Transcript FINANCIAL AID (ppt) - Ivy Tech Community College

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
What are the deadlines?
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.
How many credit hours are required?
• FULL TIME = 12 credit hours or more:
Frank O’Bannon Grants (Higher Ed.)
21st Century Scholarship
HALF TIME = 6 - 8 credit hours
Student Loans
Workstudy
PELL GRANT – Can be enrolled in less than half time or more
credit hours.
For specific credit hour requirements, log on to
ivytech.edu/financialaid/grants.html
What do I need to know about student loans?
• 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
How do you apply for 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
When will I get my refund?
• Date money is on Higher One designated account
Fall 2012: Grants – By late September
Loans – 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.
How will I find out about my awards?
 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.
When is the last day to add a class
and have Financial Aid pay for it?
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.
Attendance is required!
• 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.
Standards of Academic Progress
• 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
Minimum Grade Point Average (GPA)
• 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.
Maximum Time Frame (MTF)
• 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!
What happens if I withdraw or fail all classes?
• 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.
Student’s Responsibility in Financial Aid
• 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.
Financial Aid Staff
Financial Aid Questions [email protected]
Mary Richey (Connersville) [email protected]
Rachel Williams
[email protected]
Kimberly Butts
[email protected]
Leanna Angi-White [email protected]
Ann Franzen-Roha
[email protected]
Any Questions?
Note:
You must hit the Financial Aid tab to get back to
the Steps screen
Click back on Financial Aid tab
Note:
You must hit the Financial Aid tab to get back
to the Steps 1 through 5 screen
Note:
You must scroll down to review Financial Aid
Award
Note:
You must hit the Financial Aid tab at top of
screen to get back to the Steps 1 through 5
screen
Note:
You must hit the Financial Aid tab at top of
screen to get back to the Steps 1 through 5
screen
Click back on Financial Aid tab
Note:
You must hit the Financial Aid tab to get back
to the Steps 1 through 5 screen