Financial Aid

What is Financial Aid?

Grants and Scholarships *Pell, SEOG, Indiana Part-time, Frank O’Bannon

Student Loans *Repayment is required

Work-study *Part-time employment, flexible

Agencies & Employers *TAA, WAG

How do I apply? http://www.fafsa.gov

Various awards including State have a FAFSA priority deadline of March 10.

Example: The 2012/2013 FAFSA application deadline was March 10, 2012. Your income for 2011 is required.

State (SSACI) - correction deadline of May 15

Priority Financial Aid deadline for Ivy Tech is as follows:Fall – August Spring – December Summer – May 1

*This includes FAFSA application AND outstanding documents. Priority means aid will be processed by the beginning of the semester unless there are extenuating circumstances.

*Apply early! Paperwork & documents take time to process.

What are the deadlines?

• FULL TIME = 12 credit hours or more:Frank O’Bannon Grants (Higher Ed.)21st Century Scholarship

HALF TIME = 6 - 8 credit hoursStudent LoansWorkstudy

PELL GRANT – Can be enrolled in less than half time or more credit hours.

How many credit hours are required?

For specific credit hour requirements, log on to ivytech.edu/financialaid/grants.html

• William D. Ford Direct Student Loan Program– Stafford Loans (undergraduate and graduate students)– Interest Rate – 4.5% sub (after graduation, attending less

than ½ time, or student stops attending school) - 6.80% unsub during school

– Subsidized and Unsubsidized– Maximum Amounts $9500 Independent and $5500

dependent ($3500 sub, remainder is unsub)– ONLY BORROW WHAT YOU NEED

What do I need to know about student loans?

1. Complete the Federal Direct Loan Request form and attach a print off of your previous financial aid history from nslds.ed.gov- Even if this is your first time attending college, you are still required to attach proof to the form that you do not have previous financial aid.

2. Complete the required Entrance Counseling Quiz and electronically sign the Master Promissory Note (MPN) at studentloans.gov-The MPN and EC are required before your loan will disburse to the college and will not appear as completed in Campus Connect until the Dept. of Ed. processes your loan.

3. Schedule a Financial Aid Individual Information Session (FIIS) at Student Affairs

How do you apply for student loans?

• Date money is on Higher One designated account

Fall 2012: Grants – By late SeptemberLoans – Late September/early October

Spring 2012: Grants – By mid February Loans – mid to late February

IMPORTANT:

1. If you are a first-time borrower of loans, we are required by law to disburse money 30 days from the start of the term!

2. First available funds pays outstanding tuition and fees.

3. When you charge books, supplies, etc. to your financial aid, it will REDUCE the refund from your grants AND/OR loans. Please plan accordingly and spend wisely.

When will I get my refund?

You can check on-line at cc.ivytech.edu

You will receive your financial aid awards electronically via Banner Self-Service through Campus Connect.

Pell award amounts are based on 12 credit hours. Adjust Pell amount according to the amount of credit hours you are enrolled.

Example: If taking 6-8 credits, reduce Pell by half. Then reduce by half again to split award between Fall and Spring Semesters.

Loan amounts are the maximum amount eligible to you based on the amount of credit hours you are enrolled. Take action (accept, decline or reduce) on the loans in Campus Connect. No need to take action on any other awards –we accept those for you.

How will I find out about my awards?

Fall 2012

– 8 week classes – 4 business days from start of class

– 10 week classes – 6 business days from the start class

– 16 week classes – 10 business days from the first Monday of the week classes begin.

Spring 2013

– 8 week classes – 4 business days from start of class

– 10 week classes – 6 business days from the start class

– 16 week classes – 10 business days from the first Monday of the week classes begin.

*This includes classes for which you are wait listed. If you are added to the class after the deadline, financial aid will be unable to pay for it.

When is the last day to add a class and have Financial Aid pay for it?

• You must attend your classes to be eligible for Financial Aid.

• If you are enrolled in Internet classes, you must log on and participate in class discussion to be eligible for Financial Aid.

Attendance is required!

• Students are expected to complete 67 % of their cumulative attempted hours (including skills advancement courses).

• Completing less than 67 % will result in financial aid probation for the next term of enrollment.

• During the probationary period, the student must complete all (100 %) hours attempted.

• The probationary status will be removed when the student completes 67 % of their cumulative hours.

• Students can receive financial aid while on probation.• Delay in next semester’s awards

Standards of Academic Progress

• Students who have 15 or more attempted credit hours (excluding remedial coursework) must maintain a minimum of 2.00 cumulative GPA at the end of each semester.

• Achieving a GPA of less than 2.00 will result in academic/financial aid probation the next term of enrollment. During the probationary period, the student must complete all (100%) hours attempted.

• The probationary status will be removed when the student’s cumulative GPA is 2.00 or higher.

• Students can receive financial aid while on probation.

Minimum Grade Point Average (GPA)

• Students who are receiving financial aid are expected to complete all requirements for an Associate Degree or Technical Certificate within a MTF of attempted program hours.

• A student reaches MTF after having attempted the credit hour equivalent of 150% of the program hours required for the current degree or certificate.

• Financial Aid will be terminated when a student cannot finish the degree or certificate program within the MTF.

• Take classes only required for your program!

Maximum Time Frame (MTF)

• If you withdraw or stop attending before 60% of the term is completed, you will owe money to the college and possibly to the Dept. of Education.

Example - withdrawing or stop attending a 16 week term during week 8, it will result in you owing 50% of your tuition and books plus money to the Dept. of Education.

What happens if I withdraw or fail all classes?

• It is the responsibility of the student to monitor his or her Financial Aid via Self-Service Banner through Campus Connect.

• Ivy Tech Community College has made available for students to view their outstanding requirements, standards of progress (probation, termination), and personal messages from the Financial Aid Office.

• If you have difficulty accessing Campus Connect call the Help Desk at 1-877-IvyTech.

Student’s Responsibility in Financial Aid

Financial Aid Questions richmond-finaid@ivytech.eduMary Richey (Connersville) mrichey@ivytech.eduRachel Williams rgeorge7@ivytech.eduKimberly Butts kwheeler@ivytech.eduLeanna Angi-White langi@ivytech.eduAnn Franzen-Roha aroha@ivytech.edu

Financial Aid Staff

Any Questions?

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