Refunds and Disbursements
If the total amount of financial aid (loans, grants, scholarships, etc.) is greater than the total charges on a student's account, the student will be issued a refund. Refunds are mailed out to the student's permanent address, or the student can set up direct deposit through the Controller's Office and receive the refund directly into a bank account
Once you have your refund, you can use it to buy your books or to help with other educational expenses. Also, setting up a direct deposit with the Controller's Office will allow you to get your books a little faster than having a check mailed out to you.
Refunds generally are issued about one week before classes begin for the fall and spring semesters and about three days before classes start for summer sessions. In order for a refund to be issued on time, all of the required documents need to be submitted to the Office of Student Financial Aid two to three weeks prior to the disbursement date. Visit the MyISU Portal, and check the "Financial Aid" tab to ensure all requirements are met.
Before charges for tuition and housing are posted to your account, you can get an estimate of what your refund will be by adding up the total amount of aid awarded for the semester and subtracting your anticipated costs. To use the University's estimated cost calculator, visit tuition and fees. Once the charges are posted to your account, subtract the charges from your anticipated financial aid to find out how much your refund will be.
If you need more financial aid in order to cover the cost of your education expenses, visit how to find more money.
Financial aid is disbursed directly to the student's ISU student account approximately 10 days before the start of the semester. Refunds are issued 1-2 days after the aid disburses to the student account.
Aid based on the student's enrollment status at the time of disbursement. If a student drops courses after financial aid is disbursed, the award amount may be reduced. View award amounts on the MyISU Portal under Student Self-Service, then "Award By Aid Year."
Log onto the MyISU Portal using your University username and password, and verify that you have been offered student loans by viewing "Award by Aid Year" from the "Financial Aid" tab. If you are eligible, you should see an award offer listed. Then, complete the following steps:
- Enroll in at least 6 credit hours.
- Complete a loan request form.
:: Undergrads: www.indstate.edu/finaid/uslr-form.htm
:: Parents: www.indstate.edu/finaid/fdpplr-form.htm
- Sign a Master Promissory Note and complete Entrance Counseling online at www.studentloans.gov.
- Allow 5-7 business days for processing.
For instructions on signing up for direct deposit, see direct deposit of refunds.
The Catalog of Indiana State University is the document of authority for all students. The requirements given in the Catalog supersede information issued by any academic department, program, college, or school. The University reserves the right to change the requirements at any time. The right to correct errors is also reserved.