field partners and the student. Repayment terms will vary depending on the loan amount and student’s ability to repay.

What is the interest on my Iduka micro-loan?
None. Iduka Micro-loans are interest free. However, Iduka field partner sponsoring student may apply a small processing fee.

Will Iduka micro-loans be paid to individual students, or will they be paid directly to the school the student will be attending?
Because Iduka micro-loans cover almost all post-secondary education expenses, funds will be paid to student through the Iduka field partner sponsoring student. In some cases, such as, in the case of tuition, the funds may be paid directly to the school.

Does Iduka provide aid to students both as loans and grants?
Yes. However, students must always apply for an Iduka micro-loan first. Only Iduka micro-loans can be converted to Iduka grants.

What happens if I have trouble paying back my Iduka micro-loan?
Students are required to repay their Iduka micro-loans. However, if a student is experiencing a genuine hardship, student can apply to participate in Iduka’s loan-to-grant conversion program. Iduka grants are awarded only if funds are available to convert an Iduka micro-loan to a grant and a volunteer organization can be selected for student internship.

What happens if I misuse the funds?
If Iduka discovers that the funds have not been used for the stated purpose, you will disqualify to participate in the loan-to-grant conversion program. If you are currently participating in the program, the grant will be automatically converted back to an Iduka micro-loan and you will be responsible to pay it back to the lender(s) as per terms and conditions of your original Iduka micro-loan contract. You will also be able to apply for another Iduka micro-loan. Since almost all education related expenses qualify, there is no need to misstate the purpose of your needs.

Can I combine an Iduka grant with other grants?
Yes. Students eligible for other types of loans and grants can still receive an Iduka micro-loan. Iduka Grants are awarded only if grant funds are available to convert an Iduka micro-loan to an Iduka grant.

Can I select the opportunity to work as volunteer in order to repay my Iduka micro-loan?
Yes. Students will have the opportunity to select to repay their micro-loan through volunteering at an organization in their community. However, the final decision will be determined by the volunteer organization’s needs and the existence of matching funds to cover the loan being converted to a grant.

Can I select the volunteer organization to work with in order to repay my Iduka micro-loan?
Yes. You may suggest a local volunteer organization that is part of our network of community service organizations. However, the final decision will be determined by the volunteer organization’s needs.

What other types of free-money are available to me? Students are encouraged to do their research to see what types of financial aid is available to them. For information on other types of loans go to www.FederalStudentAid.ed.gov.

What if I do not want to volunteer to repay my Iduka micro-loan? You do not need to volunteer to repay your Iduka micro-loan. However, whenever possible and matching funds are available to convert loans to grants, Iduka encourages students to volunteer in their community and take advantage of the opportunity to serve while enjoying the benefit of paying their loan back through volunteerism.

What forms of payment can I use to pay back my Iduka micro-loan?
You may repay your Iduka micro-loan using local currency. Payments can be made by check or using a PayPal account. If you qualify, you may also repay your Iduka micro-loan by volunteering with a local organization when participating in the loan-to-grant conversion program.

When did Iduka begin giving student micro-loans?
Iduka was incorporated in April 2009, and is currently planning to fund 5 students by the beginning of the Fall Semester of 2009.

How many grants has Iduka awarded?
None. Iduka is a new 501(c)(3) nonprofit organization. We are starting to procure and secure matching funds for its loan-to-grant conversion program. Our goal is to secure donor matching funds for every dollar gifters fund through Iduka’s micro-loan program