Current version - Indiana University South Bend

GENERAL INFORMATION 417
Federal Financial Aid Programs
Federal Pell Grants and Federal Supplemental Educational
Opportunity Grants
Federal Pell Grants are available only to undergraduate
students and do not have to be repaid. The grant is based
on financial need and the amount received is determined
by your family contribution as calculated from your
FAFSA data, and your enrollment (full-, three-quarter-,
half-, or less than half-time).
Federal Supplemental Educational Opportunity Grants
(FSEOG) are funds provided to the institution to award
to undergraduate students with exceptional financial
need. Funding is limited, so students must meet the
March 10 priority deadline to be considered.
Federal Work-Study Program
Federal work-study is on-campus employment or
employment at an approved community service workstudy
site off campus. To be eligible for work-study,
students must demonstrate financial need. Students
typically work 15-20 hours per week and must be
enrolled at least half time (6 credit hours per term for
undergraduates or 4 credit hours per term for graduates)
to receive this award during the academic year. Full-time
work-study is available during summer, even though the
student might not be enrolled in courses during either
summer session.
Note: These awards are determined by the federal
government and are subject to change.
Federal Perkins Loan
The Federal Perkins Loan is awarded on a fundsavailable
basis, providing students complete the FAFSA
annually by the March 10 deadline preceding the next
academic year of enrollment. The maximum amount
of the loan is determined annually and depends upon
funding available. The sum of Federal Perkins Loans
made to students for both undergraduate and graduate
education may not exceed $40,000. Both undergraduate
and graduate students must be registered at least half
time to receive these funds. Direct questions regarding
cancellation and repayment of Federal Perkins Loans
disbursed through IU South Bend to:
Student Loan Administration
Post Office Box 1609
Bloomington, Indiana 47402-1609
(866) 485-6267
www.indiana.edu/~iuloans
Federal Family Education Loan Program
The Federal Family Education Loan Program is the
United States Department of Education’s major form
of self-help aid. Loans may either be subsidized or
unsubsidized. Subsidized loans are based on a student’s
financial need and do not require a student to make any
interest payments while in school. Unsubsidized loans
are not based on financial need and accrue interest from
the time the loan is disbursed.
Annual subsidized and unsubsidized loan amounts for
dependent students are as follows:
Students
Amount
First year $5,500
Second year $6,500
Third year $7,500
Fourth year $7,500
Annual subsidized and unsubsidized loan amounts for
independent students are as follows:
Maximum
Students Amount Subsidized
First year $9,500 $3,500
Second year $10,500 $4,500
Third year $12,500 $5,500
Fourth year $12,500 $5,500
Graduate students may borrow a maximum of $8,500 in
subsidized loans annually and $12,000 in unsubsidized
loans.
Refunds and the Return of Title IV Funds
Note: Contact the Office of Financial Aid and Student
Scholarships before withdrawing or dropping courses to
determine if these decisions will have an effect on your
financial aid in the future.
All students who withdraw from course work are
subject to the institution’s refund policy. Students who
withdraw from the university receive a prorated refund
of educational fees, according to the following schedule:
Fall and Spring Semesters
Refund Period Ends
100 percent Last day of the first week of class
75 percent Last day of the second week of class
50 percent Last day of the third week of class
25 percent Last day of the fourth week of class