The 10 Commandments of Financial Assistance

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The 10 Commandments ofFinancial Assistance
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1. Thou Shalt

• File your FAFSA by March 1st Every Year

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Thou Shalt File your FAFSA by March 1st Every
Year

• FAFSA is the Free Application for Federal
  Student Aid.
• The priority deadline for University Scholarships
  is March 1.
• The deadline for State Grants is March 10.

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2. Thou Shalt

• Complete and Return All Requested Documents

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Thou Shalt Complete and Return All Requested
Documents

• Complete a USI Data Form every year
• Minimum of 35 of students are randomly selected
  for verification by the Government
• File must be complete in order to review,
  process, or pay out awards

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3. Thou Shalt

• Read All Correspondence from Financial
  Assistance

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Thou Shalt Read All Correspondence from
Financial Assistance

• There is important information in every letter we
  send!
• Request for Documents
• Award Notification Letters

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Sample Semester Bill

• Tuition estimate (Indiana undergrad) 2,510
• University service fee 30
• Student activities fee 25
• Transportation/parking fee 50
• Matriculation fee 65
• Health services fee 40
• Housing (4-person unit) 1,675
• Food Plan (Blue) 1,480
• On-Campus Resident 5,875

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Stafford Loans

• Loan in the Students name
• Deferred until 6 months after graduation or
  dropping below half-time
• Stafford Loans require Entrance Counseling and a
  Master Promissory Note for first-time borrowers
• There is a .5 Processing Fee taken out by the
  lender before disbursement
• Appears on the bill as pending aid

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Stafford Loans
Independent students may borrow additional
unsubsidized Stafford Loans.
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Plus Loans

• Loan in Parents name
• Repayment begins after the second disbursement
• Student must be a Dependent
• Parent Plus Loans require a Master Promissory
  Note
• There is a 2.5 Processing Fee taken out by the
  lender before disbursement
• Appears on the bill as pending aid

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4. Thou Shalt

• Report All Outside Scholarships

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Thou Shalt Report All Outside Scholarships

• Report Outside Scholarships to the Financial
  Assistance Office to Prevent Over Awards and
  repayment of Federal Aid
• Provide written instructions, by the scholarship
  donor, to USI on how to apply your scholarship
• In absence of instructions
• 299 or less applied to semester
• 300 or more split between fall and spring
• Endorse check if necessary and send check and a
  copy of the Donors Letter to the Student
  Financial Assistance Office

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5. Thou Shalt

• Comply with USIs
• Satisfactory Academic Progress Policy

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Thou Shalt Comply with USIs Satisfactory
Academic Progress Policy

• Minimum 67 Career Completion Rate at USI
• Minimum GPA as determined by attempted credit
  hours
• Max Timeframe for completion of degree or
  certificate
• Generally limits aid to 6 years

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6. Thou Shalt

• Know the Terms and Conditions Regarding your
  Grants, Loans, and Scholarships

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Thou Shalt Know the Terms and Conditions
Regarding your Grants, Loans, and Scholarships

• State Awards require full-time enrollment (12
  credit Hours)
• State of Indiana limits aid to 4 years for
  full-time students
• Stafford Loans and Parent PLUS Loans require at
  least
• half-time enrollment (6 Credit Hours)
• Pell Grants are awarded using the enrollment
  status in effect on census day.
• Financial aid is disbursed based on attending
  hours at the time of disbursement.

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7. Thou Shalt

• Check youre MyUSI Regularly

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Thou Shalt Check your MyUSI Regularly

• www.usieagles.org
• Use MyUSI to monitor and update your records
• Everything is on MyUSI
• Your awards
• Any required documents that have not been
  received
• We regularly send emails through MyUSI to notify
  students of important dates and other important
  information

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8. Thou Shalt

• Never Drop a Course Without First Checking with
  the Financial Assistance Office

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Thou Shalt Never Drop a Course Without First
Checking with the Financial Assistance Office

• Dropping courses after the first day of classes
  may affect your financial aid!
• Certain State Grant Recipients must be full-time
  through the end of the first four weeks the
  semester or zero award!
• Indiana Higher Education Award
• Twenty-First Century Scholars Award
• Indiana National Guard Supplemental Grant
  Recipients
• Register for classes as early as possible
• Course shopping may result in failure to comply
  with completion rate

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9. Thou Shalt

• Never Assume Anything

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Thou Shalt Never Assume Anything

• Take responsibility for your own outcomes
• Residual Aid disburses in the third week of the
  semester be prepared for out-of-pocket expense
  until then
• Dont be afraid to ask questions!

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10. Thou Shalt

• Be Kind to the Financial Assistance Staff

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Thou Shalt Be Kind to the Financial Assistance
Staff

• Please be patient the Financial Assistance
  Process can be very frustrating at times
• We must work with University Policies as well as
  with the Department of Education
• We are on your side!

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• Student Financial Assistance
• www.usi.edu/finaid
• Orr Center, First Floor
• 812/464-1767
• 800/467-1965
• finaid_at_usi.edu