Accepting/Awarding Aid
STEP 3: Accepting/Awarding Aid
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Accept and Decline Your Aid via OneStart:
It may take up to two weeks for the results of your FAFSA to be transmitted to our office. Depending on the time of year (processing is very heavy during March, April, May) your estimated IU Southeast Financial Aid Notification will be available via OneStart as soon as possible after we receive your FAFSA information.
All awards based on your FAFSA information are subject to change after your actual enrollment. State aid notifications are sent separately. The total amount of your financial aid cannot exceed your total cost of attendance (see C. Determination of Need).
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Loan Entrance Counseling
Entrance Loan counseling is required for all students taking out their first Federal Stafford loan. Federal Stafford counseling is done on the web through the Department of Education's Direct Lending web site. Loan funds cannot be disbursed until counseling is completed. If you are unable to complete the counseling on the web or have any questions, please contact the Office of Financial Aid at 812-941-2246. Note: The following link will direct you to the Direct Lending Entrance Counseling site.
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Complete and Sign Your Promissory Note
Stafford Loans
If you are a first-time Stafford Loan borrower and want to sign your promissory note on-line, click here to visit the SallieMae "OpenNet" site. Click on "REGISTER" and create a new user ID and Log-In to to sign your master promissory note. This will be your log-in to manage your loan account through Sallie Mae. Please make note of your password and username for future reference as we will not be able to retrieve this information for you! If you have a lender that you want to stay with from a previous student loan at another school contact us instead of signing your promissory note on-line. Complete the Loan Information form and turn it in to the IU Southeast Financial Aid office.
Perkins Loans
If you are a Perkins Loan borrower, please visit the Student Loan Administration site to sign and complete your master promissory note.
Please direct concerns regarding Perkins Loans to the Student Loan Administration or by calling 1-866-IU LOANS.
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Additional Loans
Parent PLUS
A federal PLUS Loan (Parent Loan for Undergraduate Students) is a low interest rate loan for parents that can be used to help pay for the education of a dependent undergraduate child.
Due to system delays, we recommend also submitting an application through the IUS Financial Aid Office. Please download and print the following form to complete the IUS Federal PLUS Loan Request.
Alternative Loans
Students who do not qualify for a Stafford or Perkins loan can apply for private signature loans. Credit history will be checked and you may need a co-signer. It is required to be enrolled at least half time.
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Disbursing Your Aid
Once your Financial Aid package is complete you can expect disbursements of your aid to begin 10 days before the start of classes. Your funds will disburse to the Bursar to pay your tuition and fees based on your current enrollment. Please note, any changes to your enrollment could adversely effect your bill and/or aid available to you! Please see Officially Withdrawing of Maintaining Eligibility for further details once classes begin.
Also note, your financial aid package is based on a number of criteria that were mentioned in 'Applying For Aid' and 'Qualifying For Aid', if certain criteria are not met, your aid may be delayed.
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Additional Considerations and effects of loans
You should ask yourself whether borrowing is the best choice for you if you need cash for college costs. Consider these nine points before applying for a loan:
- Scholarships and grants may be available through the state student assistance agency in your home state.
- A number of computerized scholarship search services and financial aid reference materials are available in the IU Southeast Main Library
- The IU Southeast Career Serivces Office offers comprehensive placement and counseling services for students interested in working part time, either on or off campus.
- If you or your parent(s) receive a college loan, it may reduce your eligibility for other types of financial assistance.
- If you receive other types of financial assistance, it may reduce your eligibility (or your parent or parents' eligibility) for loans.
- Loans must be repaid - some shortly after graduation or withdrawal from school, and some while you are still enrolled in college.
- Loans must be repaid even if you do not complete your program of study or you cannot find a job right away when you leave. Even if you're dissatisfied with the education you have received, you must still repay the money you borrowed.
- Students who establish poor records of educational loan repayment may damage their credit rating for other types of loans.
- Be careful about the federal maximum loan amounts we've listed. They are standard limits for everyone who is eligible to borrow; the amounts are not related to your personal earning potential. The maximum amount that you are eligible to borrow on one or more student loan programs may be more than your will be able to repay after you leave school. Ask your advisor what salary ranges are for graduates with your major.
