How Aid Is Awarded
Financial Aid is awarded using formulas and rules designed to ensure consistency and fairness in distributing limited funds. Most of these rules are set by the donor of the funds and only limited control is offered to us. The largest components that drive funding opportunities are the estimated Cost of Attendance, Expected Family Contribution as calculated by the government and timing of completing the FAFSA form. On-time FAFSA submission helps open opportunities for limited funding. (The Indiana deadline for filing your FAFSA is March 10th for the following school year.)
We always award grants and scholarships first. These are the best types of aid and that is what we want for you. If the amounts you qualify for of these funds do not fill your financial need, which is your estimated Cost of Attendance minus your Expected Family Contribution, we will pursue other options for you. Federal Work Study is awarded based upon interest expressed on the FAFSA form and timing of application. Student loans are often used as a last resort to give options to fill remaining amounts needed.
Order of Aid Packaging
- Federal Pell Grant
- Scholarships
- Federal SEOG, Indiana Higher Education Awards, 21st Century Award and Other Grants
- Federal Perkins Loan and/or Federal Work-Study
- Federal Subsidized Stafford Loan
- Federal Unsubsidized Stafford Loans
- Federal Parent PLUS Loans or Additional Federal Unsubsidized Stafford Loans
- Alternative Student Loans.
Since scholarships are to be considered before most other types of aid, late notification of those often cause other funds to have been over awarded. This typically leads to repayment requirements. We strongly encourage you to notify our office early of any scholarship options you are going to receive so we can assign the correct amounts initially to your other funds.
The Federal Work-Study (FWS), Federal Perkins Loan, and Federal Supplemental Educational Opportunity Grant (SEOG) aid programs are extremely limited in funding based on the money allocated to ISU by the government each year. Awarding priority is given to students who send in their FAFSA by March 1st each year. These programs are awarded until funds are exhausted. Other federal funds are not limited in availability like these and are often available for late applicants.
Financial Aid Notification (FAN)
We will send you a Financial Aid Notification when we have determined what funds you qualify for. This can be seen on your MyISU Portal account or a paper notice may be mailed to you. Some types of aid, particularly student loans, require additional steps or paperwork to get processed. Check the fund profiles on our website carefully to determine what additional steps you may need to take in order to ensure your money arrives on time as expected.
We begin mailing FANs in late March for on-time applicants and continue all year as files are completed. Multiple FANs may be sent to you during a year. These occur automatically if a change happens with your aid eligibility. Please carefully review any notices you receive and respond if needed.
Check the Financial Aid Checklist for steps that you need to follow to help us help you in aid delivery.