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Frequently Asked Questions

 

This is a list of frequently asked questions. Questions that are currently being asked are in the box to the right.

 

First Steps

I’ve never attended college—What is my first step for financial aid?

Your first step is to file the Free Application for Federal Student Aid (FAFSA). This may be completed online using your federal income taxes from the previous year. 

What is IPFW’s school code?

IPFW’s school code is 001828.

Will I need my parent’s information for the FAFSA?

It depends on if you are considered a dependent or independent student. You can check here to see if you are dependent or independent. If you are dependent, you will need your parent’s federal tax information as well as their signature.

How do I sign the FAFSA?

You may sign one of two ways. The preferred way is by using a PIN.  You (and a parent) may register for a PIN online. If you request your PIN to be e-mailed, you should receive it within 24-48 hours. If you request it be mailed, it may take up to a week to receive.

The other way is to print a signature page, physically sign it, and mail it in to the address given. If you choose to sign this way, when you begin the FAFSA, it will ask “Do you want to sign with a PIN?”  Answer no to this question and you will be prompted to print the signature page after completing the FAFSA.

If you are dependent, keep in mind whichever way you choose to sign, both you and your parent must sign in the same fashion. 

Can I find out my financial aid before paying the application fee with the Admission’s Office?

No.  You must be admitted to IPFW before we can process your financial aid.

Which should I do first—my FAFSA or apply with Admissions?

Both.  You can apply with Admissions the same day you complete your FAFSA.  Both will take time to process, so it is beneficial to start both at the same time rather than waiting for one to get done before applying for the other.

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Awarding

What is my Cost of Attendance?

Your Cost of Attendance is an estimated figure. This figure includes an estimate of your tuition, fees, books, supplies, housing costs, transportation costs, miscellaneous expenses, etc. It is what we believe you could spend living and being a student in one academic year.

How is my Cost of Attendance used in relation to my financial aid? 

Your Cost of Attendance is the maximum, if eligible, you can receive in financial aid money. For example: If you are eligible, and take out, scholarships, grants, Stafford loans, a Perkins loan, and a parent PLUS loan, we have to have a way to cap the amount of money you have.  We will not allow a student to have $50,000 worth of financial aid if we do not think it would cost that much to live and go to school in an academic year. 

I have filed my FAFSA. Will IPFW contact me?

Once your FAFSA is filed, it takes approximately a week before the information is downloaded onto IPFW’s system. If there is any additional information needed, the Financial Aid office will mail a letter asking for this information. If you are able to be awarded immediately, an e-mail will be sent to your IPFW e-mail account.  Both of these processes are completed twice a week. 

Note: Primary form of communication is by e-mail.    

My FAFSA was filed in January and I still haven’t heard anything about my awards for next year. When will I be notified?

If it is the beginning of the year (January, February, March), the Financial Aid office will not have information for the upcoming school year until closer to May or June (at the latest).  Even though the Financial Aid office has your FAFSA information for the upcoming Fall semester, we are still focusing on getting through the current Spring semester as well as the upcoming summer months. You will be notified by e-mail when awards are posted. 

I accepted my loans online and chosen a lender. Now what do I do?

If you are a first time loan borrower at IPFW, you will need to complete a Master Promissory Note and an Entrance Interview.  Both of these may be completed online.

Do I have to be full time to receive financial aid?

It depends on the type of aid you are eligible to receive.  Most grants and many scholarships require you to be full time (12 credit hours), but Stafford student loans only require you to be enrolled half time (6 credit hours) or more.

I've just now gotten a refund check - why?

If you are less than full time (1-11 credit hours), you may be eligible for the Indiana Part-Time Grant. This is a grant from the State of Indiana for students who are less than full time. This grant is awarded roughly two months after the semester begins and there is no guarentee you will receive it the following semester. If you are eligible for this grant, it will show through your myIPFW.

I just accepted my aid - can I get a bookstore credit?

Bookstore credit paperwork is available to complete in the Financial Aid Office until the Thursday of the 2nd week of classes. The credit is a one day credit - this means if you complete the paperwork on Wednesday, you will only be able to use the credit on Thursday; if you wait until Friday, the credit won't be available.

After the first week of classes, there will be no credit available. If you accept you aid and it is not in by the second week of classes, you will need to pay for you books out of pocket and be reimbursed when your aid comes in.

Why haven’t my grants been applied to my account?

It depends on what type of grant you have. The 21st Century Scholarship and Higher Education Award requires you to be enrolled in a minimum of 12 credit hours and you must have IPFW listed as your number one school choice with the State Student Assistance Commission of Indiana (SSACI). A Pell Grant pays based on your Estimated Family Contribution (EFC) and can vary from student to student. It is best to contact the Financial Aid office so we may look at your information to determine the exact reason.

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State Awards

My Higher Education Award and/or 21st Century Scholarship is showing offered, but I can’t accept it. Why?

The Higher Education Award and 21st Century Scholarship are grants from the State of Indiana and we must wait for their approval before it can be accepted. You don’t need to accept the aid because it is free money.  It will be accepted automatically when we receive confirmation from the State. This confirmation is usually received by mid July.

It is the end of June and my State awards still aren’t accepted. Is there a problem?

No.  The State Student Assistance Commission of Indiana (SSACI) will not confirm award amount until closer to the end of July. You will receive a letter from SSACI stating the amount of your award (if any). 

I received my notification from SSACI about how much I have been awarded, but My.IPFW shows a lower amount. Why?

SSACI’s award notification is based on an enrollment of 15 credit hours for both Fall and Spring semester. OASIS is based on an enrollment of 12 credit hours for both Fall and Spring semester.  If you are enrolled in 13, 14, or 15 credit hours, your award will be adjusted up to that prorated amount. This proration will not be done until approximately the 6th or 7th week of classes.

My Higher Education Award/21st Century Scholarship is accepted, but it has not paid. Why?

How many credit hours are you enrolled? You must be enrolled in a minimum of 12 credit hours in one semester to be eligible for either award. 

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Verification

What is Verification?

One third (1/3) of all students who file the FAFSA are chosen for verification. Verification is similar to an audit; the school needs a signed copy of your taxes, copies of your W2's, and a completed verification form to verify your answers on the FAFSA are correct.

What tax forms are needed?

Signed copies of your federal taxes are needed. Acceptable tax forms include:

  • The 1040 tax form—the first two pages (Lines 1—77)
  • The 1040A tax form—the first two pages (Lines 1—48)
  • The 1040EZ tax form—the first page (Lines 1—13)
  • The 1040X tax form—the first two pages and the original tax form filed

Note: No summary forms will be accepted

Additional forms needed if applicable include:

  • All W2 forms
  • SSA 1099 or SSI Documentation for the requested tax year
  • Schedule C—from the 1040 tax form for Business Income or Loss
  • Schedule C-EZ—from the 1040 tax form for Business Income or Loss
  • Schedule F—from the 1040 tax form for Farm Income or Loss
  • Earned Income Credit—may be from any tax form
  • Additional Child Tax Credit—from the 1040 or the 1040A tax form
  • Education Credit—from the 1040 or 1040A tax form

Do I have to complete the verification process?

Yes. In order to receive federal and state financial aid, you must complete the verification process.

When is verification due?

As soon as possible. All verification requirements must be completed before awards will be posted online. This process can take up to two weeks to complete before awarding.

What if I didn’t file taxes?

You can mark that you didn’t file taxes on the verification form. If you are an independent student or a parent of a dependent student and you did not file taxes, you must also write an explanation of how you were able to support yourself (or yourself and a family) if you did not have any income. If you worked, but did not file taxes, we will need a copy of your W2(s).

Do I need to send my W2’s?

Yes! We need copies of all W2’s to verify the amount of your wages and boxes 12a through 12d. These boxes show any amounts taken directly out of your paychecks for a pension plan.

What if I cannot find my federal tax return?

You need to contact your tax preparer for a copy of your returns. If you filed your tax return yourself, you will need to contact the IRS for a line by line transcript of your return (and W2’s if you cannot find your W2’s) at 1-800-829-1040.

Note: a summary is unacceptable.

What if I filed an amended tax return (a 1040X)?

We need a signed copy of your 1040X and a signed copy of your original tax return.

What if I (or my parents) have filed for an extension on my (their) taxes?

We cannot accept the verification paperwork without all information. If you (or your parents) have filed for an extension, you must wait until your (your parents) taxes are filed before turning in the verification documentation.

I filed my FAFSA as married, but we filed separate returns. Do you need both returns?

Yes. If you filed your FAFSA as married, we need a signed copy of both you and your spouse’s tax return and copies of all W2’s.

What if my parent has remarried. Do I have to include my step-parent?

Yes. When a parent has remarried, the government considers that marriage as forming a new family unit in which both parent and step-parent information is required.

My children are claimed on my ex-spouse’s tax return as dependents, but they live with me. Can I include them in my household on the verification form?

Yes. Your household size should include all children you support 51% or more from July 1 through June 30 of the following year. It makes no difference who is being claimed on your or your ex-spouse’s taxes.

Can I turn in part of my verification now and the rest later?

No. Verification will always be completed faster if all documentation is turned in at once. Sending information in a little at a time will delay the process.

I found an error on my FAFSA. Do I go back online to make corrections?

In most cases, No. If you are chosen for verification, you do not make corrections to the FAFSA—the school will make corrections based on the tax information you turn in with the verification form.

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Loans

How much money should I borrow while I am in school?

Many students meet their college costs through student loans, which are a debt that needs to be repaid. We are asking you to think long and hard about what it will be like to have student loan debt and a repayment obligation. After you graduate or cease to enroll, you will have a 6 month grace period and then you will be making monthly payments for a minimum of 10 years. The size of that payment depends on how much you borrow.

Making a budget and sticking to it is the best way to reduce your total borrowing. Know what you can afford and pay your credit card off every month. Putting off purchases until you can really afford their cost is going to let you live like a professional once you’ve begun your chosen career. If you do not pay attention to what things cost, you will need to continue to live like a student for a long time, in order to pay down those expensive student loans.

Every loan dollar you spend now will require repayment of an additional 30 or 40 cents. Do you need some examples of what that means?

  • We all love to find a sale when we’re shopping. What if you added 40% on to every price tag, do you still think that is a bargain?
  • If you buy a $4 specialty coffee every day, you will spend almost $5840 on coffee by the time you graduate. Repayment will balloon that amount to over $8000.
  • If you spend $2000 to join a gym instead of using the free campus facilities, you’ll pay back almost $10000 for something you could have had for nothing.

So, you’re still asking, how much should you borrow? We think you’re going to like using this online calculator. If you already know what career you want, then you can easily estimate how much of your future monthly salary you want to commit to loan repayment. Follow the instructions to select your future career. By using the national average salary for that field, it will show you a comfortable monthly payment based on the potential income and suggested the maximum debt you should take on during your college career.

If you don’t know your career path you can still experiment at that site to get an idea of what monthly payments will feel like at different levels of income.

I accepted my loan, when do I get the money?

Most loans can be processed in approximately 7-10 business days after the Master Promissory Note is completed. As soon as we receive your funds, they will be paid to your student account to clear any balance that is there, and then any credit balance will be paid to you.

 

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Spring and Summer FAQs

 

When will I receive my refund check for Spring?

Refund checks for Spring 2008 will be mailed the week of January 7, 2008. If you accepted your aid late, you may be able to pick up your refund check in the Bursar's Office after 11 AM. You may check with the Financial Aid Office to see if your aid has come in to the school and disbursed yet.

Do I need to do anything for my aid for Spring semester?

If you have enrolled in the Fall semester and your Fall aid has disbursed to your account, then no - there is nothing to do for Spring.

If you were not admitted for Fall and wish to begin classes this Spring, make sure your FAFSA is filed and you are accepted in Admissions. Students who will attend for Spring only can expect to receive their award notification in November.

What do I need to do for summer classes and will I have aid?

If you want financial aid for your summer classes, you need to complete a Summer Application. Since majority of IPFW students do not attend summer, the Financial Aid Office does not automatically award for summer.

Summer is considered an extension of the previous academic year, therefore, if you have accepted the full amount of all of your aid, you will not have any eligibility for summer.

If you complete a Summer Application and are not eligible for aid, you will be notified by email and/or mail.

When will Summer Applications be available?

Summer Applications will be available in the Financial Aid Office, on the front counter, and online beginning March 17, 2008.

I have CVO—can I use it in the summer?

Yes, you can use CVO in the summer. You need to complete a Summer Application and have both the 2007-2008 and 2008-2009 Free Application for Federal Student Aid (FAFSA) on file.

Is it too late to apply for Summer Session II?

As long as you have your 2007-2008 FAFSA on file with IPFW, you may still apply for financial aid for Summer Session II. Remember that summer is based on the aid you did not take during the academic year, so you may still apply. You just need to complete the Summer Application.

If you do not have your 2007-2008 FAFSA on file, then you will not be eligible to apply for any federal aid. The deadline to have filed the 2007-2008 FAFSA was June 30, 2008.

 

Withdrawing

If I withdraw from a class, what will happen?

It depends on when you withdraw and if you remain enrolled in other classes. During add/drop week, a withdrawal is a drop that will change your aid package. For the first 4 weeks of school, a withdrawal could change any Higher Education award from SSACI. After that withdrawing from a single class and remaining enrolled in others is unlikely to change any aid in your current aid package that has already been paid to your account but it could impact your ability to meet the standards for Satisfactory Academic Progress. If you plan to withdraw from all classes, you will need to review a special set of federal rules and requirements pertaining to your current and future eligibility for aid. Every student's situation is different so please feel free to come by our office and ask about yours.

When is the last day to withdraw from my class(es)?

You can see the last day to withdraw yourself from a class on the IPFW academic calendar and complete your withdrawal at myIPFW. If you wish to withdraw after that date you will be required to provide documentation of the circumstances leading to your request and obtain the permission of the instructor. Please visit with Registrar or the Dean of Students for details on how to proceed.

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