How to Lose or Delay Aid
Don't meet verification requirements
Students who are selected randomly for verification of their FAFSA data have their aid calculation process suspended until all needed documents are submitted to our office. If you are selected, you must supply the completed information requested to us as soon as possible. Your aid determination must stay on hold until we get everything requested.
Don't return your promissory note
To accept a loan, you have to return the promissory note within 60 days. If you don't, the loan will become dormant with no money flow. If you still want the loan later, we may re-enter it and print a new promissory note. But by then, additional federal rules may apply to you receiving a late disbursement.
Don't complete your student loan Entrance Counseling Session
Entrance Counseling Session is required before you can receive your first student loan check at ISU. Get it done early by using our website link.
Fail to make Satisfactory Academic Progress (SAP)
We check your grades and course completion rate after the spring semester or when first awarded aid annually (unless you are on financial aid probation, appeal or suspension - then your status is checked after every semester). If you stop meeting the satisfactory academic progress requirements, you are no longer eligible to receive aid while attending ISU. You can appeal for reconsideration if this occurs, but it is much better if you can maintain the progress towards you degree completion as expected.
Drop some classes
If you drop any classes, you could lose eligibility for state aid and private scholarships you've received. Check with scholarship donors about their rules on this. Also dropping courses affects your Satisfactory Academic Progress pass rate. Dropping more than a third of your hours enrolled could be very detrimental to your aid eligibility.
Enrollment changes made prior to the 7th day of the semester directly affects your federal aid eligibility for that term. Enrollment on the 28th day of a semester determines some state funding amounts. Confirm the impact of part-time enrollment with your Office of Student Financial Aid counselor beforehand.
Withdraw from school
If you completely withdraw after receiving aid for the semester, the federal government will want much (if not all) of its money back. Federal awards include Pell and SEOG grants, Federal Perkins loans, federal Subsidized and Unsubsidized Stafford loans and Parent PLUS loans. We'll return the appropriate funds already applied to university charges. You'll have to return any money you received, such as your refund check, plus all funds that ISU has to return on your behalf. It is best to complete all classes attempted with passing grades.
The amount to be repaid will depend on your withdrawal date. The later in the semester you withdraw, the lower the amount you have to pay back. After the 60% point in a semester no immediate payback is due. But the withdrawal still significantly affects your Satisfactory Academic Progress pass rate.
Within 30 days after you withdraw, we will send you a notice of what you have to repay. It will indicate the amount that went back to the federal government that you owe to ISU and any amount you also owe back directly to the funding sources.
We want to see you succeed here at Indiana State University. If you must withdraw from school, speak to your Student Financial Aid Counselor beforehand to determine the impact and your best course of action.