Understanding Your Financial Aid Award Letter

How was my Financial Aid Calculated?

When your FAFSA was processed, a formula was applied to the information you provided. The U. S. Congress established this formula to determine your financial need. The formula takes into account your family's income, some assets, and certain expenses. The formula result is the Expected Family Contribution, or EFC. The EFC indicates how much money you and your family are expected to contribute toward your cost of attendance for one school year. The Student Aid Report you received from the government states your EFC.

Pell Grants

Pell Grants are awarded to students who have an EFC below a certain amount, if they also meet all other eligibility requirements (including being in a degree-seeking program and not already having a previous bachelor's degree). The amount of the Pell grant is determined by the EFC, cost of attendance, and your enrollment status.

State Awards

State award eligibility is determined by the State Student Assistance Commission of Indiana (SSACI). More information is available at the State Student Assistance Commission of Indiana website. Students must have completed a FAFSA by March 10 to receive state grants for the academic year. You may also use this site to make certain corrections to your state application.

Aid Disbursal

The Business Office will be notified of your financial aid award. They will first deduct any tuition and fees from your aid. If aid remains, they will deduct your bookstore charges. If there is still aid remaining, you will receive a refund approximately 7 weeks in to the semester.

If your financial aid does not cover your tuition and fees, you will be required to pay the difference prior to the beginning of classes. Actual dates are published in the semester schedule and at various locations on campus.

Please contact the Business Office with any questions regarding your account.

Student Responsibility

As a student receiving financial aid, you are responsible for letting the Financial Aid Office know if you have any changes in your family's financial circumstances, are receiving any outside awards, or have changes in enrollment status.

Special Circumstances

The Financial Aid Office may consider special circumstances (outstanding medical bills, income loss, unemployment, etc.) with proper documentation. Contact the Financial Aid Office if you have questions about special circumstances.