Freshmen Financial Aid: 101

Timeline

By March 1, 2008

File your Free Application for Federal Student Aid (FAFSA) electronically at www.fafsa.ed.gov. This should be filed by this date to ensure that you are considered an on-time applicant. Because of limited funding some aid sources will not be available if the FAFSA was not on-time. Use estimated information if you have not yet filed your taxes.

Late March/Early April 2008

Financial aid awarded; check your awards through your Self-Service tab on OneStart
Summer Orientation invitations sent to students who have paid the $100 deposit.

May 1, 2008

College choice deadline.

June – July 2008

Determine the necessity of borrowing Federal Parent PLUS Loans and/or Private Student Loans. See the Office of Student Financial Assistance web site for more information about loan options

Mid June 2008

Summer Orientation sessions begin.

Late July 2008

Summer Orientation sessions end.

August 10, 2008

Bursar bill for fall tuition, fees, and housing is due.

August 27, 2008

Residence halls open.

August 29, 2008

Career Development Center’s fall jobs fair for student employment opportunities.

September 2, 2008

Fall classes begin.

The Free Application for Federal Student Aid (FAFSA) is the application for most types of financial aid processed through our office. Students are encouraged to complete the FAFSA by March 1 of each year to be considered for the maximum amount of financial aid.

Cost of Attendance

Our office estimates a standard Cost of Attendance (or budget) for all undergraduate students based on their residency, level of enrollment (i.e. full-time, half-time, etc.) and in some cases, academic program.

Budgets are determined by adding the appropriate figures for tuition and mandatory fees to estimates for room and board, books and supplies, transportation, and personal (miscellaneous) expenses. These budgets represent the maximum amount of aid students can receive in an academic period.

Undergraduate Students, full-time
(2008-2009 Academic Year)
	Resident	Non-Resident
Room and Board	$7,636	$7,636
Books and Supplies	790	790
Transportation	800	800
Personal	2,348	2,348
Subtotal	$11,574	$11,574
Tuition and Fees	8,232	24,768
Budget	$19,806	$36,342

Expected Family Contribution

The EFC is a number derived from information submitted on the FAFSA; this calculation takes into account such factors as AGI, non-taxable income, assets, and household size. The EFC represents the amount that the federal government expects a student’s family should be able to contribute towards the student’s education.

However, the EFC is not a set amount that the family owes to Indiana University or will pay towards the student’s cost of attendance. The EFC is used as a tool which helps our office determine the types of aid for which a student is eligible and enables us to create a student’s financial aid package.

Most aid that we award is need-based. This means that a student must have an adequate amount of need to receive the aid awarded. Need is calculated by subtracting the Expected Family Contribution from the Cost of Attendance:

Cost of Attendance
- Expected Family Contribution
= Need

For more information visit our EFC web page.

Scholarships

Scholarships are a form of financial assistance that do not require repayment and may be awarded based on merit, financial need, or a combination of both merit and need. Although scholarships are listed on a student's financial aid account, the Office of Student Financial Assistance does not award scholarships. Some scholarships are awarded to students on the basis of their admissions information; others require additional application materials.

Information about scholarships is available on the Office of Scholarships web site, www.scholarships.indiana.edu. The "Scholarship Search" option provided on our web site under ‘Scholarships’ links to some free engines for finding additional scholarship opportunities.

From more information visit our Scholarship Search web page.

Grants

Grants are a type of gift aid. Gift aid is an award that does not need to be earned (like work-study) or repaid (like loans). Typically, grants are designated for students with low Expected Family Contributions, as determined by the Free Application for Federal Student Aid (FAFSA).

For more information visit our Grants section.

Federal Grants: The application for federal grants is the FAFSA that students file each year. Federal Grants consist of the Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (SEOG), Federal Academic Competitiveness (AC) Grant, and the Federal National Science and Mathematics Access to Retain Talent (SMART) Grant.

State Grants for Indiana Residents: Eligible students must file the FAFSA annually to be considered for state grants offered by SSACI (the State Student Assistance Commission of Indiana). These awards include the O’Bannon Award, 21st Century Scholars Program, and Child of Certain Veterans and Public Safety Officers Supplemental Grant Program (CVO). In addition to these awards, SSACI administers other programs, including:

IU Grant Awards: IU provides the balance of funding needed to cover the full tuition and mandatory fees for incoming in-state undergraduates that qualify for the Federal Pell Grant. This Pell Promise Award will make IUB more accessible than ever before for Indiana residents from low and moderate income families that meet the academic requirements.; Also, beginning with the 2007-2008 freshmen 21st Century Scholars, IUB promises to provide sufficient grant aid to meet the student’s financial need as defined by the FAFSA (Free Application for Federal Student Aid). With the 21st Century Scholars Covenant Award, full-time bachelor’s students will be given the opportunity to graduate debt-free in four years!; For more information on 21st Century Scholars Program

Loans

A loan is a type of aid that must be repaid. Students and parents both may borrow loans to help cover college costs; loans may be borrowed up to the student's cost of attendance, minus any other aid the student is receiving.

If a FAFSA (Free Application for Federal Student Aid) is completed, our office will consider the student for federal student loans, including the Federal Stafford Loan and the Federal Perkins Loan. The student would be required to sign a separate promissory note for each of these programs before the loan will be disbursed. This promissory note will give details about the responsibilities a student incurs by agreeing to borrow and repay these loans. The type and amount of loan for which a student is eligible depends on the student's financial need, class level, and previous borrowing history.

For more information visit our Loans section.

Stafford Loans: The Stafford Loan is a Federal student loan. Students may apply for the Stafford Loan by annually filing the FAFSA. Because these loans are student loans, repayment does not begin until six months after the student graduates or drops below half-time enrollment. There are two different types of Stafford Loans: Federal Stafford Subsidized Loan and Federal Stafford Unsubsidized Loan. A Stafford Subsidized Loan is a need-based loan, on which the government pays the interest while the student is enrolled at least half-time. A Stafford Unsubsidized Loan is a non-need based loan, on which interest begins accruing immediately upon the loan’s first disbursement. For more information visit our Stafford Loan web page.
Perkins Loan: Students apply for the Federal Perkins Loan by annually filing the FAFSA. Funding for the Federal Perkins Loan is campus-based, which means that federal funds are provided to individual universities to administer at their discretion (although always within federally governed parameters). Federal Perkins Loan amounts and eligibility requirements may therefore vary from university to university. For more information visit our Perkins Loan web page.

Additional Loans: If additional loans are needed, parents may apply through our web site for the Federal Parent PLUS Loan, or students may apply for a private student loan. These loans require separate applications each year, and students must meet all regular financial aid eligibility requirements for the loan to be processed.

Federal Work-Study

Federal Work-Study (FWS) enables eligible (need-based) students to acquire work-study jobs, the wages for which are largely funded by the federal government. FWS recipients find their own jobs, either on campus or in the community. Although FWS appears as part of a student’s financial aid package, earnings do not credit directly to the Bursar; rather, the student earns a paycheck based on an hourly pay rate (wages vary but are never below minimum wage).

For more information visit our Federal Work-Study web page.

Dependency Status

A student’s dependency status is determined by questions on the FAFSA. . If you can answer "yes" to any of the following FAFSA questions, you will be considered an independent student.

Were you born before January 1, 1985?
At the beginning of the school year 2008-2009, will you be working on a master’s or doctorate program (such as an MA, MBA, MD, JD, PhD, EdD, or graduate certificate, etc.)
As of today, are you married?
Do you have children who receive more than half of their support from you?
Do you have dependents (other than children or spouse) who will live with you and who receive more than half of their support from you, now and through June 30, 2009?
Are (a) both of your parents deceased, or (b) are you (or were you until age 18) a ward or dependent of the court?
Are you currently serving on active duty in the US Armed Forces for purposes other than training?
Are you a veteran of the US Armed Forces?

For more information: visit our Dependency Status web page, and FAFSA's worksheet for determining dependency status.

Office of Student Financial Assistance

Indiana University | Bloomington

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