Overawards and External Scholarships
Per Federal regulations for Title IV aid programs, scholarships must be counted toward a student's need-based federal aid eligibility. ISU's policy regarding awarding is that students may not receive Title IV assistance in excess of their cost of attendance. For this reason, receiving outside scholarships may cause a reduction in the amount of aid awarded.
To avoid this situation, students should notify the office in advance if they will be receiving outside scholarships.
For instance, if the financial aid package has already been assembled, and the office receives notification afterwards that the student is receiving an additional scholarship, the scholarship will be added to the award summary. If the student had aid up to their cost of attendance, the addition of the scholarship will cause the student to be over-awarded, that is, receiving more financial aid than the cost of attendance. This could cause aid to be reduced or cancelled as a result.
However, as long as the student has reported all awards fully and completely before awards disburse, there should be minimal effect to other financial aid on the account.
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.