The cost of tuition, books and supplies might seem a little scary, but there are many sources of financial aid available to make financing your education a little easier.
In Indiana, most financial aid sources use the FAFSA (Free Application for Federal Student Aid) to determine the amount of money each student is eligible to receive. This checklist will help you complete the financial aid process.
Plan ahead! The FAFSA must be received by March 10 to be considered for Indiana state scholarships and grants. In addition, certain campus-based financial aid awards have limited funding and are awarded only to eligible students who complete the FAFSA by that date. Students and parents can complete the FAFSA online at http://www.fafsa.ed.gov. Each FAFSA covers the upcoming Fall, Spring and Summer semesters (for example, the FAFSA that is due March 10, 2013 is for the Fall 2013, Spring 2014 and Summer 2014 semesters).
Complete the FAFSA over the phone at (800) 4-FED-AID. Ivy Tech's School Code is 009917.
Once you've completed the FAFSA, a Student Aid Report (SAR) will be generated by the U.S. Department of Education. If you have listed our school code, we will receive an electronic copy.
If you are selected for Verification, you will be required to complete a Verification Worksheet and other financial formsbefore aid can be processed or disbursed. Make sure you turn in all required forms, if you don't it will cause processing delays.
This step is not required if you are not applying for a loan.
All new and returning borrowers in Summer 2010 and Fall 2010 MUST complete a Master Promissory Note (MPN) for the Direct Student Loan Program. Starting with Summer 2010, Ivy Tech will participate exclusively in the Federal Direct Student Loan Program. Even if you have previously borrowed a federal student loan using a private lender or bank, you will need to complete a new MPN for the Direct Loan Program.
Complete your MPN electronically at the Department of Education's website www.studentloans.gov. You will be required to use your Department of Education-issued PIN. If you do not have a PIN or have forgotten your PIN please visit www.pin.ed.gov.
To ensure that you understand the responsibility and the obligation you assume when accepting a Federal Direct Student Loan, the Department of Education requires you to participate in loan counseling prior to receiving your first disbursement. Entrance counseling is required of all first time borrowers and borrowers new to Ivy Tech. If you have already completed entrance counseling at Ivy Tech, you will not be required to retake counseling.
Complete entrance counseling online by selecting your campus link.
NOTE: Failure to complete loan counseling will prevent timely disbursements and refunds.
Apply online at the Department of Education's website www.studentloans.gov. If you are borrowing Direct PLUS Loans for more than one student, you'll need to complete a separate MPN for each one. To complete an MPN online, you will be required to use your Department of Education-issued PIN (not your child's). If you do not have a PIN or have forgotten your PIN please visit www.pin.ed.gov.
To qualify for state aid, your FAFSA must be RECEIVED by March 10.
Remember to complete an Application for each loan program, and if you are chosen for Verification respond promptly with requested documentation. Please remember to resubmit a FAFSA for each school year.
Federal regulations require all student loan borrowers to participate in Exit Loan Counseling whenever you drop below half-time enrollment status, withdraw, or graduate.
We understand the importance of estimating how much aid you may qualify to receive. There are several online services that provide calculators including FinAid.org and FastWeb.