Financial Aid : IUPUI

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Receiving Aid

Financial Aid Award Notification (FAN)

What is a Financial Aid Notification (FAN)?

The Financial Aid Notification (FAN) is the estimated financial aid package available to a student for one academic year. The FAN is not a bill or a statement of the student's account.

New, incoming students receive a paper FAN via US mail in late-March for the upcoming academic year.
Continuing students will receive an e-mail in early June advising them to check OneStart for a review of their financial aid package.

Every time aid is adjusted (increased, decreased, or cancelled) the student will receive an e-mail notification advising him/her to review OneStart for any changes. New students will receive only ONE paper FAN via US postal mail. Any subsequent changes – for both new and continuing students – will only be viewable through the student’s OneStart account (www.onestart.iu.edu).

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 estimated family contribution from the FAFSA 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 has been reviewed. We encourage all students and families to review the eligibility criteria for each award listed – available through OneStart – to have a clear idea of what is necessary to receive those funds.

How do you determine what financial aid I am eligible to receive?

The first step in determining a financial aid award package is to obtain three elements that assist us in determining students' eligibility for financial aid awards: Cost of Attendance, Estimated Family Contribution, and Financial Need.

a) Cost of Attendance (COA) or ‘budget’
Your Cost of Attendance (COA) is the Office of Student Financial Aid Services estimate of your educational expenses for the aid year and is comprised of five (5) budget components:

Tuition and Fees: Tuition and fees costs are estimated based on your projected or actual enrollment, IU residency status for fee payment purposes, and major.
Room and Board: Room and Board costs are estimated based on the housing option you reported on the FAFSA – living ON-CAMPUS, OFF-CAMPUS, or WITH PARENTS.
Books and Supplies: Books and Supplies are estimated based on an average cost for textbooks and related supplies based on your projected or actual enrollment.
Transportation: Transportation is estimated based on U.S. Department of Labor Bureau of Labor Statistics data.
Personal/Miscellaneous: Miscellaneous costs are estimated based on your clothing, recreation, medical and dental costs, and life insurance and health insurance.

**Important note: A student’s total aid package CANNOT exceed the Cost of Attendance.**

b) Expected Family Contribution (EFC)
Using a need analysis formula set by Congress, the U.S. Department of Education uses the information you reported on the FAFSA to calculate the Expected Family Contribution (EFC). This number appears on your Student Aid Report (SAR) and represents the amount you and your family are expected to contribute toward your Cost of Attendance (COA). Your EFC and COA are key factors to determine your financial aid eligibility.

c) Financial Need or ‘need’
Certain financial aid awards are based on the student’s calculated financial need – calculated based on the following formula:
Cost Of Attendance (COA) – Estimated Family Contribution (EFC) = Financial Need

The next step in determining the financial aid package is to use the data obtained from these three elements above and examine each aid program to see if the student fits the individual eligibility criteria.

Other eligibility criteria that are reviewed include (but are not limited to) the following below:

FAFSA completion date – March 10th is Indiana’s priority date
Academic/Class level – based on the number of credit hours completed
Program/Major
Enrollment Status – number of credit hours enrolled/attending
Prior Degree Completion
Aggregate Stafford Loan Amounts already received
Residency status (resident vs nonresident)
State and Federal Regulations
Institutional philosophy
For federal campus based aid, awards are made based on financial need with priority consideration based on our receipt of your FAFSA data (Priority Date of March 10).

Most aid awarded is need-based – meaning the student must show financial need as defined above. However, there is some aid, such as a Federal Stafford Unsubsidized Loan, that can be used to assist in covering the EFC or your families’ contribution.

I have an award listed on my FAN that says ‘Estimated ACG’. Why do some specific awards say ‘estimated’?

Some awards are estimated because the actual amount that will be given to the student is dependent upon meeting additional eligibility factors. Several awards that are based upon the total number of credit hours the student is taking throughout the semester so until final enrollment is set, the amount of the award is simply an estimate.

Other awards are estimated because at the time the student received the FAN, final funding levels may not have been set by the funding agency (for example: State Student Assistance Commission of Indiana (SSACI) funding is contingent upon the Indiana Legislature passing a final budget). Final SSACI award notices will therefore be s sent to students in a separate mailing.

I read the following statement in my FAN: “Should your eligibility for any of the awards change, your awards will be automatically adjusted”. What does this mean?

Disbursement of each federal and state award is based on unique eligibility criteria. Therefore, we initially provide each student an estimate package based on a few assumptions – like the number of credit hours we anticipate the student will take during the semester. We also estimate awards based upon the information the student provided on the Free Application for Federal Student Aid (FAFSA). Changes and updates made to the FAFSA could impact award eligibility.

Here is one example of how aid could be adjusted by the Financial Aid office:
For undergraduate students, the Pell Grant is based on both Estimated Family Contribution (EFC) and actual enrollment. A student will receive different amounts based on full-time (12+ credits), three-quarter time (9 – 11 credits), half-time (6 – 8 credits), or less than half-time (less than 6 credits) enrollment. To receive federal Stafford loans, an undergraduate student must be enrolled at least half-time (or at least 6 credit hours) and receives different amounts based on the year in school.

If we estimate that Sarah will receive both Pell Grant and Stafford Loans based on 12 credit hour enrollment and using the FAFSA data, but Sarah only ends up enrolling in 11 credit hours, we would have to reduce her Pell Grant to reflect her ¾ time enrollment while her Stafford loan amount would remain the same.

Can I change any of my award amounts? How do I accept or decline an award?

You CAN request certain award amounts (loans or federal work study) be changed.

You DO NOT need to accept any ‘free money’ or ‘gift aid’ such as grants or scholarships. We will always award and apply the ‘best’ aid (grants, scholarships, other entitlements aid) for the student first before awarding any federal student loans.
The only award you must accept (through OneStart) to avoid cancellation is Federal Work Study. If you were not awarded Federal Work-Study and are interested in a review of your eligibility, please contact us via Ask an Advisor.
To reduce or decline any federal Stafford loans, you can make this request by contacting our office via phone, e-mail, or walk-in. However, if a student rejects or reduces a loan, we cannot increase grants to make up the difference.

If my award amounts change, will I receive another FAN?

No. However, EVERY time aid is adjusted (increased, decreased, or cancelled) the student will receive an e-mail advising him/her to check OneStart for changes. Be sure to check your university e-mail account regularly!

Can I access my FAN online?

Yes. The Financial Aid Notification lists the types and amounts of the awards, but more specific information on these awards will be located online via OneStart (www.onestart.iu.edu).

For example, if you are awarded work study, you will be asked to accept or decline this award and you must do this online through OneStart. There are also messages that are attached to awards that explain eligibility factors such as enrollment requirements. It also provides you an opportunity to become comfortable working online with your financial aid.

Every time aid is adjusted (increased, decreased, or cancelled) the student will receive an e-mail (through university e-mail address only - http://registrar.iupui.edu/iu-email.html) advising the student to check OneStart for changes.

When does this money pay for my tuition and fees?

All state and federal financial aid is sent directly to the school to cover the cost of tuition and fees. Excess aid received may be refunded to the student to cover other cost-of-attendance items (books, supplies, etc.)

If there are no outstanding issues on a student’s financial aid account (i.e. TO-DO list items in OneStart, missing documentation, etc.), most aid disbursements are dependent upon the first day of the semester (first day of classes).

Federal financial aid      10 days before
State financial aid           6 weeks before
Private loans                30 days before

What if I need additional financial aid to cover the cost of school?

All students interested in receiving additional financial aid should contact the Office of Student Financial Aid Services to talk with a financial aid advisor about what options may be available to you. Additional options may include Federal PLUS loans (Parent PLUS loans for dependent undergraduate students) or private/alternative educational loans.