The Financial Aid Notification (FAN) lists estimated financial aid 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 for 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 check OneStart for a
review of their financial aid.
• Continuing students will receive an email in mid-June advising them to check OneStart for a
review of their financial aid.
Every time aid is adjusted (increased, decreased, or cancelled) you will receive an email sent to your IUPUI email address advising you to review OneStart for any changes. New students will receive only 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.
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) from the Free Application for Federal Student Aid (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 have been reviewed. 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 Awards are subject to change and may be rescinded or reduced if funding is insufficient or discontinued or if tuition amounts change.
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, Expected Family Contribution, and Financial Need.
A) Cost of Attendance (COA) or “Budget”
The Office of Student Financial Services estimates your educational expenses. The COA is comprised of five budget components:
• Tuition and Fees: Tuition and Fees costs are estimated based on your projected or actual enrollment and IU residency status for fee
• Room and Board: Room and Board costs are estimated based on the housing option you reported on the FAFSA.
• Books and Supplies: Books and Supplies costs are estimated based on an average cost for textbooks and related supplies based
on your projected or actual enrollment.
• Transportation: Transportation costs are estimated based on U.S. Bureau of Labor Statistics data.
• Personal/Miscellaneous: Miscellaneous costs are estimated for clothing, recreational, medical, dental, life insurance, and health
**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 your FAFSA to calculate the Expected Family Contribution (EFC). This number appears on your Student Aid Report (SAR). Your EFC and COA are key factors to determine your financial aid eligibility.
C) Financial Need Certain financial aid awards are based on your calculated financial need, based on the following formula:
Cost of Attendance (COA) - Expected Family Contribution (EFC) = Financial Need
The next step in determining your financial aid is to use the data obtained from these three elements and examine each aid program to see if you fit the individual eligibility criteria.
Other eligibility criteria that are reviewed include, but are not limited to, the following:
• FAFSA completion date
• Academic/Class level – based on the number of credit hours completed
• Enrollment Status – number of credit hours enrolled/attending
• Prior Degree Completion
• Aggregate Stafford Loan Amounts already received
• Residency status (resident vs. non-resident)
• State and Federal Regulations
• Institutional philosophy
• Other aid received
There are some types of aid, such as a Federal Stafford Unsubsidized Loan, Federal PLUS Loan, or Private Loans, that can be used to assist in covering the EFC or your family contribution.
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/ssaci/. 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.
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 you estimated financial aid based on a few assumptions – like the number of credit hours we anticipate you will take during the semester. We also estimate awards based upon the information you provided on your FAFSA. Changes and updates made to the FAFSA could impact award eligibility.
Here is one example of how aid could be adjusted by Student Financial Services:
For undergraduate students, the Pell Grant is based on both Expected Family Contribution (EFC) and your actual enrollment. You will receive different amounts based on full-time (12+ credit hours), three-quarter time (9–11 credit hours), half-time (6–8 credit hours), or less than half-time (less than 6 credit hours) enrollment. To receive Federal Stafford Loans, as an undergraduate student you must be enrolled at least half-time and your loan amount varies based on your credit hours completed.
If we estimate, using the FAFSA data, that Sarah will receive both Federal Pell Grant and Federal Stafford Loans based on 12 credit hours of enrollment but Sarah enrolls in 11 credit hours, we would have to reduce her Federal Pell Grant to reflect her three-quarter time enrollment. Sarah’s Federal 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 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. We will always award the “best” aid (grants, scholarships, and other aid) for you 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.
If you have signed your Master Promissory Note (MPN) and you have been awarded a loan, your loan funds will automatically credit to your student account. If you wish to reduce or cancel any federal loan, please contact our office.
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.
Students are required to either accept, reduce or decline the Stafford loans that appear on the Financial Aid Notification (FAN) and in OneStart accounts. Even if you have signed a Master Promissory Note, you must accept, reduce, or decline Stafford loan amounts in order for them to disburse to your Bursar account.
If my award amounts change, will I receive another FAN?
Every time aid is adjusted (increased, decreased, or cancelled) you will receive an email to your university email address advising you to check OneStart for 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 and 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 as follows:
• Federal financial aid - 10 days prior to the start of your first class
• State financial aid - 6 weeks prior to the start of the semester
• Private loans - 30 days prior to the start of the semester
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.