Impact of Deadlines on Aid
Completing the financial aid process in a timely manner has a great impact on the overall success of students who need assistance in paying their educational expenses.
Benefits of Timely Submissions
Some of the benefits for timely processing are listed below:
- Receive maximum aid awards. Several Title IV aid programs are limited in funding. Based on the awarding criteria, students could receive an additional $1,000 in grant funds
- Eliminate or reduce student loans. Depending on the amounts of federal grants and scholarships a student receives, it is possible to eliminate or reduce loan debt.
- Prepared to purchase books and supplies. Excess funds from financial aid can be used to purchase books and supplies 10 days prior to classes starting.
- Bill paid on time.. All charges paid on time will allow students to register during early registration. Students will have the advantage of getting the classes they need.
- Stay on target for graduating on time. Limited Title IV aid may be available during the summer to help stay on target for graduation.
Teresa's total direct educational expenses are $17,266.00. Her 21st Century Scholarship pays full tuition and fees of $8,256.00. She received the maximum Federal Pell Grant award of $5,645.00. She also received $3,365.00 in university and outside scholarships and the additional grants for $1,000.00. Teresa's on-time filing status allowed her the opportunity to receive grants and scholarships without having to borrow on the student loan program. The excess financial aid of $1,000.00 will help Teresa purchase books and supplies. She will also be able to register for classes with no problems because her bill was paid on time. If additional funds are available for summer, Teresa will qualify for these funds.
Pitfalls of Late Submissions
Late submission of financial aid requirements after a term affects the student's ability to receive aid. The implications are listed below:
- Receive reduced aid or no aid at all
- University expenses not paid
- Academic transcript on hold
- Cannot attend school
- Loan repayment begins
Sam was enrolled for the spring term only. He completed his financial aid file after the term ended. His direct expenses for the year were $8,683.00. He was scheduled to receive a Pell Grant for $5,645.00 and a student loan for $3,038.00. Due to federal deadlines, Sam will not receive the student loan and the Pell Grant will be reduced to $2,823.00 due to the verification changes. Therefore, Sam will owe the school $2,822.00. Sam's options, in order to assist with the implications, are to consider applying for a private loan, inquiring about payment plan options, or finding employment.
The Catalog of Indiana State University is the document of authority for all students. The requirements given in the Catalog supersede information issued by any academic department, program, college, or school. The University reserves the right to change the requirements at any time. The right to correct errors is also reserved.