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Financial Aid Notification (FAN)

Welcome to Indiana State University!  Once we receive your FAFSA you will soon receive a Financial Award Notification in the mail.  This personalized financial aid package will help you prepare for Indiana State and get ready to invest in your bright future.  You might have a million questions about financial aid – that is why we are here to help!  Below is a quick guide to walk you through the financial aid process, explain the different types of aid and help you understand the terminology.  Our website has many resources to assist you, take a look around.

Quick Guide Selection

Planning A. Review Your Estimated Awards

The Financial Award Notification (FAN) packet can also be viewed in your MyISU Portal account.The portal is your go-to resource for real-time information about your financial aid status, requirements, account balance and awards.

Check out these spots for more information on the MyISU Portal or Decoding the FAN packet!

 

Envelope_120 B. Consider Your Options

Think about which financial options cover your expenses and minimize debt. There are many types of aid available at Indiana State!

  1. Grants: A form of “gift aid” that does not need to be repaid. Grants are awarded based on financial need calculated from information in your FAFSA. For more information >>
  2. Scholarships: A form of “gift aid” that does not need to be repaid. They’re typically awarded based on merit, such as academic performance, artistic talent, athletic abilities, or other criteria. For more information >>
  3. Loans: Borrowed money from federal or private lenders that must be repaid with interest. Federal government loans include: Federal Direct Subsidized Loans, Federal Direct Unsubsidized Loans, Federal Direct Parent PLUS Loans, and Federal Direct Graduate PLUS Loans.  Private lenders are through Alternative Loans. For more information >>
  4. Work Study: Work-study is a federally funded program that allows you to work a part-time job to earn money for college. Work-study awards are based on financial need. These jobs can be found both on-campus and in the local community with help from the Indiana State University Career Center.  For more information >>
  5. Want More Information? Learn more about the available types of financial aid here!

 

laptop C. Finalize Your Awards

Check your portal often for any additional documentation that may be required to receive your awards.  Our priority processing date is July 1 to guarantee your file will be ready by the start of the semester.

  1. Respond to Your Loan Options
    Accept or decline your Federal Direct Loans in your portal starting June 1.  Any student who accepts these loans must complete the Master Promissory Note (MPN) and Direct Loan Entrance Counseling at StudentLoans.gov. If your file is not completed you risk not being able to accept your loans; check your portal for unsatisfied requirements.
  2. Outside Scholarships
    If you receive outside scholarships (awarded by organizations other than ISU), inform the Office of Student Financial Aid with the Scholarship Notification Form.

 

Calendar D. Grow as a Sycamore

  1. Receive Your Aid
    Most institutional, state of Indiana, and federal aid is disbursed 10 days before the start of the semester.  Each semester, half of your aid will automatically be applied to your bill.  Any excess money may be refunded to you by check or direct deposit to your bank.  Sign up for direct deposit in your portal under the Financial Resources tab.
  2. Keep Up Your Progress
    We want you to make steady headway toward earning your degree.  Plus, your financial aid depends on it!  To keep your awards, you must meet Indiana State’s Satisfactory Academic Progress (SAP) requirements – like a minimum cumulative GPA, course completion rate, and maximum total credit hours attempted.  Talk with your academic advisor to make a degree plan that will lead you to the commencement stage within four years. For more information >>
    Keeping your scholarship may require meeting specific academic standards, such as successfully completing 30 credit hours each academic year.  Check the rules and regulations for your scholarships here
  3. Payment Plans
    You’ll find your bill for direct costs – like tuition and fees plus room and board – in your portal.You can pay for those bills with one of three payment options.  Learn more at indstate.edu/payment-plans

 

 

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