Interpreting the IUPUI Financial Aid Notification (FAN)
Financial Success Planning Guide Financial Aid Notification (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 Mid-December for the upcoming 2017-2018 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 One.iu.edu to view their FAN in lieu 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 One.iu.edu 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 One.iu.edu 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 One.iu.edu account.
What is the Financial Success Planning Guide?
This pamphlet, which will be mailed to incoming freshmen along with their Financial Aid Notification (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 electronic 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, the 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 has 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 Awards are subject to change and may be rescinded or reduced if funding is insufficient, discontinued or if tuition amounts change.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 Awards, 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, 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" (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 your One.iu.edu Student Center 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 Federal Direct Loan(s) that appear on their Financial Aid Notification in their One.iu.edu Student Center. Even if you have signed a Master Promissory Note (MPN), you must accept, reduce, or decline Federal Direct Loan amounts in order for them to disburse to your Bursar account. If no action is taken, the Federal Direct Loans will not disburse. Please follow our online tutorial on How to Accept or Decline Loans.
Note: Just "holding" your refund check from the Office of the Bursar is not a request to cancel your loan. If you receive a refund check and wish to cancel part or all of the loan you must fill out a Loan Cancellation/Reduction Request Form
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 One.iu.edu to review any changes. 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 One.iu.edu.
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 your One.iu.edu Student Center, 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?