1. Financing Your IUP Education

2. Topics Who should apply for financial aid? What is the financial aid process? How is a financial aid award determined? What are the types of financial aid resources? Questions and Answers

3. Who Should Apply For Financial Aid? EVERYONE!

4. Applications Free Application for Federal Student Aid (FAFSA) Students file at www.fafsa.gov annually by April 15www.fafsa.gov State grant information form must also be completed online for PA state grant (PHEAA) consideration Award letters are generated on a rolling basis Perkins loan information sent in mid-July from the Bursar’s Office Federal Direct Subsidized/Unsubsidized Loan requirements must be completed electronically at www.studentloans.gov

5. Determining Eligibility Educational CostsExpected Family Contribution (EFC)Financial Need

6. Educational Costs TuitionFeesRoom and BoardBooks and SuppliesPersonal and Miscellaneous Expenses

7. Types of Financial Aid Grants Federal Pell FSEOG (Federal Supplemental Educational Opportunity Grant) PHEAA (PA residents) Loans Federal Direct Subsidized/Unsubsidized Loan Federal Perkins Loan Federal Direct PLUS Loan Alternative Student Loans Student Employment

8. Federal Pell Grant 2016-2017 Award Amounts $5,815 maximum Awarded to eligible undergraduates pursuing first baccalaureate degree

9. FSEOG Eligible Students Undergraduates pursuing first baccalaureate or professional degree Awarded first to students with exceptional financial need (students with the lowest EFC) Priority to Federal Pell Grant recipients

10. PHEAA State Grant Administered by Pennsylvania Higher Education Assistance Agency (PHEAA) 1-800-692-7392 For undergraduates only Estimated maximum award amount for 2016-17 is $3,344

11. Federal Direct Subsidized/Unsubsidized Loans Subsidized Unsubsidized Annual loan limits (combined subsidized and unsubsidized) Must demonstrate “need” Not based on “need”; interest accrues $5,500 for 1 st year undergraduates (0-29.99 crs) $6,500 for 2 nd year undergraduates (30-59.99 crs) $7,500 for each remaining undergraduate year (60+ crs) $20,500 for each year of graduate study

12. Federal Direct Subsidized/Unsubsidized Loans Interest rate is determined on or around July 1 Based on 10-year Treasury Bill Interest rate for 2015-16 is 4.29% for undergraduates Loan fees – currently 1.068% of principal (subject to change) Grace period and deferment provisions

13. Federal Perkins Loan Interest rate – 5% Nine-month grace periodAward amounts range from $750 - $2,500

14. Other Loans Federal Direct Plus Loan Apply online at www.studentloans.gov Interest rate set July 1, based on 10 year Treasury Bill (2015-16 interest rate is 6.84%) Alternative Loan See “ELM Select” link on Financial Aid website Apply online or by phone

15. Federal Direct PLUS Loans Available to parents of dependent undergraduates Not have an adverse credit history, which is defined as being more than 90 days delinquent on 1 or more debts greater than $2,085 or a debt placed in collection or charged off during preceding 2 years Fixed interest rate of 6.84% for 2015-16 Determined annually on or around July 1 based on 10 year T-Bill Loan fees – 4.272% of principal for loans first disbursed before October 1, 2016 Repayment begins 60 days after loan is disbursed but deferment options are available Application required at www.studentloans.gov no earlier than mid-July. A credit check will be performedwww.studentloans.gov Credit approval will also require completion of Master Promissory Note Those with adverse credit history may choose to appeal or use an endorser Approval through one of these options will require completion of Master Promissory Note and PLUS counseling Or select option, “I do not wish to pursue the PLUS Loan” for possible additional Unsubsidized Loan funding to be processed for student

16. Additional Unsubsidized Loan Eligibility Independent students and dependent students of parents unable to borrow under the PLUS Loan Program may qualify for additional Federal Direct Unsubsidized Loan funds – Select “I do not want to pursue PLUS Loan” option if credit denied on PLUS Loan application Up to $4,000 for 1 st and 2 nd year Up to $5,000 for each remaining year

17. Student Employment Two types of student employment: Federal Work Study (FWSP) and University Employment (UE) Twenty five hours per week maximum at minimum wage Wages paid directly to student (cannot be credited towards a student’s bill) Placement assistance through Student Employment Center in Pratt Hall or www.iup.edu/studentemployment/jobboard A Federal Work Study award is not a guarantee of employment

18. Scholarships Academic departments, colleges, and the University Scholarship Committee administer IUP scholarships No additional application required for most scholarships from IUP www.iup.edu/scholarships for more information

19. Will a scholarship award change my financial aid package? * In some cases, the receipt of additional resources (scholarship or otherwise), may require an adjustment of the financial aid package. * This is reviewed on a case-by-case basis. In most circumstances, it is not a grant that is reduced. * The reason for the adjustment is based on the calculated financial need and our federal responsibility to not exceed need.

20. Maintaining Eligibility Student must make satisfactory academic progress according to the criteria established by each aid program. FAFSA for each year must be filed by April 15 for maximum financial aid consideration. PLUS and Alternative Loan applicants must reapply each academic year. Withdrawing from a course may impact current and future eligibility.

21. Other Forms IUP is required to select a sample of students for verification. Requests for verification documents are sent beginning in April. Please respond promptly. Notices regarding electronic completion of Perkins Loan Promissory Notes are mailed in mid-July. Please complete and submit promptly. Federal Direct Subsidized/Unsubsidized Loan eMPN and Entrance Counseling must be completed electronically at www.studentloans.gov.

22. “The New Student Guide” (orientation booklet for students) contains this flyer with instructions to complete the Direct Loan requirements.

23. What if my circumstances change? Loss of Job Separation or Divorce Loss of untaxed income (disability benefits, child support, etc.) If your financial or family circumstances change between the year used on the FAFSA and the next year, please contact the financial aid office. Examples:

24. Billing and aid are semester specific. Each IUP bill includes the charges owed to the University and reflects financial aid deductions. An IUP Payment Plan is available for any remaining balance due $40/semester to enroll Balance due divided into 3 payments, fall due dates are August 20, September 20, and October 20. Bills are sent electronically to student’s IUP email address and are available online through MyIUP. Fall bills should be available in late July. Billing questions should be directed to the Office of the Bursar at 724-357-2207. Billing

25. Electronic Access Financial aid, billing/accounts receivable information, grades and other important information are all available at https://my.iup.edu/ Student can log on with username and password

26. Student Record Release Authorization The Family Educational Rights and Privacy Act states that once a student registers at an institution of higher education (IUP) his/her educational record belongs to him/her. Any individual calling on a student’s behalf regarding specific financial aid eligibility will need to be listed on the student’s “Student Authorization Record” on the MyIUP record as eligible to be given financial aid record information. This person would also need to know the student’s security keyword and phrase for us to release specific information.

27. Additional Benefits Be sure to take advantage of Federal Income Tax benefits associated with college costs and expenses. See IRS Publication 970, Tax Benefits for Education, or your tax professional for details.

28. How To Contact Financial Aid Phone: 724-357-2218 Fax: 724-357-2094 Email: financial-aid@iup.edu Web: www.iup.edu/financialaid Mail: 200 Clark Hall 1090 South Drive Indiana, PA 15705 Facebook: www.facebook.com/IUPFinancialAidOffice Twitter: @IUPedu