The FAFSA is used to determine eligibility for most financial aid programs including student and parent loans. Students should file the FAFSA by March 10th to maximize eligibility for state aid programs. Students must make corrections to their FAFSA by May 15th and a minimum of 30% will be selected for verification requiring additional documentation. Processing of financial aid takes several weeks during peak periods so students should submit documents promptly.

1.  The FAFSA is used to determine eligibility for the majority
of financial aid programs including the Direct (Student)
Loan and Direct (Parent) PLUS Loan.
 File the FAFSA by March 10 to maximize your eligibility.
March 10 is the state of Indiana’s deadline for statefunded programs such as the 21st Century Scholar Award
and the Frank O’Bannon Indiana Higher Education Award.
 Make appropriate corrections to your FAFSA by May 15.

3.  A minimum of 30% of students are selected for
verification by the government; these students will be
required to turn in additional documentation.
 All unsatisfied requirements must be met in order for
USI to review, process, and disburse (pay) awards.
 Processing takes several weeks during peak periods of
the year such as July and August so don’t wait to turn
in your documents.

4. If you are eligible to use the
IRS Data Retrieval Tool, we highly recommend
using for these reasons:
1. It is the easiest way to provide your tax data.
2. It’s the best way to ensure that your FAFSA has
accurate tax information.
3. You will be less likely to be required to provide a
copy of your or your parent’s tax return transcripts.

6. 
First time Direct Loan borrowers must complete Entrance
Counseling and a Master Promissory Note.

Students must be enrolled at least ½ time and be in good
standing with USI’s Satisfactory Academic Progress Policy
to be eligible.

Plus Loan request forms are available in paper form or
online at www.usi.edu/finaid. If interested, your parent
may apply for the Direct PLUS Loan after July 1, 2014.

7.  Only borrow what is necessary to pay
for your educational costs. Loans must
be repaid and interest adds up.
 Borrow federal loans first. These loans
are funded by the federal government
and are generally less expensive than
private loans.
 Look at loans as an investment into your
future. Some students are only eligible
for loans.
 Repayment begins 6 months after you
graduate, leave school or drop below
half-time enrollment.
 Don’t default! There are serious
consequences for defaulting on a
student loan.

10.  Did you know that you must successfully complete
67% of all credit hours attempted to continue to
receive Federal and State financial aid?
 Did you know that you must successfully complete
27 credit hours per academic year to continue to
receive the Departmental Scholarship?
 It is your responsibility to know the requirements
for each of your awards (grants, loans,
scholarships, work study, fee waivers, etc.).