Although financial aid can come from many sources, the primary method of application for need-based awards from the government and the university is the Free Application for Federal Student Aid (FAFSA). The purpose of the FAFSA is to determine which financial aid programs students are eligible for by calculating their Expected Family Contribution (EFC) based upon their family’s financial information.
The EFC, derived from information on the FAFSA, represents the amount that the federal government expects a student’s family should be able to pay towards the student’s education. The EFC is a tool which, when subtracted from the cost of attendance, determines a student’s need and therefore the type of aid for which a student is eligible. Additional information can be found at Expected Family Contribution.
The cost of attendance is a student’s estimated budget. Aid cannot be awarded above a student’s cost of attendance. Further details, as well as a breakdown of the standard budget categories, can be found at Cost of Attendance.
Indiana University’s priority deadline for completing the FAFSA is March 1 of each year. Filing the FAFSA by this date guarantees that the student will be considered for all financial aid programs he/she may be eligible for.
Students may still be eligible for some awards even if they fail to complete the FAFSA by the above deadline. However, the awards that they can still receive will be limited.
Yes, the FAFSA must be filed each year for which the student wishes to receive financial aid. Furthermore, since a student’s financial and/or family situation can change from year to year, eligibility for financial aid based upon this information may also change from year to year.
Yes. All students, regardless of family income, can at minimum receive a Federal Stafford Loan, assuming that they meet all eligibility requirements to receive financial aid and have remaining room in their cost of attendance for the loan.
No, students are not required to complete the FAFSA unless they would like to apply for federal and/or state aid. A student who does not wish to receive financial aid does not need to file the FAFSA.
Please note, our office recommends filing the FAFSA by the March 1 priority deadline to guarantee that the option of all possible awards is available, even if the student is unsure as to whether or not he/she will need financial aid. If financial aid is not required after filing the FAFSA then students may request to cancel it with our office.
Students must have completed the current year’s FAFSA as well as the online Summer Aid Application with our office to be considered for federal and/or institutional aid.
For example, for aid for the summer 2008, the 2007-2008 FAFSA must be filed (not the 2008-2009 FAFSA). Additional information in regards to receiving summer financial aid, as well as the Summer Aid Application, can be found at Summer Aid.
Although different awards can have different eligibility requirements, a general guideline in regards to eligibility for financial aid can be found at Eligibility.
SAP consists of several standards which students are required to maintain to be eligible for financial aid. Further information regarding what these standards are, as well as details regarding the appeal process which students can pursue if it has been determined that they are not meeting these standards, can be found at Academic Progress.
Quality Improvement and Quality Assurance are both processes mandated by the U.S Department of Education to verify the accuracy of the information provided on the FAFSA via submission of specific documentation and forms by the selected student and/or parent. If selected for either program, all requested documentation must be provided before a student’s financial aid will be released. Additional information about these processes can be found at Quality Improvement.
Financial aid may be available to international students via IU departmental scholarships, and/or, if considered to be an eligible noncitizen, by the federal government. Additional information in regards to pursuing financial aid as an international student can be found at International Students
Students attending courses, who have completed a bachelor’s degree but are not yet admitted into a graduate program, are considered non-degree seeking since they are not officially pursuing a graduate degree.
Financial aid may be available to such students at the undergraduate level; however, students must receive approval to receive financial aid from our office for the pursuits of the pre-requisite courses by submitting a completed undergraduate Satisfactory Academic Progress appeal (available under “Forms” > Appeals).
Yes, financial aid may be available to such students at the undergraduate level; however, students must receive approval to receive financial aid from our office for the pursuits of the teacher’s certification.
Regardless of living on- or off-campus, students are allotted the same amount in their cost of attendance for room and board; therefore, it has no effect upon the financial aid a student can receive.
This does not include students living off-campus with their parent(s) as such students will not be allotted as great an amount for room and board in their cost of attendance.
Students are deemed dependent by FAFSA standards if they are unable to answer “yes” to any one question of #48-55 (for the 2007-2008 year) on the FAFSA. Such a student may be reclassified as independent if our office approves a dependency appeal for the student based upon the demonstration of an irretrievable breakdown in the student-parent relationship. Additional information in regards to this process can be found at Special Circumstances: Dependency Appeals.
Federal Direct Stafford Loans are offered by the federal government and will be automatically awarded by our office to eligible students who have remaining room in their cost of attendance. The FAFSA must be completed each year for which a student wishes to borrow the Federal Direct Stafford Loan. Additional information about these loans, including the interest rate as well as the annual and lifetime loan limits, can be found at Loans: Federal Stafford Loan.
Subsidized loans, on which the government pays the interest while the student is enrolled at least half time, are need-based. Examples of such loans are the Federal Perkins loan and the Federal Stafford Subsidized loan.
Unsubsidized loans, on which interest begins accruing immediately upon the loan’s first disbursement, are non-need-based. Examples of such loans are the Federal Direct Stafford Unsubsidized loan, private loans, and Federal PLUS loans.
Students who need additional funds may pursue either a private loan or a Federal PLUS loan. PLUS loans are only available to graduate students or the parent of an undergraduate, dependent student. Additional information about these loan options can be found by pursuing the appropriate links from Loans.
If a parent is denied the Federal Parent PLUS loan the student may become eligible for an additional unsubsidized Federal Stafford loan. The student must be meeting all other eligibility requirements to receive financial aid, have room in his/her cost of attendance, and submit the following to process this additional loan:
Proof that the parent was denied the Federal Parent PLUS loan via a letter of denial from the lender.
The Dependent Student Request for Additional Unsubsidized Federal Stafford Loan form, (which can be found under “Forms” > Applications), signed by both the student and the parent who was denied.
Loans can be cancelled or adjusted via contacting our office to request the adjustment or cancellation.
Please note, loans can only be cancelled or reduced with our office before the funds have disbursed to the Office of the Bursar. If the disbursement has already occurred the student must contact the Bursar’s office to inquire about returning those funds. Furthermore, our office cannot increase any private or Federal PLUS loans once they have been certified. (Rather, if additional funds are needed, the student or parent must complete a new loan application for the additional loan amount if desired).
Generally for educational student loans, repayment begins within six months from the student graduating or falling below half time enrollment.
For Federal PLUS loans, repayment begins within 60 days of the full disbursement of the loan amount. However, deferral of repayment until six months after the student graduates or drops below half-time enrollment may be available.
Federal Work-Study is a need-based award that enables eligible students to acquire work-study jobs, the wages for which are largely funded by the federal government. The FAFSA must be filed by the March 1 priority date each year a student is interested in Federal Work-Study. Additional information regarding the eligibility requirements of this award can be found at Work-Study.
Most IUB merit-based scholarships are awarded automatically to students when they are admitted to Indiana University based upon their admissions information. However, many students also pursue scholarship opportunities through their department or outside of the university. Additional information about searching for scholarships can be found at Scholarships.
Most state and federal grants are automatically awarded to eligible students and require filing of the FAFSA. Most grants are need-based, and are determined based upon the student’s Expected Family Contribution (EFC). Additional information about grants can be found at Grants.
Yes; there is an appeals process which students can pursue to potentially increase their budget. Students must submit a completed Special Conditions Form with all necessary documentation of the said expenses, which must be educationally related. Additional information about this process can be found at Special Circumstances: Additional Expenses.
Students are eligible for financial aid if in either an IU-sponsored, IU-co-sponsored, or approved non-IU overseas study program. However, financial aid awards may be limited if in IU-co-sponsored or approved non-IU programs. Additional information can be found at Overseas Studys.
Financial aid is unable to be transferred between institutions; therefore it must be cancelled at the former school and initiated with the new school. Additional information for transfer students can be found at Transferring.
It is not necessary for a student to accept/decline most financial aid via OneStart; however, incoming freshmen who are first-time Federal Work-Study recipients must accept these awards (or the award may be cancelled). Students’ financial aid will automatically be processed and disbursed to the student’s bursar account assuming they meet all of the eligibility requirements and have completed any necessary promissory notes. Therefore, if a student would like to decline any awards they must contact our office (see above question 5 under Loans).
The Office of the Bursar will send refunds to either the student or the parent, (if the refund was the result of a Federal Parent PLUS Loan). Refunds are not issued until the student’s account has been paid in full. Students must contact the Office of the Bursar for further details about refunds.