Summer & Other Aid
- Summer Aid
- Summer Federal Stafford Loans
- Summer Federal PLUS Loans
- Fee Remissions
- Kentucky Aid Programs
- IU Southeast Consortium and Overseas Studies
- Online and Distance Education
- Veterans Aid Programs
Summer Aid
How do I apply for summer financial aid?
If you already filed a 2007/2008 FAFSA (Free Application for Federal Student Aid), all you have to do is register for summer classes. We will automatically package you for summer aid. There is no additional application for summer.
How much will my Federal Pell Grant be for summer?
The amount you will receive in Federal Pell Grant depends on how much you used during the academic year and your summer enrollment. If your initial summer enrollment is before the Summer I census date, May 09, 2008, your Federal Pell Grant will be calculated based on the number of hours in which you are enrolled on May 09, 2008. If you add classes after May 09 you will not receive an increase in your Federal Pell Grant. If your initial enrollment is after May 09, 2008 your Federal Pell Grant will be calculated based on your enrollment at the time we post the award to your account.
Summer Pell Scenarios
On May 09, Betty is registered in 12 hours for the summer, 6 hours in Summer Session I, and 6 hours in Summer Session II. Betty is awarded a Full-Time Federal Pell Grant. A week before the start of Summer Session II, she drops 3 hours. Since she did not attend at least one class meeting of the course she dropped, her Federal Pell Grant is reduced to reflect 9 hours of enrollment.
On May 09, Sheena is registered in 6 hours in Summer Session I. She is awarded Federal Pell Grant based on 6 hours of enrollment. On May 24, she added 6 hours for Summer Session II. Her Federal Pell Grant is not adjusted because on May 09 she was in 6 hours.
Rueben registers for 6 hours in Summer Session II on June 16. This is his is first registration for the summer. He is awarded a Federal Pell Grant based on 6 hours of enrollment.
I didn't apply for aid in Fall nor Spring - can I get aid for summer?
Yes, you need to file a 2007/2008 FAFSA (Free Application for Federal Student Aid) using your 2006 tax returns and W2s. The FAFSA filing deadline is June 30, 2008.
Are there Summer Scholarships?
Yes, there are summer scholarships available. If you have at least a 3.0 GPA and register in six hours by April 1st, you will be considered for a $500 scholarship. Scholarship recipients will be randomly selected from all those that qualify. At least 50 summer scholarships will be awarded. You do not have to submit a scholarship application. Summer scholarships can only be used during the Summer term and cannot carry over to the next academic year. A Free Application for Federal Student Aid is not required to receive a summer scholarship.
How will I know if I received summer aid?
We will package summer aid in April. Summer financial aid award notifications will be emailed in mid to late April. You will also be able to see your Summer aid online through OneStart.
How many hours do I need to take to qualify for Summer Aid?
To qualify for Summer Scholarships and Stafford Loan as an undergraduate you must be enrolled in at least 6 hours for the entire summer. (This can be 3 hours in Summer I and 3 hours in Summer II or it can be 6 hours in either session.) Graduate student must be enrolled in at least 4 hours for the entire summer. Pell Grants and Perkins loans require a minimum of 3 hours enrollment.
How do I know if I have remaining eligibility?
Summer eligibility is determined by the amount of aid you received during the academic year. If you attended less than fulltime in Fall and Spring you could have remaining Pell eligibility. Stafford loan eligibility is based on your class level and the corresponding annual borrowing limits.
You can determine the amount of your loan eligibility by doing a few simple calculations.
- View the Stafford Loan Limits (below):
- Note your current 'Class Standing'
- Combine the amount of 'Sub/Unsub Amount Combination' with the 'Additional Unsubsidized Independent Student.' You will use this amount to determine your loan eligibility.
- Go to OneStart and view 'My Financial Aid Account Summary' within your Financial Aid section.
- View your 'Academic Year Totals'
- Make note of your 'Accepted Total' (this is the amount you should have already received)
- Subtract the amount accepted from your total eligibility.
**Please note, if your class standing changes, your total eligibility may increase.
| Class | Subsidized/Unsubsidized Amount Combination |
Additional Unsubsidized Independent Student |
| Freshman | $3,500 | $ 4,000 |
| Sophomore | $4,500 | $ 4,000 |
| Junior | $5,500 | $ 5,000 |
| Senior | $5,500 | $ 5,000 |
| Graduate | $8,500 | $12,000 |
Summer Federal Stafford Loans
Summer Stafford Loan Entrance Counseling
Exit Counseling for Stafford Loans Disbursed Before August 2008
Summer Stafford Loan Master Promissory Note
Details
- Interest rates:
- For loans disbursed before July 1, 2006: variable interest rate subject to change each July 1 (but not to exceed 8.25%); currently at 6.54% for loans in in-school, grace, and deferment periods.
- For loans disbursed on or after July 1, 2006: fixed interest rate of 6.0% for undergraduate Subsidized Stafford Loans, 6.8% for all other Stafford Loans
- Two types of Federal Stafford Loan:
- Subsidized: a need-based loan, on which the government pays the interest while the student is enrolled at least half time.
- Unsubsidized: a non-need-based loan, on which interest begins accruing immediately upon the loan’s first disbursement.
- Repayment does not begin until six months after the student graduates or drops below half-time enrollment.
- Master promissory note (MPN):
- After a student signs the Federal Stafford MPN for IUS, the MPN remains valid for ten years.
- A student must be enrolled at least half time to be eligible for the Federal Stafford Loan.
- Federal Stafford Loan eligibility is limited by federal aggregates:
STAFFORD LOAN LIMITS (Effective through 6/30/2008)
Stafford Loan Limits based on class standing |
||
Class |
Subsidized/Unsubsidized |
Additional Unsubsidized |
Freshman |
$3,500 |
$ 4,000 |
Sophomore |
$4,500 |
$ 4,000 |
Junior |
$5,500 |
$ 5,000 |
Senior |
$5,500 |
$ 5,000 |
Teacher Certification |
$5,500 |
$ 7,000 |
Graduate |
$8,500 |
$12,000 |
Lender Selection Information
Students borrowing funds through the Federal Stafford Loan Program for the first time at Indiana University are required to select a lender. Students who borrowed at IU last year will generally have their loans processed by the same lender used then unless they request a change. Students may choose any participating lender for loan processing.
Recommended Lenders
IU recommends the lenders listed below. All offer very favorable loan terms and conditions, and none charge loan fees.
- Dollar Bank
- Fifth Third Bank
- Sallie Mae Education Trust
- Academic Management Services
- Student Loan Funding
Sallie Mae Education Trust® |
Academic Management Services® (AMS®) |
Student Loan FundingSM |
Dollar Bank
|
Fifth Third Bank |
0.25 percentage point interest rate reduction for making payments using automatic debit 2
|
0.25 percentage point interest rate reduction for making payments using automatic debit 2
|
0.25 percentage point interest rate reduction for making payments using automatic debit 2
|
0.55 percentage point interest rate reduction for making payments using automatic debit 2
|
0.30 percentage point interest rate reduction for making payments using automatic debit 2
|
5% loan credit based on the scheduled monthly payment amount of each of the first 18 payments made as initially scheduled3 |
0.25 percentage point interest rate reduction after making the first 12 payments as initially scheduled4 |
1% Loan Credit - Borrowers can receive a 1% loan credit, based on the original loan amount, after making the first 12 payments as initially scheduled5 |
|
0.50% Loan Credit – Borrowers can receive a 0.50% loan credit, based on the original loan amount, after making the first 12 payments as initially scheduled5 |
2: Direct RepaySM – Borrowers who authorize the automatic debit of funds from their checking or savings accounts to cover their monthly education loan payments will receive an interest rate reduction in the amount indicated above on their eligible loans. This benefit remains available during active repayment for as long as the borrower’s monthly payment is successfully deducted from the borrower’s account. |
3: Loan Credits -- In addition to a zero origination fee, Sallie Mae Education Trust offers loan credits: Students will receive loan credits of 5% based on the scheduled monthly payment amount for each of the first 18 payments made as initially scheduled. As such, if a student only makes payments 2, 3, 7, 10 and 11 on time, the student can earn 5% of each of those payments. In summary, the student’s ability to earn the benefit in each of the first 18 months is not impacted by any late payments in other months during that period. To qualify for these loan credits, borrowers simply also do the following: |
|
|
|
These credits will be applied to the borrower’s Sallie Mae loan account after he/she makes the 18th scheduled payment to Sallie Mae and the loan is in a non-delinquent or non-default status |
4: Interest Rate Reduction - To qualify for interest rate reductions, borrowers must also, prior to entering repayment, sign up on Manage Your LoansSM to receive account correspondence and information by email. Borrowers must continue to pay as initially scheduled to retain the interest rate reduction. |
5: Loan Credit – Borrowers can receive a loan credit in the amount indicated above, based on the original loan amount, after making payments as initially scheduled (as indicated above). To qualify, a borrower must also, prior to the first payment due date, sign up on Manage Your Loans to receive account correspondence and information by email. |
How to Indicate Your Lender Choice
If you are a new borrower, you will need to accept loans offered to you through OneStart. When you accept a loan, the lenders above will be presented and you can choose among them. If you have borrowed before and want to change lenders, or if you want to use a different lender please contact the financial aid office at financialaid@ius.edu.
The Lender Selection Process
Indiana University initiated a Request for Proposals (RFP) for processing federal student loans. Information was requested from most of the major participants in the federal student loan industry and IU received responses from lenders across the country. A committee reviewed these to determine which lenders currently offer the best borrower benefits.
Specific issues considered by the committee included; origination and default fees charged, interest rates, benefits offered during loan repayment, frequency of interest capitalization, borrower information sharing practices, and level of loan processing automation including electronic data exchange to expedite loan processing and fund disbursement.
This rigorous review process resulted in Indiana University’s decision to select Sallie Mae to serve as the preferred federal loan servicer. The individual lenders selected represent the Sallie Mae participants with the most attractive collection of terms and benefits, based on the factors weighed in the review process.
Summer Federal PLUS Loans
Eligibility
Parent PLUS Loans
- You need to be the natural or adoptive parent of the student for whom the Federal PLUS Loan is being borrowed. A stepparent is also eligible to borrow.
- You need to be a U.S. citizen, U.S. national, or permanent resident of the United States.
- Your child needs to be an eligible dependent undergraduate student who is enrolled at least half time in a program leading to a degree or certificate.
- You and the student must not be in default on a federal student loan and not owe a refund on a federal educaiton grant.
- You need to meet specified credit requirements.
- If parents are denied a PLUS loan due to adverse credit, the student will become eligible for additional unsubsidized stafford loans. Amounts vary depending on the students academic level. Contact the financial aid office if you have been denied a PLUS loan.
Graduate Plus Loan
- You need to be a U.S. citizen, U.S. national, or permanent resident of the United States.
- You must be enrolled at leasat half-time in a program leading to a degree or certificate.
- You must not be in default on a federal student loan and not owe a refund on a federal educaiton grant.
- You need to meet specified credit requirements.
Borrowing Limits
You may not borrow more than your cost of attendance less other aid received.
Interest Rates
Fixed rate at 8.5 percent for loans first disbursed on or after July 1, 2006.
Repayment
After you receive the full disbursement of the Federal PLUS Loan for the school year, the repayment period begins. You will make your first payment within 60 days after the entire PLUS Loan is disbursed for a school year. Keep in mind, this usually means that repayment begins while your child is still in school. You make monthly payments directly to the lender.
Lender Selection
Students and parents may choose to borrow a PLUS loan from any lender participating in the PLUS loan program. IU recommends the lenders listed below which offer very favorable loan terms and conditions. If you chose to borrow a PLUS loan from one of the lenders listed below you may Complete a PLUS Loan Application Through Sallie Mae. If you choose to use a different lender contact the lender of your choice for their application process and then notify the financial aid office at financialaid@ius.edu.
Parent PLUS Borrower Benefits
Sallie Mae Education Trust |
AMS |
Student Loan Funding |
Dollar Bank |
Fifth Third Bank |
0.50 percentage point interest rate reduction for making payments using automatic debit 2 |
0.75 percentage point interest rate reduction for making payments using automatic debit 2
|
|||
1% loan credit after making the first 24 monthly payments as initially scheduled 5 |
||||
Graduate PLUS Borrower Benefits
Sallie Mae Education Trust |
AMS |
Student Loan Funding |
Dollar Bank |
Fifth Third Bank |
0% Default Fee1 |
||||
0.50 percentage point interest rate reduction for making payments using automatic debit 2 |
||||
1% loan credit after making the first 24 monthly payments as initially scheduled 5 |
||||
0: 0% Loan Origination Fee for Stafford Loan Borrowers – The lenders indicated above will offer Stafford Loans with zero percent loan origination fees. These lenders will pay the origination fee on the borrower's behalf on Stafford Loans guaranteed from 2/1/2008 – 6/30/2009. |
1: 0% Default Fee – The 1% federal default fee will be paid on the borrower’s behalf on Stafford and Grad PLUS Loans made to IU borrowers that are guaranteed by USA Funds 2/1/08 through 6/30/09. |
2: Direct RepaySM – Borrowers who authorize the automatic debit of funds from their checking or savings accounts to cover their monthly education loan payments will receive an interest rate reduction in the amount indicated above on their eligible loans. This benefit remains available during active repayment for as long as the borrower’s monthly payment is successfully deducted from the borrower’s account. |
3: Loan Credits -- In addition to a zero origination fee, Sallie Mae Education Trust offers loan credits: Students will receive loan credits of 5% based on the scheduled monthly payment amount for each of the first 18 payments made as initially scheduled. As such, if a student only makes payments 2, 3, 7, 10 and 11 on time, the student can earn 5% of each of those payments. In summary, the student’s ability to earn the benefit in each of the first 18 months is not impacted by any late payments in other months during that period. To qualify for these loan credits, borrowers simply also do the following: |
|
|
|
These credits will be applied to the borrower’s Sallie Mae loan account after he/she makes the 18th scheduled payment to Sallie Mae and the loan is in a non-delinquent or non-default status |
4: Interest Rate Reduction - To qualify for interest rate reductions, borrowers must also, prior to entering repayment, sign up on Manage Your LoansSM to receive account correspondence and information by email. Borrowers must continue to pay as initially scheduled to retain the interest rate reduction. |
5: Loan Credit – Borrowers can receive a loan credit in the amount indicated above, based on the original loan amount, after making payments as initially scheduled (as indicated above). To qualify, a borrower must also, prior to the first payment due date, sign up on Manage Your Loans to receive account correspondence and information by email. |
The Lender Selection Process
Indiana University initiated a Request for Proposals (RFP) for processing federal student loans. Information was requested from most of the major participants in the federal student loan industry and IU received responses from lenders across the country. A committee reviewed these to determine which lenders currently offer the best borrower benefits.
Specific issues considered by the committee included; origination and default fees charged, interest rates, benefits offered during loan repayment, frequency of interest capitalization, borrower information sharing practices, and level of loan processing automation including electronic data exchange to expedite loan processing and fund disbursement.
This rigorous review process resulted in Indiana University’s decision to select Sallie Mae to serve as the preferred federal loan servicer. The individual lenders selected represent the Sallie Mae participants with the most attractive collection of terms and benefits, based on the factors weighed in the review process.
Fee Remissions
If you are a candidate for remission of tuition and fees, you may have additional requirements. Currently, we process the following remissions of tuition and fees.
Vocational Rehabilitation
Employer/Sponsor Fee Courtesy
Indiana University Fee Courtesy
Please contact the Financial Aid office at (812)941-2246 to discuss your eligibility.
Kentucky Aid Programs
This section is dedicated to students residing in Kentucky who may be transferring or commuting from across the river. While most programs are intentionally designed to facilitate enrollment in in-state institutions there may be aid available that could help your individual situation and we encourage you to research those options. Please visit the Kentucky Higher Education Assistance Authority or (KHEAA) for any additional information concerning Kentucky programs.
IU Southeast Consortium and Overseas Studies
Receiving aid from IU Southeast while attending another IU campus
Consortium
A Consortium Agreement is a contract between two colleges/universities that recognize the registration of a student at each site for financial aid purposes. It also certifies that only one of the two colleges/universities will administer Title IV financial aid for the student.
The Consortium Agreement refers to the two colleges/universities as the “Home Campus” and the “Host Campus”. The “Home Campus” is the school where the student is fully matriculated and from which he/she will get a degree. The “Host Campus” is where the student temporarily takes courses, whose credits will be transferred back to his/her “Home Campus”.
Students may be eligible for financial aid if studying in an approved Study Abroad Program, completing the Allied Health Degree and/or enrolled in classes at another IU Campus. All classes must transfer back to IU Southeast and count toward their IU Southeast degree. Correspondence and telecommunications classes are not eligible through the consortium agreement process.
Consortium agreements should be completed no later than 30 days prior to the start of a semester. Since additional information is needed from other institutions a longer processing time may be needed to verify and process financial aid. Tuition charges default to the institution where the class or classes is taken.
Steps to complete consortium agreement:
- Student must complete Section I of consortium agreement.
- Student must take consortium agreement to academic Dean or advisor to complete section II. Classes must be listed individually along w/credit hour per class.
- Student must bring consortium agreement to the Financial Aid Office.
- Financial Aid office (Home Campus) will complete Section III and forward to Financial Aid office at Host campus.
- Host Campus Financial Aid Office must complete Section IV and return to Home Campus Financial Aid Office.
- Student must notify Financial Aid Office of any changes in enrollment.
- Student must request transcripts from Host Campus to be sent to Registrar Office of Home Campus.
Stop by the Financial Aid Office to pick up a consortium agreement or print one at http://www.ius.edu/financialaid/Forms.cfm#123
*Please note: there is an exception for students participating in special IUS/Bellarmine Allied Health Programs
Overseas Study
You may be eligible for financial aid if you attend an eligible study abroad program, please see below for additional information regarding your particular program.
If you're planning to attend an overseas program through another university or need additional information concerning international study abroad programs e-mail Dr. Jean Abshire, Director of Overseas Studies, at jeabshir@ius.edu or click here for International Programs
Online and Distance Education
Approvals
If you are a degree-seeking student at Indiana University Southeast, you should obtain approval for specific distance learning courses from the dean of the school or division from which you expect to graduate. If you are a degree-seeking student from another college or university, we strongly recommend that you talk to your academic advisor to make sure that credits you earn from an IU Southeast course will apply to your degree program.
Distance learning provides a tremendous opportunity for those whose work or family schedules have prevented them from realizing their educational dreams. Whether you live hundreds of miles away or just across the street from a campus, technology today is a solid bridge to link you with teachers, other learners, and a rich choice of learning options.
Indiana University is a member of the Indiana College Network and we encourage you to take advantage of the many online classes offered through this resource. Please note that each IU campus has their own online classes and schedules. Financial Aid may or may not be available for online classes that apply toward your degree through other campuses.
**At this time, the Department of Financial Aid at IU Southeast cannot apply Federal or State aid to online classes offered through the School of Continuing Studies Program at the Bloomington campus. We can provide financial aid for all classes through our regional counterparts not associated with the School of Continuing Studies “Independent Study Program.”
For example, if you are a undergraduate at IU Southeast pursuing a bachelor’s degree and you find A201 offered online through one of our regional campuses you can take it and receive financial aid through IU Southeast with a completed ‘Consortium Agreement’ form. If you choose to take A201w through the Independent Study Program at the IU Bloomington campus, Federal and/or State Aid is not available.
We encourage you to review the Indiana College Network. If you are an IU Southeast student and have any questions, please call 812-941-2246. We will be the only office to advise you on financial aid availability based on the information you provide.
We cannot give specific advice as to ‘how or when’ to register for online classes through other regional campuses, but we can immediately advise the availability of Federal and/or State Aid depending on the program you choose.
Additional resources:
http://scs.indiana.edu/unhs/financialaid.html
Schedules through regional campuses
Each Indiana University campus has its own academic schedule. The schedule for each campus can be found at:
http://www.iu.edu/~iuonline/de/dis_ed_cal.html.
Veterans Aid Programs
Student Financial Aid at IU Southeast distributes aid that is authorized by the Indiana Department of Veteran Affairs and administered by State Student Assistance Commission of Indiana (SSACI). The Indiana Department of Veterans Affairs (IDVA) mission is to, 'assist Hoosier Veterans, service personnel, their dependents and/or survivors in obtaining every benefit and advantage due to them under the laws of the State of Indiana and the United States. The Department works with a network of certified County Veteran Service Officers who are there to assist with information and the preparation of paperwork at no cost.
Specifically, these programs include, but are not limited to:
- CVO - Child of Deceased Public Safety Officer Grant Program
- CVO - Remission of Fees for the Child of a Disabled Veteran Grant Program
- Indiana National Guard Supplemental Grant Program
- other programs/services
An all -inclusive brochure of State and Federal benefits can be downloaded at the previous link please see 'Download Indiana State and Federal Benefit Information brochure.
Additional questions of National Guard members should be referred to the education section of The National Guard website.
