Questions about financial aid got you stumped? We asked our IWU financial aid experts right here at IWU what questions they hear the most and dropped their answers in below for you.
Q1: What documentation do I need to submit to be cleared to start class?
Completing the FAFSA is the first step in establishing your eligibility for financial aid money. Upon receipt of your FAFSA, we will send you a “What You Need to Do” email to your IWU student email account that tells you if any additional documentation or action is needed to be cleared to start class. Read it carefully. Some of the required documents are challenging to understand and explain, but Financial Aid will work with you on these items.
Additionally, Financial Aid will send you a “What You Need to Know” email that provides other helpful information.
Q2: How long does it take to get my financial aid ready before I can start? When will I know what I’m eligible for?
Once you have completed the admissions process and we have your FAFSA, we’ll estimate a federal aid package for the first academic year of study showing Pell grants (if you are an eligible associate or bachelor’s student) and your maximum eligibility in Direct Loans, and we will email you how to view the awards in the Financial Aid view in Colleague Self-Service. By the second week of your first course, we’ll ‘finalize’ that aid package to see if you have any additional aid eligibility to include (like state grants or other outside aid sources).
Q3: When and where am I getting my financial aid money? How much of it will be sent to me for living expenses?
Financial Aid uses your FAFSA information to award you grants (if eligible) and loans (if desired). The Student Account Services office then applies that aid to your current charges and will send you any excess funds according to your selection on the Authorization for Management of Excess Funds (AMEF) form.
If you want to limit how much you are borrowing, be sure to choose option 0 on the AMEF form! Financial Aid will adjust your loan amounts accordingly to only use loans up to the direct charges (tuition, fees, and estimated book costs) you have for the academic year. We want you to complete your program with as little debt as possible!
Q4: Why does it look like I owe a balance – don’t I have financial aid to cover my charges?
This is confusing, but don’t be alarmed! Your Student Finance view in Colleague Self-Service will show that you owe a balance until Financial Aid has finalized your award package for your current academic year and moved the awards from “Estimated” to “Accepted” status. When this happens, the award will show as “Anticipated” in Student Finance, and later when it disburses, it will change to “Disbursed.” You can refer to your award notification for more directions, and you also can explore the Financial Aid and Student Finance views in Colleague Self-Service.
Q5: What does this email or letter I received from the IWU Financial Aid Office mean?
In addition to the “What You Need to Know” and “What You Need to Do” emails, there are a number of other communications you will receive from us.
- Loan disbursement notification– tells you that Direct Loan funds have moved to your student account and your options if you don’t want all of them.
- Withdrawal review letter– Financial Aid reviews all course withdrawals (whether from one course or the entire program) to see if an adjustment to your federal and state financial aid amounts is required. This letter lets you know the results of the review and if any next steps on your part are needed.
- Satisfactory Academic Progress (SAP) letters – informs you that you are not meeting one or both of the federal academic requirements for maintaining financial aid eligibility. SAP requires that you meet the minimum GPA required for your program and that you pass at least 67% of your courses attempted.
Figuring out financial aid can be daunting, but IWU’s Financial Aid team is ready for you and your questions. You can contact the team for further questions or assistance at:
- IWUfinaid@indwes.edu,
- Calling us at 866-498-4968, option 3
- Our main FA webpage
- Our student portal page