Financial Aid FAQ
We understand that you may have questions remaining about your aid, how it works, and other things mentioned on our website. We’ve created a list of the questions we are asked frequently and compiled the answers for you. We hope this helps answer your questions. If not, please feel free to contact us and we’ll be happy to assist you.
- How is financial aid determined?
- Where do I file my Free Application for Federal Student Aid (FAFSA)?
- Are there deadlines to file for financial aid?
- Are there deadlines for state grants?
- Do I have to apply for financial aid every year?
- How do I apply for loans?
- Can I decline all or some of the loans offered to me?
- What is Direct Loan Entrance Counseling?
- What is Exit Counseling?
- How do I manage my loans?
- Are there other grants and scholarships I might be eligible for?
- When will I get my refund?
- Will I get the same awards every year?
How is financial aid determined?
The amount of aid you qualify for is determined by several factors. First, the results of your Free Application for Federal Student Aid (FAFSA) will tell us whether you qualify for any need-based aid related to your financial situation. Eligibility for need-based programs is calculated by considering the following factors: family income, number of people in your household, number of children attending college, and asset information.
Once we have your FAFSA, we look at your proposed enrollment to see how many credits you are taking (or planning to take). When we have all of this information, we can determine what types of financial aid and how much financial aid you qualify for.
Where do I file my Free Application for Federal Student Aid (FAFSA)?
The FAFSA is filed with a central processor and is a free service. To file online, visit the FAFSA website. There are other methods you can use to file your FAFSA, however they are typically much slower. The Free Application for Federal Student Aid is just that – FREE. Under no circumstance should you have to pay a fee to file your FAFSA.
Are there deadlines to file for financial aid?
There are no specific deadlines to file your FAFSA. Our preferred deadline is April 15th. Students filing prior to April 15 will be given preferential consideration when awarding financial aid. FAFSAs will still be accepted and received on a rolling basis after April 15.
Are there deadlines for state grants?
Yes, there are. Each state has their own deadlines for students to apply and be considered for state grants and scholarships. The individual state deadlines are available on the FAFSA website. Indiana’s deadline is April 15th.
Do I have to apply for financial aid every year?
Yes, you do need to complete a FAFSA every year. The FAFSA for the next academic year becomes available online on October 1st for the next aid year.
How do I apply for loans?
Your FAFSA acts as an application for all Federal Direct Student loans, so no additional application is necessary for these funds. We process all loans electronically, so make sure to complete your required loan documents (master promissory note and entrance counseling) online with the Department of Education.
If you find that a private loan is necessary, we do offer an online resource to help you find the best private loan for you. Please see our page on Private Student Loans for more information.
Can I decline all or some of the loans offered to me?
Yes. We encourage you to practice responsible borrowing and only accept the loan funds that you need to cover the cost of your classes. You may decline or reduce the amount of your loans at any time by completing a loan adjustment form.
What is Direct Loan Entrance Counseling?
Direct Loan Entrance Counseling is a required document that must be completed before your first Federal Direct Subsidized/Unsubsidized loan is disbursed to your student account. Entrance counseling should take no longer than 30 minutes to complete and will help you understand the responsibility of borrowing student loans. You may complete your Direct Loan Entrance Counseling requirement online with the Department of Education. You do not need to complete this requirement if you intend to decline the full amount of Federal Direct Student Loans offered to you.
What is Exit Counseling?
Exit Counseling provides you with information regarding various repayment and deferment options as well as ways to keep your credit in good standing. Students exiting Indiana Tech due to graduation, transfer, or withdrawal and who borrowed student loans during their attendance must participate in online exit counseling with the National Student Loan Data System (NSLDS).
How do I manage my loans?
First, you need to find out who your loan servicer is. You can find this information by viewing your loan history on the National Student Loan Data System (NSLDS). Once you know who your loan servicer is (for example, Sallie Mae), you can visit their website or call their customer service number listed online to begin managing your loans. Most loan servicers offer online accounts free of charge that allow you to access your most current loan information as well as make or schedule payments.
Are there other grants and scholarships I might be eligible for?
In short, yes. There are other grants and scholarships that you may be eligible for, but it will take some time and effort on your part to investigate, apply, and submit the necessary forms for these awards. Remember that you should never have to pay to apply for a grant or scholarship and, if it seems too good to be true it probably is.
For more information on scholarships, please visit our scholarships page.
When will I get my refund?
Once your financial aid has been disbursed to your student account and you have a credit balance, the Business Office is given 14 business days to get your refund to you. It does not typically take the full 14 days to get your refund; however, we are not able to give exact dates as each account is different.
Will I get the same awards every year?
Your aid is reviewed on an annual basis and can change if you fail to meet satisfactory academic progress standards or if there are excessive changes in your family’s income or household size.