IUPUI Financial Aid, Costs, and Value: An Interactive Webinar
On Monday, April 7th the IUPUI Office of Student Financial Services hosted an interactive webinar regarding IUPUI financial aid processes. Staff from the office discussed common questions about the IUPUI Financial Aid Notification, estimated costs, student loans, and ways to maximize aid eligibility. Attendees were also able to ask general questions. If you missed this webinar, you can watch a recording of it here: https://connect.iu.edu/p7jiwad5o2j.
Financial Success Planning Guide Financial Aid Notifcation (FAN)
What is a Financial Aid Notification (FAN)?
The Financial Aid Notification (FAN) lists the estimated financial aid awards available to you for one academic year. The FAN is not a bill or a statement of your student account.
• New, incoming students receive a paper FAN via U.S. mail in late March for the upcoming academic year. Click here to see a sample of a paper FAN. New, incoming students who apply for financial aid after the start of classes will receive an email advising them to log into OneStart to view their FAN in place of being sent a paper FAN.
• Continuing students will not be sent a paper FAN. Instead, they will receive an email in mid-June advising them to log into OneStart to view their FAN.
Every time aid is adjusted (increased, decreased, or cancelled) you will receive an email sent to your IUPUI email address advising you to log into OneStart to review any changes. New students will only receive one paper FAN via U.S. postal mail. Any subsequent changes – for both new and continuing students – will only be viewable through your OneStart account.
What is the Financial Success Planning Guide?
This pamphlet, which will be mailed to incoming freshmen along with their Financial Aid Notication (FAN), serves as an introduction to financial aid and Financial Success Planning at IUPUI. This resource includes information about saving & spending, scholarship, employment, and borrowing strategies. An elctronic copy of this pamphlet can be viewed & downloaded here.
Is this the amount of money that I am guaranteed to receive? Can I assume that I WILL be receiving the entire award amounts listed on my FAN?
All financial aid is initially ESTIMATED because final award amounts are dependent upon meeting eligibility criteria. Key factors that impact final aid amounts include enrollment, degree program, number of credit hours completed, official expected family contribution (EFC), and more. Estimated awards are based on the information we have available at that particular time, but funds are not guaranteed until all eligibility criteria have been reviewed. Awards are also contingent upon continued funding from federal, state, and institutional sources and state legislative decisions regarding tuition. Awards are subject to change and may be rescinded or reduced if funding is insufficient or discontinued or if tuition amounts change.
Why do some awards say “estimated”?
Some awards are estimated because the actual amount that will be given to you is dependent upon meeting additional eligibility factors. For example, several awards are based upon the total number of credit hours you are taking throughout the semester. Until final enrollment is set, the amount of the award is estimated.
Other awards are estimated because at the time you received the FAN, final funding levels may not have been set by the funding agency. For example, State of Indiana awards may be listed as estimated until final funding levels are determined. For information on estimated Frank O'Bannon and 21st Century Scholars Grants, please visit the Indiana Commission for Higher Education Division of Student Financial Aid’s website at www.in.gov/sfa. Awards are contingent upon continued funding from federal, state, and institutional sources and state legislative decisions regarding tuition. Awards are subject to change and may be rescinded or reduced if funding is insufficient or discontinued or if tuition amounts change.
Can I change any of my award amounts? How do I accept reduce or decline an award?
You can request that certain award amounts (loans or Federal Work Study) be changed.
You do not need to accept any “free money” or “gift aid,” though, such as grants or scholarships. Also, we will always award the “best” aid (i.e. grants and scholarships) to you first before awarding any federal student loans.
You must accept your Federal Work-Study award through OneStart to avoid cancellation. If you were not awarded Federal Work-Study and are interested in receiving this type of aid, please contact us.
Students must either Accept, Reduce or Decline the Stafford loans that appear on their Financial Aid Notification in OneStart Even if you have signed a Master Promissory Note (MPN), you must accept, reduce, or decline Stafford loan amounts in order for them to disburse to your Bursar account. If no actions are taken, the Stafford Loans will not be disbursed. Please follow our online tutorials Accepting/Reducing Loans and/or Declining Loans for guidance.
Note: Just "holding" your refund check from the Office of the Bursar is not a request to cancel your loan. You must accept, cancel or reduce the offered Stafford loan amount to reflect the amount you want to receive. If you cancel or reduce a loan, we cannot increase grants to cover the difference.
If my award amounts change, will I receive another FAN?
Every time aid is adjusted (increased, decreased, or cancelled) you will receive an email at your university email address advising you to log into OneStart to review any changes. So be sure to check your university email account regularly!
Can I access my award information online?
Yes. The award types, award amounts, and the ability to accept, decline or reduce an award are available online via OneStart. .
When does this money pay for my tuition and fees?
All state and federal financial aid is sent directly to the school to apply to the cost of tuition and fees. Excess aid received may be refunded to you to cover other COA items (books, supplies, etc.).
If there are no outstanding issues on your financial aid account (i.e. TO-DO list items in OneStart, missing documentation, etc.), aid disburses (i.e. is applied to your bill) as follows:
• Federal financial aid: typically disburses 10 days prior to the start of your first class
• State financial aid: typically disburses 6 weeks prior to the start of the semester
• Private loans: typically disburse 30 days prior to the start of the semester (assuming your private loan application has already been submitted and approved)
What if I need additional financial aid to cover the cost of school?
If you are interested in receiving additional financial aid you should contact the Office of Student Financial Services to talk with a financial aid advisor about what options may be available. Additional options may include Federal PLUS loans (Parent PLUS loans for dependent undergraduate students) or private educational loans.