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Campus Administrative Training Series / Bloomington Financial and Administrative Resource Page
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Financial Aid Guidelines

Financial Aid Processing Rationale

Activity:

Financial Aid Processing Rationale

Financial Policy: N/A
Related Policies:

Higher Education Opportunity Act of 2008
http://www2.ed.gov/policy/highered/leg/hea08/index.html

Additional Forms: N/A

Things to Know:

  • Processing payments through a disbursement voucher or other system that circumvents the Student Information System (SIS) could result in financial aid over-awards and potential liabilities for the university.
  • Many departments do not want payments to impact financial aid. However, Indiana University must comply with federal aid regulations to maintain participation in the federal programs, and federal aid recipients have statutory restrictions regarding how other resources affect eligibility. In many cases, the award will not impact the student’s aid when processed through the SIS. If an adjustment is needed, it will generally result in a reduction in loans reducing the student’s education loan debt.
  • Aid awarded through the SIS will be disbursed through the student’s bursar account and will be applied to any outstanding bursar charges. Aid entered through the SIS Scholarship Entry Page must be entered prior to the “lock down” of this entry page which is one week prior to the end of the term. Some students who are receiving federal aid may not have eligibility for additional funds.
  • All pre-doctoral recipients of scholarships, fellowships and fee remissions should be made aware of the fact that these types of financial aid are counted against a student’s eligibility for other types of financial aid processed by OSFA. Any scholarships, fellowships or fee remissions processed after OSFA creates financial aid packages may result in a reduction of aid previously offered.
  • Departmental assistance processed by May 15 preceding the academic year or April 15 (i) preceding summer terms will enable OSFA to offer financial aid that takes these funds into consideration up front. Regardless of the timing, the combination of assistance granted by the department and aid offered by OSFA cannot exceed reasonable expenses associated with a student’s studies.
  • The university is also required to provide IRS Form 1098-T to all payers of qualified educational expenses. This statement summarizes payments made in the SIS on behalf of a student throughout the calendar year.
  • Please contact the Office of Student Financial Assistance (OSFA), deptsch@indiana.edu for questions.

(i) A calendar outlining all academic year awarding deadlines for scholarships, fellowships, and fee remissions is available on the OSFA Scholarship Processing Intranet. Questions about the calendar and requests for access to the intranet should be directed to the OSFA email deptsch@indiana.edu.