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 annually
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

5. 2017-18 FAFSA FAFSA application is available starting October 1
2015 income information should be reported
File as early as possible to ensure maximum consideration for all aid programs

6. Determining Eligibility
Educational Costs
Expected Family Contribution (EFC)
Financial Need

7. Educational Costs Tuition Fees Room and Board Books and Supplies
Personal and Miscellaneous Expenses

8. Types of Financial Aid Grants Loans Student Employment 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

9. Awarded to eligible undergraduates pursuing first baccalaureate degree
Federal Pell Grant
Award Amounts
$5,920 maximum
Awarded to eligible undergraduates pursuing first baccalaureate degree

10. 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

11. PHEAA State Grant Administered by Pennsylvania Higher Education
Assistance Agency (PHEAA)
For undergraduates only
Estimated maximum award amount for is $3,146

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

13. Federal Direct Subsidized/Unsubsidized Loans
Interest rate is determined on or around July 1
Based on 10-year Treasury Bill
Interest rate for is 4.45% for undergraduates
Loan fees – currently 1.069% of principal due to change to 1.066% after 10/1/17.
Grace period and deferment provisions

14. Federal Perkins Loan Interest rate – 5% Nine-month grace period
Perkins Loan paperwork must be completed so loan can disburse no later than 9/30/17
Award amounts range from $750 - $2,500

15. Other Loans Federal Direct Plus Loan Alternative Loan
Apply online at
Interest rate set July 1, based on 10 year Treasury Bill
( interest rate is 7.00%)
Alternative Loan
See “ELM Select” link on Financial Aid website
Apply online or by phone

16. Federal Direct PLUS Loans
Available to parents of dependent undergraduates without an adverse credit history
Interest rate of 7.00% for
Determined annually on or around July 1 based on 10 year T-Bill
Loan fees – 4.276% of principal for loans first disbursed before October 1, 2017
Loan fees % of principal for loans first disbursed after October 1, 2017
Repayment begins 60 days after loan is disbursed but deferment options are available
Application required at no earlier than mid-July. A credit check will be performed
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

17. 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 1st and 2nd year
Up to $5,000 for each remaining year

18. 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)
Employment positions posted through Student Employment Center (302 Pratt Hall) or
A Federal Work Study award is not a guarantee of employment

19. Scholarships
Academic departments, colleges, and the University Scholarship Committee administer IUP scholarships
No additional application required for most scholarships from IUP
Go to for more information

20. 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.

21. Maintaining Eligibility
Student must make satisfactory academic progress according to the criteria established by each aid program.
FAFSA should be completed each year as early as possible 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.

22. Other Forms
The federal government selects students for verification. Requests for verification documents are sent beginning in February. 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

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

24. 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:

25. Billing
Billing and aid are semester specific. Each IUP bill includes the charges owed to the University and reflects financial aid deductions.
Several payment plans are available for any remaining balance due; may be divided into 2, 3 or 4 payments.
Bills are sent electronically to student’s IUP address and are available online through MyIUP.
Fall bills should be available in late July.
Billing question s should be directed to the Office of the Bursar at

26. Electronic Access Student can log on with username and password
Financial aid, billing/accounts receivable information, grades and other important information are all available at
Student can log on with username and password

27. 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.

28. 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.

29. How To Contact Financial Aid
Phone:
Fax:
Web:
Mail: Clark Hall
1090 South Drive
Indiana, PA
Facebook:
Twitter: @IUPedu