Financial aid FAQs

How does financial aid pay for college?
When you register at Ivy Tech, financial aid may pay for all or a portion of your class fees, books and supplies. If there are dollars left over from the total amount of your financial aid, you will receive the money approximately seven weeks into the semester. If your financial aid does not cover all of your fees, then you are expected to make payment arrangements with the bursar's office before classes start. Contact the bursar's office for more information.

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. 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 you take each semester. Failing to meet the standards could have you terminated from receiving financial aid.

Reinstatement Options
If financial aid has been terminated for not meeting standards of progress, students may be able to submit an appeal application to explain extenuating circumstances that contributed to their failure to meet the expected standards of progress. In addition, students may be able to increase their GPA by enrolling in courses without financial aid. Contact the financial aid office for more information on financial aid termination appeal options.

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 http://www.state.in.us/ssaci/ Tel: 1-888-528-4719.

Will I get all the money listed on my electronic Financial Aid award letter?
If your actual enrolled credit hours reflect the anticipated enrollment hours (listed at the top of your Financial Aid Notification) you will.

• One exception is money awarded for the Work Study Program, which is dependent on how many hours you work.

• Some awards require students to be full-time.

• Some pay only tuition and fees.

• Stafford student loans may be reduced by lender fees

Please read your electronic award letter carefully and completely.

The bursar's office will deduct any tuition and fees owed from your awarded financial aid. If funds remain on your account you will receive a check in the mail. Federal and State grants are accepted for you automatically. You do not have to contact the financial aid office after receiving your award letter unless instructed to do so. If you receive federal financial aid and you withdraw or stop attending all of your classes during a term, you may owe money back to the federal government. Contact the financial aid office if you have questions.
 

Do I owe any money to Ivy Tech Community College?

• If you are eligible for Financial Aid in excess of your tuition and fees then you do not owe Ivy Tech Community College money.

• If your financial aid does not cover your tuition and fees then you will owe the difference and you must make payment arrangements with the bursar's office by the payment deadline.

Please contact the Bursar's 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.