Welcome to Indiana State University! Once we receive your Free Application for Federal Student Aid (FAFSA) you will soon receive a Financial Aid Notification in the mail. This personalized financial aid package will help you prepare for Indiana State and get ready to invest in your bright future. You might have a million questions about financial aid – that is why we are here to help! Below is a quick guide to walk you through the financial aid process, explain the different types of aid and help you understand the terminology. Our website has many resources to assist you, take a look around.
Your Quick Guide to Financial Aid
A. Review Your Awards
The Financial Aid Notification (FAN) packet can also be viewed in your MyISU Portal account. The MyISU portal is your go-to resource for real-time information about your financial aid status, requirements, account balance and awards.
Check out these spots for more information on the MyISU Portal Assistance or Decoding the FAN packet!
B. Understand the Types of Aid
Think about which financial options cover your expenses and minimize debt. There are many types of aid available at Indiana State!
- Grants: A form of “gift aid” that does not need to be repaid. Grants are awarded based on financial need calculated from information in your FAFSA. For more information >>
- Scholarships: A form of “gift aid” that does not need to be repaid. They’re typically awarded based on merit, such as academic performance, artistic talent, athletic abilities, or other criteria. If you receive outside scholarships (awarded by organizations other than ISU, Federal or State governments), inform the Office of Student Financial Aid with the Scholarship Notification Form. Some scholarships require at least 30 credit hours an academic year to maintain eligibility. For more information >>
- Loans: A form of "self-help aid" or borrowed money from federal or private lenders that must be repaid with interest. Federal government loans include: Federal Direct Subsidized Loans, Federal Direct Unsubsidized Loans, Federal Direct Parent PLUS Loans, and Federal Direct Graduate PLUS Loans. Private lenders are through Alternative Loans. For more information >>
- Federal Work Study: Work-study is a federally funded program that allows you to work a part-time job to earn money for college. Work-study awards are based on financial need. These jobs can be found both on-campus and in the local community with help from the Indiana State University Career Center. For more information >>
- Want More Information? Learn more about the available types of financial aid at www.indstate.edu/financial-aid/types!
C. Your Next Steps
Check your MyISU portal often for any additional documentation that may be required to receive your aid. Our priority processing date is July 1 to guarantee your file will be ready by the start of the fall semester (Spring semester = November 15th | Summer semester = April 15th).
- Complete Your Aid File
You must submit the requested financial aid documents, located under Unsatisfied Requirements in the MyISU portal, before we can finalize your financial aid. - Verify Your Information
Verification is a process in which some students are selected by the Department of Education to verify the information provided on their Free Application for Federal Student Aid (FAFSA). If you are seleceted for verification you must complete all required doucments in the MyISU Portal before you make a loan decision. - Review Your Financial Aid Notification (FAN)
This packet is mailed to your address and includes a notification of the estimates for both your college expenses and financial aid for the academic year (based off the FAFSA). - Scholarship Notification
If you are receiving a scholarship from a source other than Indiana State University, the Federal government or the State of Indiana, be sure to complete a Scholarship Notification Form. No need to notify us of Federal Pell Grant, 21st Century Scholars, Indiana Higher Education Awards (IHEA) or Athletic Aid. - Accept or Decline Your Direct Loans
Accept or decline your Federal Direct Loans in your MyISU portal starting July. Any student who accepts these loans must complete the Master Promissory Note (MPN) and Direct Loan Entrance Counseling and Annual Student Loan Acknowledgement* at StudentAid.gov. If your file is not completed you risk not being able to accept your loans; check your MyISU portal for unsatisfied requirements. (*optional) - View Your Bill
Most students will received their Fall semester bill in July and Spring semester bill in mid-December via the Online Bill Pay Quick Link (access through the MyISU Portal). Aid will not disburse until closer to the start of the semester. - Receive Your Aid
Most institutional, state, and federal aid is disbursed approximately one week prior to the start of the semester, pending a complete financial aid file. Each semester, half of your aid will automatically be applied to your bill. Excess funds may be refunded to you by check or via Direct Deposit to your bank. Click here to read When to Expect a Refund. - Payment Plans
You can find your bill for Direct Cost in your MyISU Portal or Online Bill Pay Quick Link. You can pay with one of three payment plans. Learn more at indstate.edu/payment-plans. - Enrollment Status
Your enrollment status is a classification based on the number of credit hours you're taking. Your enrollment status may determine your eligibility for some financial aid. Some awards require students to complete at least 30 credit hours per academic year.
| Enrollment Status | Undergraduate Students | Graduate/Professional Students |
|---|---|---|
| Full Time | 12+ credit hours | 9+ credit hours |
| Three-Quarter Time | 9 - 11.9 credit hours | 7 - 8.9 credit hours |
| Half Time | 6 - 8.9 credit hours | 5 - 6.9 credit hours |
| Less Than Half Time | 0.5 - 5.9 credit hours | 0.5 - 4.9 credit hours |
D. Review Your ISU Checklist
- Freshman Checklist
View your full checklist at indstate.edu/freshman-checklist- Starting in December, accept our offer of admission and secure your place by submitting your $100 non-refundable enrollment deposit at indstate.edu/admit.
- Complete your housing process online. Indicate your intention to live on campus by submtting your housing contract or exemption form at indstate.edu/reslife. Our preferred housing deadline is June.
- Register for State Start-Up at indstate.edu/orientation
- For more information check out our Freshman 101 page!
- Transfer Checklist
View your full checklist at indstate.edu/transfer-checklist- Register for State Start-Up at indstate.edu/orientation
- Ensure your final college transcripts are submitted to Admissions prior to attending State Start-Up
- For more information check out our Transfer 101 page!
- Graduate/Professional Student Checklist
- For more information check out our Graduate 101 page!
Resources for Financial Aid
There are many resources available on this website to help you with your Financial Aid questions. Here are a few links that may assist you:
- FAFSA Help
- Decoding the Financial Aid Notification
- More Aid Options
- Financial Aid Frequently Asked Questions (FAQ)
- Financial Aid Glossary
- Proxy Information
- MyISU Portal Guides
- Special Circumstances
- Satisfaction Survey
Still can't find your answers? Contact Us!