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Financial Aid Notification (FAN)

Welcome to Indiana State University!  Once we receive your FAFSA you will soon receive a Financial Aid 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.

Your Quick Guide to Financial Aid

Planning A. Review Your Awards

The Financial Aid 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. Understand the Types of Aid

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. If you receive outside scholarships (awarded by organizations other than ISU), inform the Office of Student Financial Aid with the Scholarship Notification Form.  For more information >>
  3. Loans: A form of "self-help aid" or 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. Federal 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. Your Next Steps

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

  1. Complete Your Aid File
    Accept or decline your Federal Direct Loans in your portal starting July 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. Verify Your Information
    Verification is a process in which some students are selected by the Department of Education to verify the information provided on their FAFSA.  If you are seleceted for verfification you must complete all required doucments in the MyISU Portal before you make a loan decision.
  3. View Your Bill
    Most students will received their Fall semester bill in July and Spring semester bill in December via the Student Account Suite (access through the MyISU Portal).  Aid will not disburse until closer to the start of the semester.
  4. Receive Your Aid
    Most institutional, state, and federal aid is disbursed approximately one week prior to the start of the semester, pending a complete financial aid file.  Each semester, half of your aid will automatically be applied to your bill.  Excess funds may be refunded to you by check or via Direct Deposit to your bank. Click here to read When to Expect a Refund.
  5. Payment Plans
    You can find your bill for Direct Cost in your MyISU Portal or Student Account Suite.  You can pay with one of three payment plans.  Learn more at indstate.edu/payment-plans.
  6. Enrollment Status
    Your enrollment status is a classification based on the number of credit hours you're taking.  Your enrollment status may determine your eligibility for some financial aid.  Some awards require students to complete at least 30 credit hours per academic year.

    Chart_FinAid_Enrollment

 

Calendar D. Review Your ISU Checklist

 

 

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