Ivy Tech Community College of Indiana

Financial Aid
Frequently Asked Questions
Financial Aid/Veterans
Questions and Answers

What is Financial Aid?
Financial aid is money to help you pay for college. Many people do not have the cash available to pay for tuition and fees, books and supplies. That is where financial aid comes in.

Ivy Tech Community College of Indiana financial aid programs include the following:
• Federal Pell Grants,
• Federal Supplemental Education Opportunity Grants,
• Federal Work-Study,
• Federal Loans,
• Frank O’Bannon Grant (formerly the Higher Education Awards (State)
• 21st Century Scholar (State)
• Child of Disabled Veterans (State)
• Ivy Tech Foundation Scholarships

How do I apply?
Complete a Free Application for Federal Student Aid (FAFSA) at (http://www.fafsa.ed.gov ). You can fill out an application at almost anytime during the school year. However, it is recommended that you apply at least 4-6 weeks before the semester in which you intend to enroll. You only have to apply once per academic year. Your eligibility for a Federal Pell Grant is determined through this process. You may also complete a paper FAFSA and mail it to the federal processor. If you need assistance with completing this form, our Financial Aid Office is available to help. You may stop by for assistance or you may contact us for an appointment. Our office hours are M-F 8:00 am to 5:00 pm, phone number 246-3301 or 1-800-321-9021.

To be considered for state financial aid, your FAFSA must be RECEIVED by the federal processor on or before March 10th of the current year. This is a received by date and no longer a postmark date. You can file the FAFSA on-line in "real time" at http://www.fafsa.ed.gov or a paper FAFSA via mail. It's up to you to make sure that the federal processor RECEIVES your FAFSA on or before March 10th. Paper filers need to factor in mailing time since all that matters is that the paper or on-line FAFSA is RECEIVED on or before March 10th by the federal processor. File as soon after January 1 as possible. This is the priority deadline for the
• Frank O’Bannon Grant (formerly Indiana Higher Education Grant)
• 21st Century Scholarship, and
• Part-Time Indiana Grants
• as well as Ivy Tech Grants.

If you are asked to provide information and documents to the financial aid office, do so as quickly as possible.

The FAFSA form is the first step for applying for a federal Stafford Loan. You will also need to complete the FFELP Stafford Loan Information Sheet. This form is provided in the student loan information packet which is available in the Financial Aid Office.

Is there a deadline for filing the FAFSA?
You may file a FAFSA application at almost any time. However, if you want to be considered for state aid for the Fall and Spring semesters, you must have filed your FAFSA by March 10 of the current year. For example: if you plan to attend classes in the Fall of 2008 and Spring 2009- you will need to file your FAFSA by March 10 of 2008 to be considered for state aid. After March 10 you are applying for federal aid only.

How long does it take to process a Pell grant application (FAFSA)?
Pell grant: You can expect a response in two to three weeks. The information will be downloaded to the financial aid office electronically. You will also receive a Student Aid Report in the mail in approximately two to three weeks. If you filed electronically or provided an e-mail address on the paper FAFSA, you will receive an e-mail with instructions on how to print your Student Aid Report once it has been processed.
If it becomes necessary for the financial aid office to process any corrections to your Student Aid Report, an additional seven to ten business days will be required.

What if I completed the FAFSA 4 weeks ago (or more) and have not received anything?
Call the U.S. Department of Education’s Public Inquiry phone number at 1-800-433-3243. Or you may review your information on FAFSA on the Web at www.fafsa.ed.gov

How will I know if I am eligible for financial aid once I have applied?
Once your financial aid has been processed, if you are eligible toreceive financial aid you will electronically receive a financial aidnotification letter from the Financial Aid Office listing what type(s) and amount of aid you are eligible for. An e-mail will be sent to your campus connect e-mail account alerting you to view your awards. The awards are generally based on full time enrollment and may be revised based on your actual enrollment status. Please read your award notification carefully and contact the Financial Aid Office with any questions you may have on it.

The FAFSA form is the first step for applying for a federal Stafford Loan. You will also need to complete the FFELP Stafford Loan Information Sheet. This form is provided in the student loan information packet which is available in the Financial Aid Office.

How do I transfer Pell, State, or Loan information to/from Ivy Tech Community College if I have already applied?
Pell grants may be transferred to or from Ivy Tech by contacting the federal processing center and requesting the appropriate school code to be added. You may contact the processor on the internet at www.fafsa.ed.gov or by phone 1-800-433-3243 provided you have your Student Aid Report and DRN number. For transferring aid or information to us, our school code is 010109. For transferring to another college, you will need to contact that school for their school code. Loans are not transferable. You will need to reapply for a loan at your new school of choice. Remember, if you have a student loan at your current school, you will need to notify your lender of your school change or your account will go into a repayment status.

If you received financial assistance from the state of Indiana (Higher Education Grant or 21st century) you must contact the State Student Assistance Commission (SSACI) in addition to the federal processor to transfer your aid. SSACI may be contacted on the internet at www.ssaci.IN.gov/estudent or you may call them at 1-888-528-4719.

How does financial aid pay for college?
When you register for classes at Ivy Tech, financial aid may pay for all or a portion of your class fees, books and supplies. The business office will authorize your account the amount of your financial aid and deduct any tuition and fees owed from your awarded financial aid. If there are dollars left over from the total amount of your financial aid, you will receive the remaining money approximately six weeks after the semester starts.

If your financial aid does not cover all of your fees, you are expected to make payment arrangements with the business office for the remaining balance before classes start. Contact the Business office for more information on payment of balances.

What if my financial aid isn’t enough to pay all of my tuition and fees?
You will receive a bill from the Business Office stating the amount of your financial aid and what you still owe. Pay close attention to the deadline for payment on the bill. If you do not make payment arrangements with the Business Office by the deadline, you may be withdrawn from your classes for nonpayment.

What if my financial aid is more than enough to pay my costs?
If there are dollars left over from the total amount of your financial aid, you will receive the remaining money by check approximately six weeks after the semester starts. The Business Office will mail your check to you.

Do I have to fill out the FAFSA even if I know I will not be eligible and/or only want a loan?
Yes. Federal regulations state that a student must fill out the FAFSA before applying for a Stafford loan. All processing of your FAFSA application must be completed before your loan application can be processed. The result of your FAFSA is used when determining loan eligibility.

Based on FAFSA data, your loan eligibility will be determined and offered to you on the electronic award notification sent to your campus connect email. After accepting or reducing what is offered and submitting the award notification, you must click the link to apply online for the loan at a separate website to complete the process for applying for a federal student loan.

What’s the difference between Subsidized loans and Unsubsidized loans?
Subsidized: the government covers the interest on your loan for the duration you are enrolled as an eligible student. An eligible student must be enrolled in a minimum of six (6) credit hours per semester. Unsubsidized: the student is required to pay the interest charges on a quarterly basis. The student does, however, have the option to have those charges deferred and capitalized into repayment at the time repayment begins

How long is my financial aid good for?
Most federal financial aid is good for one academic year, August to August, not January to December. Most state financial aid is good for the Fall and Spring terms only. You may be eligible for pell grant funds for Fall, Spring and Summer terms, or only Fall and Spring, depending on how many credit hours you enroll each semester.

Do I need to apply for Financial Aid each year?
Yes. A FAFSA is good for only one academic year. So, when January arrives each year, its time to start the application process for the up-coming school year which begins in August.

When is the last day to register and receive financial aid, if eligible?
You must be registered by the last day of the first week of class in order for your financial aid to be awarded.

If I drop a class, will it affect my financial aid?
If you drop a class/classes, you could go on probation or termination. You may also owe back to the government a portion of the financial aid you received. Before dropping any classes, we encourage you to contact the financial aid office to discuss your status.

Do My Grades Affect My Financial Aid?
A student’s eligibility for federal financial aid is based on the enrollment status at the end of the 100% refund period (the end of the 1st week of classes). If a student adds a class after the end of the 100% refund period, their federal and state aid will not increase and they may owe money for the added class(es).

Attendance: Students must not only be "enrolled" but must actually be attending class. Students that never attend class or stop attending class without formally withdrawing will have their aid adjusted as required by the federal refund policy.
If you receive financial aid, you must maintain standards of progress. That means that you must demonstrate satisfactory progress toward completion of your program within a specific time period, based on the number of hours your take each semester. Failing to meet the standards could have you terminated from receiving financial aid.

I now live on my own, why do I have to use my parental information on the FAFSA?
There are seven questions in Section C of the FAFSA that determine a student’s dependency status. If you answer NO to each question, you will be required to provide your parent’s income and household information. A dependency override may be available depending upon your circumstance. You must contact the Financial Aid Office to determine if you are eligible for a dependency override.

How do I get my VA benefits started?
You will need to obtain the Application for Veteran Benefits (22-1990).
This application can be mailed to you or picked up at the Financial Aid Office. Once complete, submit the application along with a copy of your DD-214 or Notice of Basic Eligibility (Reserves) to the Veteran’s Coordinator in the Financial Aid Office.
Financial Aid/Veterans
After reviewing the quetions and answers section, if you have additional questions, please e-mail financial-aid-sellersburg@lists.ivytech.edu

Changing Lives

Ivy Tech Community College
8204 Highway 311
Sellersburg, IN 47172
812-246-3301
800-321-9021
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