Incoming freshmen begin receiving Financial Aid Notifications in the mail in mid-March each year. Returning, transfer and graduate students begin receiving Financial Aid Notifications via their IU email accounts in early June each year.
Financial aid generally disburses to the bursar account 10 days before the start of the semester. So, for the fall semester most students will have their aid credit to the bursar in mid-August. Spring semester aid credits in early January. If your amount of financial aid exceeds the amount you owe on the bursar bill you will receive a ‘refund’ of the credit balance. The fastest way to receive a financial aid refund is to sign up for Direct Deposit with the Office of the Bursar. If aid has not been disbursed to the bursar account, a few common reasons include;
Are you enrolled in an overseas study course or attending another IU campus on a consortium? If so, your aid will be disbursed 10 days before your classes start. For example, if your overseas study program begins on the 28th your aid would be disbursed on the 18th.
Did you just recently enroll in the semester? It can take 2-3 days for your aid to disburse.
Are you enrolled full-time? Some awards require full-time enrollment to disburse. Waitlisted courses aren’t counted as enrolled hours.
Have you checked your OneStart To Do List to make sure you don’t have any outstanding items that are preventing your aid from crediting?
We always award students with their maximum eligibility in state (for Indiana residents) and federal aid. Grant eligibility is awarded before loans so requesting loans won’t impact your eligibility for need-based grants. If you are in need of additional funding beyond the state and federal aid you were awarded you could consider a Parent PLUS Loan or a Private Student Loan.
If you are borrowing your first Direct Stafford or Direct PLUS Loan you will need to complete an online Master Promissory Note (MPN) before the money can be disbursed to your bursar account. Borrowers can typically begin completing MPNs in July for the upcoming academic year. If you need to complete an MPN we will send you an email with instructions for accessing the MPN web site.
If you feel that you have special conditions that are not taken into consideration on your FAFSA or special expenses that are not reflected in your Estimated Cost of Attendance, please review our Special Conditions Tutorial to learn about the appeal process.
The best way to avoid delays with your financial aid is to stay informed about the process. Monitor your IU email account for information requests and details about important dates. Be sure to report any outside awards you are receiving as soon as possible so we can account for them in your overall financial aid package. Finally, monitor your OneStart ‘To-Do List’ regularly throughout the year. Always respond to items on your ‘To-Do List’ as soon as possible.
Although financial aid can come from many sources, the primary method of application for need-based awards from the government and the university is the Free Application for Federal Student Aid (FAFSA). The purpose of the FAFSA is to determine which financial aid programs students are eligible for by calculating their Expected Family Contribution (EFC) based upon their family’s financial information.
The EFC, derived from information on the FAFSA, represents the amount that the federal government expects a student’s family should be able to pay towards the student’s education. The EFC is a tool which, when subtracted from the cost of attendance, determines a student’s need and therefore the type of aid for which a student is eligible. Additional information can be found at Expected Family Contribution.
The cost of attendance is a student’s estimated budget. Aid cannot be awarded above a student’s cost of attendance. Further details, as well as a breakdown of the standard budget categories, can be found at Cost of Attendance.
Indiana University’s priority deadline for completing the FAFSA is March 10 of each year. Filing the FAFSA by this date guarantees that the student will be considered for all financial aid programs he/she may be eligible for.
Students may still be eligible for some awards even if they fail to complete the FAFSA by the above deadline. However, the awards that they can still receive will be limited.
Yes, the FAFSA must be filed each year for which the student wishes to receive financial aid. Furthermore, since a student’s financial and/or family situation can change from year to year, eligibility for financial aid based upon this information may also change from year to year.
Yes. All students, regardless of family income, can at minimum receive a Federal Stafford Loan, assuming that they meet all eligibility requirements to receive financial aid and have remaining room in their cost of attendance for the loan.
No, students are not required to complete the FAFSA unless they would like to apply for federal and/or state aid. A student who does not wish to receive financial aid does not need to file the FAFSA.
Please note, our office recommends filing the FAFSA by the March 10 priority deadline to guarantee that the option of all possible awards is available, even if the student is unsure as to whether or not he/she will need financial aid. If financial aid is not required after filing the FAFSA then students may request to cancel it with our office.
Students must have completed the current year’s FAFSA to be considered for federal and/or institutional aid. Additional information in regards to receiving summer financial aid, can be found at Summer Aid.
IU Bloomington students may be approved to receive aid while enrolled in courses at one of these IU campuses; IUPUI, IUPUI-Columbus, IU Northwest, IU South Bend, IU Kokomo, IU East, and IU Southeast. Students wishing to receive aid while attending another IU campus must submit a Consortium Application to our office. More details about this process can be found on our Consortiums page.
Although different awards can have different eligibility requirements, a general guideline in regards to eligibility for financial aid can be found at Eligibility.
SAP consists of several standards which students are required to maintain to be eligible for financial aid. Further information regarding what these standards are, as well as details regarding the appeal process which students can pursue if it has been determined that they are not meeting these standards, can be found at Academic Progress.
Verification is a process mandated by the U.S Department of Education to verify the accuracy of the information provided on the FAFSA via submission of specific documentation and forms by the selected student and/or parent. All requested documentation must be provided before a student’s financial aid will be released.
Financial aid may be available to international students via IU departmental scholarships, and/or, if considered to be an eligible noncitizen, by the federal government. Additional information in regards to pursuing financial aid as an international student can be found at International Students
Students attending courses, who have completed a bachelor’s degree but are not yet admitted into a graduate program, are considered non-degree seeking since they are not officially pursuing a graduate degree.
Financial aid may be available to such students at the undergraduate level; however, students must receive approval to receive financial aid from our office for the pursuits of the pre-requisite courses by submitting a completed undergraduate Satisfactory Academic Progress appeal (available under “Forms” > Appeals).
Yes, financial aid may be available to such students at the undergraduate level; however, students must receive approval to receive financial aid from our office for the pursuits of the teacher’s certification.
Regardless of living on- or off-campus, students are allotted the same amount in their cost of attendance for room and board; therefore, it has no effect upon the financial aid a student can receive.
This does not include students living off-campus with their parent(s) as such students will not be allotted as great an amount for room and board in their cost of attendance.
Students are deemed dependent by FAFSA standards if they are unable to answer ‘yes’ to any one of the dependency questions on the FAFSA. Such a student may be reclassified as independent if our office approves a dependency appeal for the student based upon the demonstration of an irretrievable breakdown in the student-parent relationship. Additional information in regards to this process can be found at Applying For Aid: Dependency Status.
Federal Direct Stafford Loans are offered by the federal government and will be automatically awarded by our office to eligible students who have remaining room in within their financial aid account The FAFSA must be completed each year in which a student wishes to borrow the Federal Direct Stafford Loan. Additional information about these loans, including interest rates and annual and lifetime loan limits, may be found at Loans: Federal Stafford Loan.
Subsidized loans do not accrue interest while the student is in school -- the federal government pays the interest while the student is enrolled at least half time. Subsidized loans are also need-based. Examples of such loans are the Federal Perkins loan and a subsidized Federal Stafford Loan.
Unsubsidized loans begin accruing interest immediately upon the loan's first disbursement. These loans are not need-based. Examples of such loans are the unsubsidized Federal Direct Stafford loan, private loans, and Federal PLUS Loans.
Students who need additional funds for educational expenses may pursue either a private loan or a Federal PLUS loan. PLUS loans are only available to graduate students or the parent of a dependent undergraduates. Additional information about these loan options can be found on our Loans webpage.
Parents will receive notification from the Department of Education if the PLUS loan is denied. The credit decision may be appealed with the Department of Education. If a parent is denied the Federal Direct Parent PLUS loan, the student may become eligible for an additional unsubsidized Federal Direct Stafford loan for up to $4000 for freshmen and sophomores, and up to $5000 for juniors and seniors. The student must be meeting all other eligibility requirements to receive financial aid, have room in his/her cost of attendance, and submit the following form to process this additional loan: Dependent Student Request for Additional Unsubsidized Loan. If a previous PLUS denial is later approved, or another parent is approved, the student is no longer eligible for the additional unsubsidized loan.
Click Student Self-Service tab on left side of the screen
Click Go to Student Center
Click View Financial Aid or click Accept/Decline Awards (under the Finances section)
Click the appropriate Aid Year
Click the Federal Direct Sub/Unsub Loan you wish to accept, decline, or adjust.
Click Submit button once the correct changes have been made.
Please note, loans may be reduced or declined online through Onestart at http://onestart.iu.edubefore the funds have disbursed to the Office of the Bursar. Once the loan is disbursedthe student must contact the Bursar's office to inquire about returning the loan funds.
No increases may be made by our office to private or Federal PLUS Loans once the loan has been certified. If additional funds are needed, the student or parent must complete a new loan application for the additional loan amount.
Generally for educational student loans, repayment begins within six months from the student graduating or falling below half time enrollment.
For Federal PLUS loans, repayment begins within 60 days of the full disbursement of the loan amount. However, deferral of repayment until six months after the student graduates or drops below half-time enrollment may be available.
Provisions in the Truth in Lending Act, implemented in February 2010, requires lender to provide these disclosures to borrower at 3 separate times; at the point of application, when the loan is approved, and before the loan disburses.
Federal Work-Study is a need-based award that enables eligible students to acquire work-study jobs, the wages for which are largely funded by the federal government. The FAFSA must be filed by the March 10 priority date each year a student is interested in Federal Work-Study. Additional information regarding the eligibility requirements of this award can be found at Work-Study.
Most IUB merit-based scholarships are awarded automatically to students when they are admitted to Indiana University based upon their admissions information. However, many students also pursue scholarship opportunities through their department or outside of the university. Additional information about searching for scholarships can be found at Scholarships.
Most state and federal grants are automatically awarded to eligible students and require filing of the FAFSA. Most grants are need-based, and are determined based upon the student’s Expected Family Contribution (EFC). Additional information about grants can be found at Grants.
Students who submitted all application material for admission by November 1 are automatically considered for Automatic Academic Scholarships. Eligibility criteria can be found on the Office of Scholarships web site. You can also visit the Automatic Academic Scholarship Frequently Asked Questions for more details.
Yes; there is an appeals process which students can pursue to potentially increase their budget. Students must submit a completed Special Conditions Form with all necessary documentation of the said expenses, which must be educationally related. Additional information about this process can be found at Special Conditions: Additional Expenses.
Students are eligible for financial aid if in either an IU-sponsored, IU-co-sponsored, or approved non-IU overseas study program. However, financial aid awards may be limited if in IU-co-sponsored or approved non-IU programs. Additional information can be found at Overseas Studys.
Financial aid is unable to be transferred between institutions; therefore it must be cancelled at the former school and initiated with the new school. Additional information for transfer students can be found at Transferring.
It is not necessary for a student to accept/decline most financial aid via OneStart; however, incoming freshmen who are first-time Federal Work-Study recipients must accept these awards (or the award may be cancelled). Students’ financial aid will automatically be processed and disbursed to the student’s bursar account assuming they meet all of the eligibility requirements and have completed any necessary promissory notes.
The Office of the Bursar will send refunds to either the student or the parent, (if the refund was the result of a Federal Parent PLUS Loan). Refunds are not issued until the student’s account has been paid in full. Students must contact the Office of the Bursar for further details about refunds.
