Have Questions? We Have Answers.
We know that you're going to have questions about financial aid. That's why we've compiled a list of some of the more frequently asked questions we receive below. If you have a question that isn't answered on this page, please feel free to contact us.
What is financial assistance? Read answer
Financial assistance is any form of aid available to assist you and your family in meeting educational costs of attendance. This includes various assistance available from federal sources, state grants, scholarships, Indiana Tech grants and scholarships, and funding provided through outside organizations and foundations.
How is financial aid determined? Read answer
The FAFSA will give us a snapshot of your family's financial situation which is used to provide you with an offer of financial assistance. A government federal methodology is utilized that provides us with an expected family contribution based on the information provided on the FAFSA.
A number of factors are considered when determining your need for financial assistance including family income, number of people in your household, number of children attending college, and asset information. Through a combination of grants, scholarships, work, and loan programs, students find that an Indiana Tech education is very affordable.
What is a PIN and why do I need one? Read answer
You'll need to apply for a PIN number with the Department of Education. Apply for one now
You and your parent(s) will need to apply for separate Personal Identification Numbers (PINs) should you decide to complete the FAFSA online. This is a distinct number assigned only to you and allows you to sign your FAFSA or make corrections online.
Where do I file my FAFSA? Read answer
The FAFSA is filed with a Central Processor and is a free service. To file online, visit the FAFSA web site. If filing the FAFSA by paper, an envelope will be provided in your booklet and is self addressed directly to the Central Processor. The Free Application for Federal Student Aid is just that - free. We have learned that some students have gone to an incorrect Web site and were charged to file the FAFSA. Under no circumstance should you have to pay a fee to file the FAFSA.
My family makes too much money. Why should I file a FAFSA? Read answer
Because you could lose out on thousands of dollars, that's why! Students who don't take the time to file the FAFSA could potentially fail to benefit from available programs. There is no maximum income cutoff for students to receive financial aid. However, if your family's income is high you of course realize that you will not qualify for low income grants. However, in years past, assistance has gone to students whose family income ranged from $10,000 or less to more than $90,000.
Are there deadline dates to file for assistance? Read answer
There are no specific deadline dates to file the Free Application for Federal Student Aid (FAFSA). However, our preferred deadline date is March 10. FAFSA's are received and processed for those students filing after 3/10 on a rolling basis. Students filing prior to 3/10 will be given preferential consideration. Remember, like your family's checkbook, our aid programs also have limited dollars.
Are there deadline dates for individual state grants? Read answer
Each state has their own individual deadline dates in order for students to apply for state grants and scholarships. The individual state deadlines are available on the FAFSA website. As a university located in the State of Indiana we know first hand that Indiana has an excellent grant program available. However, it is important that your FAFSA arrive at the Central Processor by March 10 in order to be considered for Indiana state assistance.
For a direct line to the Indiana programs, visit the Indiana State Student Assistance web site.
How do I apply for loans? Read answer
Indiana Tech processes all of its loans electronically. Students are able to complete and sign their loan application online by logging onto the Department of Education web site. This allows both students and parents to apply for loans under the Subsidized Loan Program, Unsubsidized Stafford Loan, Parent Loan for Undergraduate Students, and also Private loans.
Indiana Tech processes loans through the Department of Education's Direct Lending program to assist families with federal student loans. Loan funds make it possible for you and/or your family to defer the cost of your education by borrowing against future earnings. These loans have low interest rates and, in most cases, must be repaid after you cease to attend at least a half-time (six or more credit hours per semester) basis.
Can I decline all or some of the loans offered to me? Read answer
Your aid package will be sent to you with the maximum aid available to you. If you find that you do not need as much funding as was offered to you, you can complete the loan request form and submit it to the financial aid office for an adjustment to your aid package.
What is Entrance Counseling? Read answer
All students that enroll at Indiana Tech and have loans must participate in student loan counseling. We believe, along with the Department of Education, that it is important that students be debt management conscious. Entrance counseling is required for all first-time loan borrowers attending or transferring to Indiana Tech and provides you with important information to keep your loans current.
What is Exit Counseling? Read answer
Students exiting Indiana Tech due to graduation, transfer, or withdrawal and who borrowed student loans during their attendance must participate in online exit counseling. The Exit Counseling session provides you with various information regarding repayment options, deferment options, and ways to keep your credit in good standing.
How do I manage my loans? Read answer
If your loans were processed through a Sallie Mae partner prior to July 1, 2010, you can access loan information online, go to Manage Your Loans on Sallie Mae. This is your online source for:
- Account status
- Current loan balance
- Repayment options
If your loans are or were processed through Direct Lending after July 1, 2010, you can access loan information online at www.studentloans.gov. This gives you access to repayment options as well as other information regarding repaying your student loans.
Do I have to file for financial aid every year that I attend? Read answer
Yes. Financial aid is awarded on a yearly basis. We will contact and remind both you and your parent(s) throughout the school year regarding this process.
Will I receive the same aid offer each year? Read answer
The financial aid you receive is reviewed on an annual basis and can change if you fail to meet satisfactory academic progress standards. The aid awarded could also change if there are excessive changes in your family's income or household members.
What is Satisfactory Academic progress? Read answer
The Department of Education has accepted Indiana Tech's outline of expected progression for our enrolled students. During the awarding process we will reevaluate your FAFSA which includes review of your grade point average and hours earned to date. The student catalog outlines the required cumulative grade point average and hour requirements during each semester of attendance.
For more information on academic progress, please see our policy outlined here.
Does Indiana Tech offer athletic scholarships? Read answer
Indiana Tech is a member of NAIA and offers many athletic scholarships. Interested students should make direct contact with the individual coach for the sport of interest. We refer you to our athletic web pages for further information on each of our sports.
What other sources should I be investigating? Read answer
Students sometimes overlook funding sources from various organizations and foundations. Sometimes, it is because we don't ask and other times because we don't know? Therefore, we recommend that you prepare a checklist of possible sources where funding might be available. Those might include:
- Parent's place of employment
- Student's place of employment
- Vocational Rehabilitation
- Community foundations
- Places or worship
- High school counselor
- Clubs and organizations
- Internet
- Library
How do I get my hands on scholarship money that goes unused every year? Read answer
We often hear the phrase "If it's too good to be true, it's probably is". Most people that have worked in the aid profession have first hand knowledge in regards to the intense competition for scholarships. The fact is that there are numerous outside scholarships available but it will take some time and effort on your part to investigate, apply, and submit the necessary forms for these awards. We do discourage students in paying an outside agency that may contact you and offer to provide this service for a fee. With some time on your hands and some investigative research you may reap benefits from one of these awards.
For more information on scholarships, please visit our scholarships page.
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