Financing Your IUP Education

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

Who Should Apply For Financial Aid? EVERYONE!

Applications Free Application for Federal Student Aid (FAFSA) Students file at https://fafsa.gov 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 https://studentloans.gov

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

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

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

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

Awarded to eligible undergraduates pursuing first baccalaureate degree Federal Pell Grant 2017-2018 Award Amounts $5,920 maximum Awarded to eligible undergraduates pursuing first baccalaureate degree

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

PHEAA State Grant Administered by Pennsylvania Higher Education Assistance Agency (PHEAA) 1-800-692-7392 For undergraduates only Estimated maximum award amount for 2017-18 is $3,146

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 (0-29.99 crs) $6,500 for 2nd year undergraduates (30-59.99 crs) $7,500 for each remaining undergraduate year (60+ crs) $20,500 for each year of graduate study

Federal Direct Subsidized/Unsubsidized Loans Interest rate is determined on or around July 1 Based on 10-year Treasury Bill Interest rate for 2017-18 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

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

Other Loans Federal Direct Plus Loan Alternative Loan Apply online at https://studentloans.gov Interest rate set July 1, based on 10 year Treasury Bill (2017-18 interest rate is 7.00%) Alternative Loan See “ELM Select” link on Financial Aid website Apply online or by phone

Federal Direct PLUS Loans Available to parents of dependent undergraduates without an adverse credit history Interest rate of 7.00% for 2017-18 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 - 4.264% 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 https://studentloans.gov 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

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

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 http://www.iup.edu/studentemployment A Federal Work Study award is not a guarantee of employment

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

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.

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.

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 www.studentloans.gov.

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

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:

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 email 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 724-357- 2207.

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 https://my.iup.edu/ Student can log on with username and password

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.

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.

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