Types of Financial Aid
The most common forms of student aid are:
Scholarships
- Monetary awards available from IU Kokomo or through external sources
- Determined by academic achievement and/or financial need
- Applied
directly to your college costs
IU Kokomo awards
scholarships are funded by private donors, business, and industry,
as well as friends and alumni of Indiana University.
Recipients are selected based on a
variety of criteria, including academic performance and financial
need.
FastWEB is
the one of the largest and most complete scholarship search sites on the
Internet. It provides a searchable database of more than 600,000 private sector
scholarships, fellowships, grants, and student loans.
Grants
- Grants are need based awards from the federal or state government or
IU Kokomo.
- The Federal Pell Grant is awarded based on receipt
of the FAFSA and determination the student’s Expected Family
Contribution (EFC) and enrollment level meets the award eligibility
criteria. Enrollment is monitored and Federal Pell Grants awards are
adjusted or cancelled based on enrollment monitoring at the semester
census date (e.g. end of the 1st week/end of 100% refund period of the
fall or spring semester). For the 2008/09 aid year, the Federal Pell
Grant award amount ranges from $523.00 to $4,731.00 for the aid year.
-
For
State Student Assistance of
Indiana (SSACI) grants
are based on receipt of the FAFSA and confirmation from SSACI of the
student's eligibility for an award. SSACI requires students to meet the
FAFSA Priority Receipt Deadline (March 10, 2008 for the 2008/09 aid
year) and any SSACI Edit Corrections must be received by the federal
processor on or before June 10, 2008. Additionally, the student's SSACI
first choice college choice be IU Kokomo. Visit
eStudent to check
for any SSACI Edit Corrections and to confirm or change your
first-choice college to IU Kokomo. SSACI grants generally require
full-time enrollment and confirmation of full-time enrollment when
monitored at the SSACI census date (end of the 4th week/end of the 25%
refund period).
- The Federal Supplemental Educational Grants
(FSEOG) is awarded based receipt of the FAFSA and verification
of Federal Pell Grant eligibility, exceptional financial need (EFC =
'0'), and confirmation the recipient has not received a bachelor's
degree. Priority consideration for FSEOG awards is given to students
that meet the FAFSA Priority Application Deadline and funding for this
program is limited. For the 2008/09 aid year, FSEOG grants are awarded
in the amount of $300.00. Enrollment is monitored and a student that is
no longer eligible for a Federal Pell Grant based on monitoring at the
semester census date (e.g. end of the 1st week/end of 100% refund period
of the fall or spring semester) is subject to grant cancellation.
-
IU Kokomo Grants are awarded based on confirmation of
Federal Pell Grant eligibility and enrollment at least half-time. For
the 2008/09 aid year, the amount of the award is $200 for half-time
students (6 - 8 semester hours), $300 for three quarter time students (9
- 11 semester hours), and $400 for full-time students (12 or more
semester hours). Priority consideration is given to students that meet
the FAFSA Priority Application Deadline and funding for this program is
limited. Student enrollment is monitored and IU Kokomo Grants awards are
adjusted or cancelled based on enrollment monitoring at the semester
census date (e.g. end of the 1st week/end of 100% refund period for the
fall or spring semester).
- Receipt of a federal and state or IU Kokomo
grant is not guaranteed from one year to the next aid year.
Fee Remission Grants - Child of Veteran and Public Safety Office
Supplemental Grant Program
This program-the CVO Program-provides tuition and fee assistance
at public colleges for eligible children of disabled Indiana
veterans, eligible children and spouses of certain members of the
Indiana National Guard killed while serving on state active duty,
and eligible children and spouses of certain Indiana public safety
officers killed in the line of duty. As a supplement to other state
financial aid, the grant pays 100% of tuition and program related
mandatory fees; it does not cover other fees such as room and board.
For additional information, visit
Child of Veteran
and Public Safety Officer Supplemental Grant Program.
Applicants must submit the applicable CVO Program application and
the appropriate Free Application for Federal Student Aid. For Spring
2008, submit the 2007/08 FAFSA.
For Summer 2008, Fall 2008 and/or Spring 2009, submit the
2008/09 FAFSA.
Federal Work-Study
- For new students, priority consider in awarding Federal Work-Study
(FWS) is given to students that file the FAFSA by the Priority
Application Receipt Date of March 10 and indicate an interest in
receiving Federal Work-Study on the FAFSA and have financial need. For
continuing students, priority consideration in awarding FWS is given to
students that file the FAFSA by the Priority Application Receipt Date of
March 10, have financial need, and were an FWS recipient/employee during
the previous aid year. Funding for this federal campus based program is
limited. Awards are made in an offer status and a recipient must accept
or reduce and accept the award via OneStart.
-
FWS positions are available on-campus in a variety of areas during the
academic year or summer
- A FWS award is not a guarantee of employment. FWS positions are
posted by the Office of Career Services and positions are filled based
on a competitive application and job interview process.
- FWS awards
range from $1,500 to $3,000 for the 2008/09 aid year.
-
FWS benefits include valuable work experience, an
option to reduce student loans, reduced transportation costs for
commuting to work, and flexible work schedules.
-
FWS employment is positively linked to student persistence and
graduation.
-
FWS earnings are excluded in calculating your Expected Family
Contribution in the next aid year.
Contact the Office of Career Services
for more information on available/posted Federal Work-Study
positions.
Student Loans for 2008/09 Aid Year
- Student Loans
- Federal Direct Stafford Loans
- Federal Direct PLUS Loans
- Federal Perkins Loans
- Nursing Student Loan Program
- Loan Entrance and Exit Counseling
- Private Student Loans
- Student Loan Repayment
- Student Loan Lender Information via National Student Loan Data
System
For Student Loan information for the 2007/08 aid year, please
click here.
Federal Direct Lending for 2008/09 Aid Year
For the 2008-09 aid year, IU Kokomo will use the federal Direct
Loan Program as its source for all federally backed loans. This
decision was made to provide students with the best services and
borrower benefits. For more information, read the IU Press release -
Indiana
University to use Direct Loan Program at all campuses.
Student Loans for 2008/09 Aid Year
Loan |
Eligibility |
Amount for Academic Year |
Interest Rate |
Notes |
Federal Perkins Loan |
FAFSA required. Preference given to borrowers with exceptional
financial need enrolled at least half-time. |
$1,000
maximum |
5.00% fixed |
Awarded to
undergraduate students based on exceptional need and availability of
funds. No origination fee. Payments deferred while you are enrolled
at least half-time. Maximum undergraduate aggregate: $20,000. |
Federal Direct Subsidized Stafford Loan |
FAFSA
required. Must show financial need and be enrolled at least
half-time. |
Varies based
on need, year in school, dependency status, & previous borrowing. |
6.0% undergrad; 6.8% graduate |
Payments
deferred and no interest charged while you are enrolled at least
half-time. |
Federal Direct Unsubsidized Stafford Loan |
FAFSA
required. Must be enrolled at least half-time. |
Varies based
on need, year in school, dependency status, & previous borrowing. |
6.8% |
Payments
deferred and interest begins accruing at the time of loan
disbursement. |
Nursing Student Loan Program |
FAFSA
required. Must be enrolled at least half-time in the Bachelor of
Science in Nursing program with an IU overall grade point average of
2.00 or higher and financial need. |
Maximum of $1,000 |
5.0% |
Awarded
based on receipt of FAFSA and confirmation of student’s eligibility
and cost of attendance minus other financial aid |
Federal Direct PLUS Loan |
PLUS loan
application. FAFSA recommended for student of a parent borrower and
required for a Graduate student borrower. For parents of an
undergraduate student or graduate students.
Enrolled at least half-time. Borrower must complete a separate PLUS
application. |
Maximum
equal to cost of attendance minus other financial aid. |
7.9% |
You must
complete a PLUS application. Lender will require borrower to meet
credit criteria. For parents, repayment begins within 60 days after
the final loan disbursement. |
Private Alternative Loan |
Private loan
application. Credit Worthiness (Other eligibility requirements vary
by loan and lender.) |
Maximum
equal to cost of attendance minus other financial aid. |
Varies |
Borrower
must meet credit criteria. Cosigners may be required. Payments
deferred and interest begins accruing at the time of loan
disbursement. |
To receive federal student aid, you must:
- Demonstrate financial need (except for certain loans),
- Have a high school diploma or a General Education Development
(GED) certificate, pass a test approved by the U.S. Department of
Education, and meet other standards your state establishes that the
Department approves, or complete a high school education in a home
school setting that is treated as such under state law.
- Be working toward a degree or certificate in an eligible program.
- Be a U.S. citizen or eligible noncitizen.
- Have a valid Social Security Number (unless you're from the
Republic of the Marshall Islands, the Federated States of
Micronesia, or the Republic of Palau).
- Register with the Selective Service if required. You can use the
paper or electronic FAFSA to register, you can register at
www.sss.gov, or you can call 1-847-688-6888. (TTY users can call
1-847-688-2567.)
- Maintain satisfactory academic progress once in school.
- Certify that you are not in default on a federal student loan and
do not owe money on a federal student grant.
- Certify that you will use federal student aid only for educational
purposes.
Additionally, student loan recipients must
be enrolled at least half-time (undergraduate students - 6 semester
hours / graduate students - 4 semester hours).
Federal Direct Stafford Loans
You apply for the Federal Direct Stafford Loan by filing the
Free Application for Federal Student Aid (FAFSA) for each aid year.
The IU Kokomo school code is 001814. To maximize your consideration for
all types of financial aid, you need to file the FAFSA each year by the
March 10 Priority Application Receipt deadline.
Details
- Interest rates:
- For loans first disbursed on or after July 1, 2008; fixed
interest rate of 6.8%.
- For subsidized loans to undergraduates disbursed on or after
July 1, 2008; the interest rate is fixed at 6.0 percent.
- Origination fee of .5% assessed by the Direct Loan servicer.
- Two types of Federal Direct Stafford Loan:
- Subsidized: a need-based loan with the U.S. Department
of Education paying the interest while you are enrolled at least
half-time.
- Unsubsidized: a non-need based loan with interest
accruing on the loan after disbursement.
- Repayment does not begin until six months after the student
graduates or drops below half-time enrollment.
- Master promissory note (MPN) and Entrance Counseling:
- After receipt of your Financial Aid Notification and acceptance
of the loan via OneStart
Self-Service, a signed
Master Promissory
Note for Federal Direct Stafford Loan and
Entrance Counseling must be completed for funds to be disbursed.
- The Master Promissory Note is valid for ten year so continuing
students are only required to complete these step if they choose
to change lenders or the ten year limit expires.
- A student must be enrolled at least half-time (undergraduate
students: 6 semester hours / graduate students: 4 semester hours) to
be eligible.
- Federal Direct Stafford Loan eligibility is limited by federal
aggregates:
- Federal Direct Stafford Loans must be awarded before the final day
of the semester. Students are responsible to complete the FAFSA and
to resolve any issues to allow adequate time to determine financial
aid eligibility and to award financial aid.
Annual Federal Stafford Loan Aggregate Limits
for Loans First
Disbursed on or After July 1, 2008, for
Dependent Students
(excluding students
whose parents cannot borrow PLUS
|
Class |
Subsidized/Unsubsidized
Amount Combination |
Additional Unsubsidized
Independent Student |
Freshman |
$3,500 |
$ 2,000 |
Sophomore |
$4,500 |
$ 2,000 |
Junior |
$5,500 |
$ 2,000 |
Senior |
$5,500 |
$ 2,000 |
Teacher Certification |
$5,500 |
$ 0 |
Annual Federal Stafford Loan Aggregate Limits
for Loans First
Disbursed on or After July 1, 2008,for
Independent Students
(and dependent
students whose parents cannot borrow PLUS
|
Class |
Subsidized/Unsubsidized
Amount Combination |
Additional Unsubsidized
Independent Student |
Freshman |
$3,500 |
$ 6,000 |
Sophomore |
$4,500 |
$ 6,000 |
Junior |
$5,500 |
$ 7,000 |
Senior |
$5,500 |
$ 7,000 |
Teacher Certification |
$5,500 |
$ 0 |
| Graduate Students |
$8,500 |
$12,000 |
FEDERAL
STAFFORD LOAN AGGREGATE LIFETIME LIMITS
EFFECTIVE JULY 1, 2008 |
|
Student Status |
Amount |
| Dependent
Undergraduate |
$31,000
(maximum $23,000 subsidized) |
| Independent
Undergraduate |
$57,500
(maximum $23,000 subsidized |
|
Graduate/Profession |
$138,500
(maximum $65,500 subsidized) |
Federal Direct PLUS
Loans
Parents of dependent undergraduate students and graduate
students may apply for a Federal Direct PLUS Loan.
The Federal PLUS Loan requires an additional application and the
borrower must pass a credit check. A
graduate student Federal PLUS Loan applicant must submit the
Free Application for Federal Student Aid
(FAFSA) for the applicable aid year.
Undergraduate dependent students are encouraged to submit
the FAFSA by the March 10
Priority Application Receipt Deadline each year to allow maximize
consideration for financial aid.
Details
- Interest rates:
- For Federal Direct PLUS Loans disbursed on or after July 1,
2006; fixed interest rate of 7.9%
- Interest is charged on a PLUS Loan from the date of the first
disbursement until the loan is paid in full.
- Borrowers pay an origination fee of 4% of the loan assessed by the Direct Loan
servicer
- Eligibility:
- For a parent borrower, the student must be a dependent student
enrolled at least half time in a program leading to a
degree or eligible certificate program.
- The parent borrower must be the biological or adoptive parent,
or step-parent of the dependent undergraduate student
for whom the loan is being borrowed.
- The parent borrower and dependent student or graduate
student must not be in default on a federal student loan and
not owe a refund on a federal education grant.
- Borrower and/or student must be a United States citizen or
eligible noncitizen.
- Borrower must meet the lender’s credit requirements.
- The student must meet general federal student financial aid
eligibility standards and be enrolled at least half-time
(undergraduate students: 6 semester hours / graduate students: 4
semester hours).
- If a parent is denied a PLUS loan due to adverse credit, the
student will become eligible for a Federal Direct Unsubsidized
Stafford loan. Amounts vary depending on the student’s academic
level. Contact the Office of Scholarships
and Financial Aid
if you have been denied a PLUS loan.
- Federal Direct PLUS Loans must be processed prior to the end of
the semester for which the student was enrolled. Therefore,
parents or graduate students are encouraged to complete the
application process well in advance of the end of the semester.
- Master promissory note (MPN) and Entrance Counseling:
Borrowing Limits
The Federal Direct PLUS Loan maximum amount is the student’s cost of
attendance minus any financial aid.
Repayment
After a parent or graduate student borrower
receives the full disbursement of the Federal Direct 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.
Repayment for a graduate PLUS loan borrower is
deferred while you are enrolled at least half-time.
Federal Direct PLUS Loan Applications for 2008/09
Federal Perkins Loans
You apply for a Federal Perkins Loan by filing the
Free Application for Federal Student Aid (FAFSA) for each aid year.
The IU Kokomo school code is 001814. To maximize your consideration for
all types of financial aid, you need to file the FAFSA each year by the
March 10 Priority Application Receipt deadline.
After receipt of your Financial Aid Notification, a Federal Perkins
Loan recipient must accept (with an option to decline) the award in
OneStart Self-Service. After
accepting your Federal Perkins Loan, you will be contacted by
IU Student Loan Administration at your IU email account and via a To
Do item in OneStart to complete
entrance counseling and to sign your master promissory note.
Details
- Interest rates:
- The Federal Perkins Loan interest rate is 5% and is subsidized
with the U.S. Department of Education paying the
interest while the student is enrolled at least half-time.
- Eligibility:
- For the 2008/09 aid year, a student must be an undergraduate
student with an expected family contribution of 4041 or less and be
enrolled at least half-time.
- Since funding is limited for this campus based program, awards
are made based on eligibility and early receipt of the student’s
FAFSA and completion of any subsequent steps to allow processing of
awards for the aid year.
- Award Amount Range:
- For the 2008/09 aid year, the Federal Perkins Loan amounts range
from $100 to $1,000.
- Loan Repayment:
- Loan repayment begins after graduation or if your Fall or Spring
enrollment drops below half-time.
- IU Student Loan Administration contacts Federal Perkins Loan
recipients to complete online exit counseling. Detailed information
regarding repayment is provided during both entrance and exit
counseling. For more information, visit
IU Student Loan
Administration.
Federal Perkins Loans are awarded by the IU Kokomo Office of
Scholarships and Financial Aid and the
IU Student Loan Administration
in Bloomington administers the promissory note and repayment processes.
Nursing Student Loans
You apply for a Nursing Student Loan by filing the
Free Application for Federal Student Aid (FAFSA) for each aid year.
The IU Kokomo school code is 001814. To maximize your consideration for
all types of financial aid, you need to file the FAFSA each year by the
March 10 Priority Application Receipt deadline.
After receipt of your Financial Aid Notification, a Nursing Student
Loan recipient must accept (with an option to decline) the award in
OneStart Self-Service. After
accepting your Nursing Student Loan, you will be contacted by
IU Student Loan Administration at your IU email account and via a To
Do item in OneStart to complete
entrance counseling and to sign your promissory note.
The Nursing Student Loan Program was established by the U.S.
Department of Health and Human Services for nursing students.
Details
- Interest rates:
- The Nursing Student Loan interest rate is 5% (loans made on or
after November 4, 1998) and is subsidized with the U.S. Department
of Education paying the interest while the student is enrolled at
least half-time.
- Eligibility:
- For the 2008/09 aid year, a student must be enrolled at least
half-time in the Bachelor of Science degree in Nursing with an
overall IU grade point average of 2.00 with remaining financial
need.
- Since funding is limited for this program, awards are made based
on eligibility and early receipt of the student’s FAFSA and
completion of any subsequent steps to allow processing of awards for
the aid year.
- Award Amount Range:
- For the 2008/09 aid year, the Nursing Student Loan amounts range
from $200 to $1,000.
- Loan Repayment:
- Loan repayment begins after graduation or if your Fall or Spring
enrollment drops below half-time.
- IU Student Loan Administration contacts Nursing Student Loan
recipients to complete online exit counseling. Detailed information
regarding repayment is provided during both entrance and exit
counseling. For more information, visit
IU Student Loan
Administration.
Nursing Student Loans are awarded by the IU Kokomo Office of
Scholarships and Financial Aid and the
IU Student Loan Administration
in Bloomington administers the promissory note and repayment processes.
Loan Counseling
Entrance Counseling for Federal Direct
Stafford Loans and Federal Perkins Loans
New Federal Direct Stafford
Loan receipts are required to complete entrance counseling. Loan funds
cannot be disbursed until counseling is completed. After receiving your
Financial Aid Notification and accepting a Federal Direct Stafford and
or Perkins loan, you will be notified at your IU email account to
complete entrance
counseling.
Federal
Direct Stafford Loan Entrance Counseling
Federal Perkins Loan Entrance Counseling
If you are unable to complete
the counseling on the web or have any questions, please contact the
Office of Scholarships and Financial Aid.
Exit Counseling
Exit Counseling is required for
both Federal Direct Stafford and/or Federal Perkins loan programs
recipients at graduation or if enrollment drops below half-time during a
Fall or Spring semester.
Students are expected to
provide notification to the Federal Stafford Loan lender/servicer and/or
IU Student Loan Administration for Federal Perkins Loans when they
graduate or if enrollment drops below half-time.
To complete loan counseling
follow the links below:
Federal
Stafford Loan Exit Counseling
Federal Perkins Loan Exit Counseling
For Federal Stafford Loan exit
counseling assistance, please contact your lender(s) or the
Office of Scholarships and Financial Aid
For Federal Perkins exit
counseling assistance, contact
IU Student Loan Administration.
Failure to complete Exit
counseling will result in a "hold" being placed on your records.
You may also access information on your loans
by accessing the National Student
Loan Data System (NSLDS). Through this website you can view all
federal loans in your name, including Parent Plus loans with contact
information for your lender, guaranty agency, servicer
and school.
Private Student
Loans
Prior to considering private student loans,
students are strongly encouraged to complete the
Free Application for Federal Student Aid
(FAFSA) annually by the March 10 Priority Application Receipt Deadline to
receive maximum consideration for financial aid. Private Student
Loans should be considered after all other sources of financial aid
(grants, scholarships, federal work-study, and federal
student loans) have been exhausted.
The IU Kokomo Office of Scholarships and
Financial Aid will review and certify Private / Alternative Loans
for eligible students with your preferred lender.
Student Loan
Repayment
For Federal Student Loans, you have a grade period when you graduate,
leave school, or drop below half-time enrollment before you
begin repayment.
- Six months for a Federal Stafford Loan
- Nine months for a Federal Perkins Loan
- Nine months for a Nursing Student Loan
For additional information, visit the
Department of Education Student Aid on the Web on
Repaying Your Loans. The information includes Exit Counseling,
Repayment Options, Difficulty Repaying, Loan Discharge (Cancellation),
Loan Consolidation, and Loan Default. For print information, you can
download
Funding Education Beyond High School: The Guide to Federal Student Aid
with a section on
Repaying Your Student Loan.
For print information on
Federal Perkins Loans and the Nursing Student Loan Program from IU
Student Loan Administration, you can download the
Repayment Guide for Your IU Student Loans.
Related Links:
Stafford Loan Forgiveness Program for Teachers
Your Federal Loans: Learn the Basics and Manage Your Debt (Working
Draft)
Student Loan Lender Information via
National Student Loan Data System
The key resource to compliment good record
keeping is the National Student Loan Data System. The National Student
Loan Data System (NSLDS) is the U.S. Department of Education's (ED)
central database for student aid. NSLDS receives data from schools,
guaranty agencies, the Direct Loan program, and other Department of ED
programs. NSLDS Student Access provides a centralized, integrated view
of Title IV loans and grants so that recipients of Title IV Aid can
access and inquire about their Title IV loans and/or grant data.
