Financial Aid Application Process
The Free Application for Federal Student Aid (FAFSA) is used to determine eligibility for federal and state aid. Many private scholarship donors also use the FAFSA to determine eligibility for funds. Filing the FAFSA is free through the federal government. Never pay someone to help you complete or submit your FAFSA.
Your FAFSA answers are reviewed by the U.S. Department of Education. They use the data to calculate your Expected Family Contribution (EFC) as required by Congress. The EFC is the amount you and your family are expected to contribute toward your college costs. The government then transmits your data and EFC to the colleges listed on the FAFSA, the state aid agency for your home state and also back to you.
Once we receive the data, it may be necessary for you to provide additional information to us before your aid package can be finalized. Check your MyISU Portal frequently to view needed documents and updates to your financial aid file. Once all information is submitted, we will review your file. We will correct any data errors seen. Then we will calculate a Cost of Attendance (COA) which is an estimated average of the amount it will cost you to attend ISU for that academic year or particular semester. Cost of Attendance minus Expected Family Contribution shows us financial need. With this calculated we would determine the types and amounts of aid for which you are eligible. You will be sent the results and you can view your financial aid file on your MyISU Portal.
Aid is typically applied to school accounts about five days before a term start. Late paperwork submission or late FAFSA filing can cause delays in getting your money to you. Please help us help you by filing all needed forms on time.