IUPUI Financial Aid – Unlike student loan, grant does not require the recipient to pay it back. Therefore, many of us know about grant. Lately, this type of financial aid becomes the top search of many students. With the education cost that keeps increasing every year, no wonder if grant now turned into a popular financial aid among students. Additionally, its generosity in dropping the requirement for the recipient to pay the money back. This soothes the pain of paying expensive education cost.
Winning a grant could also mean focusing only to study. We do not have to be bothered with tuition or other education expenses we need to pay every semester. It is because we can use the grant we received to cover it. Indiana University-Purdue University Indianapolis offers some financial aids via IUPUI financial aid program. This can help students to deal with expensive education cost.
IUPUI Summer Financial Aid 2014
What is IUPUI Financial Aid?
Just similar to grants offered at other schools or universities, IUPUI financial aid program has eligibility criteria. Those who are keen to apply for the grant offered via IUPUI financial aid program must fulfill all the requirements asked.
General IUPUI Financial Aid Requirements
Here are the requirements of IUPUI financial assistance:
- Admitted in a program study
- The applicants must hold U.S citizenship or be eligible noncitizen
- Enrolled in certain amount of time in one semester
- Meet the standard of Satisfactory Academic Progress
- Not in debt from student loan
- Not involved in drug case
- FAFSA rejected
- Imprisoned student
Once you have all the requirements, now you can continue your attempt to applying one of IUPUI financial aid programs.
Application Process
The application process starts from the FAFSA application. You need to complete FAFSA form properly since this step will determine your eligibility to IUPUI financial aid. Fill out the forms accurately so you can improve your chance of winning the approval. There are two options available for you for completing the FAFSA. They are offline and online. Both are the same, but it seems like the online one is much more popular than the offline one.
Faster in editing and receiving SAR or Student Aid Report, and more responsive consultation are few reasons why the online application method is more preferable. For you information, applying for FAFSA with paper can make you waiting for the reply much longer. But it may take few weeks for the reply to arrive.
Prior to entering all the documents as well as other information required to the website, it would be better if you complete the FAFSA on the web worksheet first. Everything you see on the worksheet will be the same as if you were completing the application on the website. This is just like to help you to make sure if everything is completed so that you do not have to edit.
Review of Application
If you meet the basic eligibility criteria for federal student aid, your college or career school’s financial aid office will assess your eligibility for aid based on several factors. These include the things below:
- Student Aid Index (2024–25 FAFSA form)
- Expected Family Contribution (2023–24 FAFSA form)
- Your academic level
- Your enrollment status
- Cost of attendance at the institution you plan to attend
Firstly, the financial aid staff determines your cost of attendance (COA) at the school you plan to attend. Next, they consider your Student Aid Index (SAI) or Expected Family Contribution (EFC) from your FAFSA form. Subsequently, they subtract your SAI/EFC from your COA to calculate your financial need and determine the amount of need-based aid you qualify for.
To determine your eligibility for non-need-based aid, the school deducts any financial aid you’ve already received from your cost of attendance.
COA
Your Cost of Attendance (COA) represents the total expenses associated with attending school. For most two-year and four-year colleges, the COA calculation covers the entire academic year, including both the fall and spring semesters. However, institutions with programs of varying durations, such as an 18-month certificate program, may provide a COA tailored to the specific program length.
If you’re enrolled at least half-time, your COA typically includes:
- Tuition and fees
- Expenses for food and housing, or living expenses if you do not utilize the school’s housing and meal plans.
- Costs for books, transportation, loan fees, supplies and miscellaneous items, which may include a reasonable allowance for the documented cost of a personal computer.
- An allocation for child care or other dependent care expenses.
- Costs associated with a disability, if applicable.
- Reasonable expenses related to eligible study-abroad programs.
Student Aid Index (SAI)
The Student Aid Index (SAI) is an index number used by a college or career school’s financial aid office. The function is to determine the amount of federal student aid you would be eligible to receive if you were to attend the institution. Furthermore, this index is derived from the information provided in your FAFSA form.
The SAI calculation involves a need-based analysis conducted by the financial aid office, taking into consideration your income and assets, as well as those of your parents or spouse if applicable. The analysis formula considers both taxed and untaxed income, as well as any assets and benefits received, such as unemployment or Social Security benefits.
Expected Family Contribution (EFC)
The Expected Family Contribution (EFC), as indicated on the 2023–24 FAFSA form, is an index number. The college financial aid offices utilize it to determine the amount of financial aid you would potentially receive if you were to enroll at their institution. Moreover, your reported information on the FAFSA form is utilized to compute your EFC.
The EFC is calculated based on a formula mandated by law. Various factors, including your family’s taxed and untaxed income, assets, and benefits (such as unemployment or Social Security) becomes the included components in the formula. Additionally, considerations are made for your family size and the number of family members intending to attend college or career school during the academic year. The EFC Formula guide details the precise calculations involved in determining an EFC.
So, do you need extra money to cope with the tuition or other education expenses? If you need extra source of fund to continue your study, then now is the time for you to apply for financial aids program offered via IUPUI financial aid.
References:
- Free Application for Federal Student Aid (FAFSA)Information. iupui.edu/~finaid/services/apply/fafsa.html
- General Eligibility Requirements. iupui.edu/~finaid/services/apply/
- Images: iupui.edu, transfer.iupui.edu
- https://studentaid.gov/complete-aid-process/how-calculated
