A student invoice is mailed to both the student's campus mailbox and the student's permanent address approximately thirty days prior to the start of the quarter. These invoices will include all applicable charges and anticipated financial aid.
All financial aid awards, including scholarships and grants, are shown as anticipated credits against the charges on your student invoice. These anticipated credits will become actual credits to your account approximately ten days prior to the first day of classes. These credits will be reflected on your first quarterly statement provided that all requirements for verification have been completed and that all promissory notes have been signed and returned to the Financial Aid Office. One third of each award (the quarterly amount listed on the financial aid award letter) will be applied to the billed charges each quarter. If financial aid assistance exceeds billed charges, a refund of the excess proceeds will be processed and sent to the student after the tenth business day of the academic quarter. A refund of the excess PLUS loan proceeds will be made to the parent borrower unless permission is given to release these funds to the student.
Outside scholarships will be credited to the student's account only after the funds have been received by the Institute from the outside entity. Outside awards will be credited quarterly unless the financial aid office receives written authorization from the donor specifying alternative disbursement instructions. Please note, the entire Hoosier Scholar Award will be credited to the Fall quarter billing.
A student financial statement will be mailed to both the student's campus mailbox and the student's permanent address approximately ten days after the start of the quarter. Subsequent statements will be issued semi-monthly only on those accounts that have had activity since the last statement.
Federal Work-Study Funds/Work-Opportunity Funds are paid to the student via payroll. They are never credited to the student's account.
Promissory note(s) for all Federal Perkins Loans, Ford Federal Direct Stafford Loans, and Federal Direct PLUS Loans must be returned to the Financial Aid Office before the actual credit can be given. Please note that the Federal Direct Stafford Loans have a 3% origination fee and PLUS Loans have a 4% origination fee that will be deducted from the amount borrowed. Therefore, the anticipated credits and actual credits will be 97% and 96% of the total amount borrowed, respectively.
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