What is Financial Aid?
What types of resources are available?
How and when do I apply for Financial Aid?
How much aid will I get?
Where does the money go?
I’m not sure I will be eligible. Should I complete the FAFSA?
Must I be accepted for admission before I apply for Financial Aid?
Do I need to apply for Financial Aid each year?
I filled out a FAFSA and sent it in about four weeks ago, but I haven’t received my SAR. What should I do?
My parents are separated or divorced. Which parent fills out the FAFSA?
Do my stepparent’s income and assets need to be reported on the FAFSA?
I live with my grandparents (or some other relative). Whose financial information do I need to include on the FAFSA?
I am currently separated or divorced. What financial information should I include on the FAFSA?
I recently married and we filed separate tax returns for last year. What financial information should I include on the FAFSA?
What if I have a situation where my present income is considerably less than it was last year?

What is Financial Aid? Financial Aid is money to help you pay for college. Many students do not have the funds to pay for tuition, books, and supplies. However, there are resources available to help with college funding. Students must be enrolled in a degree or certificate program to be eligible for most kinds of financial aid.

What types of resources are available? There are three main categories of Financial Aid: grants and scholarships, loans, and work-study. Grants are based on financial need, can be awarded to part time students, and do not have to be repaid (unless the student totally withdraws or stops attending). Scholarships are awarded for outstanding academic achievement. Loans are for students that are attending at least half time (6 credit hours or more). Repayment of loans normally begins six months after leaving school. Work-study is part-time employment for students that are at least half time. More information on the loan and work-study programs can be found at: Financial Aid Employment & Loans

How and when do I apply for Financial Aid? This information can be found on the Application Procedure page. (Step 5 of the admissions process)

How much aid will I get? Two to four weeks after submitting your FAFSA, you will receive a Student Aid Report (SAR). The SAR will tell you your Expected Family Contribution (EFC). The Financial Aid Office will review your SAR information and notify you of the amount of aid you will receive, if any. If you are not eligible for grants, you may contact the Financial Aid Office for student loan information.

Where does the money go? Most funds are electronically sent to Ivy Tech. All outstanding tuition, fees, books and supplies are deducted from the award. If money remains and the student is in good standing, it is sent to the student to use for miscellaneous expenses. For most types of aid the amount going to the student is mailed to the student shortly after the end of the fourth week of the semester.

I’m not sure I will be eligible. Should I complete the FAFSA? Yes. You will not know if you are eligible unless you apply. Even if you are not eligible for grants, you must file the FAFSA to qualify for Stafford Loans and some scholarships.

Must I be accepted for admission before I apply for Financial Aid? No. You should apply for aid as early as possible (before March 1 of each year, if possible).

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

I filled out a FAFSA and sent it in about four weeks ago, but I haven’t received my SAR. What should I do? Call the U.S. Department of Education’s Public Inquiry phone number 1-800-433-3243. If you applied using FAFSA on the Web, you can check the status of your application at www.fafsa.ed.gov.

My parents are separated or divorced. Which parent fills out the FAFSA? The parent that you lived with the most during the last 12 months. If you didn’t live with either parent, or if you lived with each parent an equal number of days, use the parent who provided the most support to you during the last 12 months or during the most recent calendar year that you were actually supported by a parent.

Do my stepparent’s income and assets need to be reported on the FAFSA? If the parent whose information you are reporting on the FAFSA is married or remarried at the time you are completing the FAFSA, you must include information about your stepparent (even if they were not married in the year in which income information is being requested).

I live with my grandparents (or some other relative). Whose financial information do I need to include on the FAFSA? You must include information about your natural or adoptive parents. If this is not possible, contact the campus Financial Aid Office for direction

I am currently separated or divorced. What financial information should I include on the FAFSA? Include only information about your income and assets. If you filed a joint tax return, you must separate your income and asset information from your former spouse’s.

I recently married and we filed separate tax returns for last year. What financial information should I include on the FAFSA? You must include information about your and your spouse’s prior year income and current assets, even if you weren't married last year. If you filed separate tax returns, you must combine both your and your spouse’s income on the FAFSA.

What if I have a situation where my present income is considerably less than it was last year? You need to report the prior year’s income on the FAFSA. However, when you receive your Student Aid Report (SAR), contact the campus Financial Aid Office for directions on how to have your special circumstances evaluated. This process takes extra time to consider, so apply for aid as early as possible to avoid any delays.