New Federal Grants for Pell Grant Eligible Students
Certain students who receive a Pell Grant are also eligible for the new Academic Competitiveness Grant (ACG) or National SMART Grant.  For more information and to see if you are eligible, go to the U.S. Department of Education's web page.  Use the back button on your browser to return to this page.

A simplified version of the ACG/SMART Grant information is available in .pdf format at this link - NASFAA's HERA Implementation Tools.  You can use this checklist to determine if you should self-report yourself as eligible.

Summary of Changes to Policies and Procedures Effective Fall 2006

USI has installed new administrative software for student records, billing, and financial aid.  As a result, several policy changes are effective Fall 2006 and beyond.

Financial Assistance

• Refunds of financial aid credit balances will be released at the start of the third week of the term.  Refund checks will go out at the start of the third week.
• Official status enrollment for financial aid will be determined at the end of the 5^th day each term.  USI has adopted a 100 percent tuition/fee refund through the end of the first week of the fall and spring term, therefore official enrollment for financial aid will be determined at the close of this period.  Note that the State of Indiana uses enrollment at the end of the drop/add period (first four weeks) to determine an enrollment status for the Higher Education Award and Twenty-first Century Scholars Award.
• Textbooks may be charged in the USI Bookstore if sufficient financial aid remains on account after tuition and fees are paid.  Books must be purchased in the week before or during the first week of the term to use this option.
• Stafford Loan Request forms are no longer required for fall and spring.  Stafford Loans will be automatically awarded for fall and spring if loans are selected on the FAFSA.  This will result in the largest possible Stafford Loan for fall and spring.  Such Stafford Loans will remain pending until accepted or reduced using MyUSI.  See MyUSI navigation below.  Summer Stafford Loans will still require a Stafford Loan Request form. Students who want to change their FAFSA loan choice from ‘no’ to ‘yes’ may do so using FAFSA on the Web found at www.fafsa.ed.gov/.
    
• The Satisfactory Academic Progress (SAP) Policy will be based on both academic good standing at USI and the percentage of coursework successfully completed.  All coursework attempted at USI will be used to determine whether students are progressing toward completion of degree programs within the required timeframe.  Completion rate evaluation will take place at the end of each term.  Since USI will offer 100 percent refund of tuition and fees (not including room and board) through the end of the first week of the term, attempted hours for financial aid will equal attempted hours for academic purposes.  In addition, attempted hours rather than earned hours will be used to determine the maximum timeframe for receiving financial aid.

• Tuition-specific financial aid may create temporary false credit balances on student accounts.  When financial aid is applied to student accounts, tuition-specific financial aid may initially exceed actual charges and temporarily create a non-refundable credit balance.  After financial aid is adjusted to match actual tuition charges, unapplied tuition-specific financial aid will be withdrawn to restore the correct account balance.  Due to nearly unlimited opportunities for schedule changes, these balances may fluctuate through the end of the drop add period each term (the first four weeks of the fall and spring terms).

• MyUSI navigation instructions can be found at www.usi.edu/finaid/MyAid.ASP.
   

Billing, Fees, and Refunds 

• The University will no longer cancel students' classes for failure to settle their account with the Bursar’s Office.  Students are responsible for their enrollment and must take action to drop/withdraw from any classes.  Failure to satisfy term charges in a timely manner will result in loss of registration rights for subsequent terms.
• Tuition and fee bills will be sent electronically to students’ usieagles.org mailbox.  Fall bills will be sent August 10 and are due August 20.  Note that you may still deduct memo or pending aid from your balance due as long as it appears on your bill. 
• Registration late fees will change.  Any registration that takes place during the first week of a term will incur a $30 late registration fee.  Any registration taking place after the first week of a term will incur a $125 late registration fee.
• Tuition/fee refund is now 100-75-50-25 percent.  Withdrawals from one or more courses through the first week of a fall/spring term will receive a 100 percent tuition/fee credit; during the second week, a 75 percent credit; during the third week of the term, a 50 percent credit; and during the fourth week, a 25 percent credit. No refund will be made thereafter.  These percentages do not apply to room and board charges. 

Registration

• Periods of registration, schedule revisions, and withdrawals will be extended. Registration will essentially be available from the time of early registration through the end of the first week of the term (excluding the days needed to process financial aid and generate early registration bills).  Refer to pages 4-5 of the fall schedule for a chart of available dates and the corresponding billing procedures.

Reminders

As always, the deadline for University grants is March 1 prior to the upcoming academic year.  This is also the priority deadline for federal student aid.  You may apply for federal student aid after March 1 as applications are considered on a funds-available basis.  FAFSAs received at the processor by March 10 will be considered on-time for state grants in Indiana.

The FAFSA is available on the Web at www.fafsa.ed.gov.  On-line applicants can obtain a Federal Student Aid PIN number at www.pin.ed.gov.  Having a PIN number eliminates the need for a student signature page.  Parents can also apply for a PIN.  This can be done at any time prior to filing the FAFSA and for dependent students, this eliminates the need for a signature page to be printed and mailed.

Students who provide an email address on the FAFSA will not receive a paper Student Aid Report (SAR).  Instead, an email will be sent telling the student how to access and print the SAR on the internet.  Please note that many students never see this email as it often ends up in the junk mail or spam folder.  Please set up your email account to recognize cpsnotify@cpsemail.ed.gov.

Remember that  21st Century Scholars and Indiana Higher Education Award recipients  will lose these state grants if they drop below fulltime (12 semester hours) before the end of the fourth week of fall or spring semesters.  See your financial assistance counselor before you drop a class and tell the counselor you have one of the above awards.  National Guard Supplemental Grant recipient lose their award if they withdraw from school during the first four weeks of fall or spring.

Both the Stafford Loan and Parent PLUS Loan programs offers a one-time-only promissory note.  Instead of signing a promissory note each year, first-time borrowers now sign a Master Promissory Note (MPN) which functions like a line of credit for the remainder of students' college careers. By signing the "master prom note," the borrower will be agreeing to repay all funds advanced to the borrower through the Stafford or PLUS Loan program over a period of years.  MPNs may be signed electronically on the internet.

Review these pointers.  They will reduce the chances of having problems receiving financial aid.

1. Provide your Social Security number to USI even though it will not be used as your student ID.  USI is required by law to mail you an IRS form 1098-T each year and it must contain your Social Security number.
2. Keep your address(es), both postal and email, current with the Registrar's office.  Remember you can have more than one address (examples are temporary, sometimes called local, and mailing, sometimes called permanent).  You can use MyUSI to update all addresses except your campus housing address.
3. Reapply each year even if you don't qualify for grants - it's good insurance.
4. Maintain one point of contact for financial aid - your financial assistance counselor.
5. The financial aid process can take 2 or more months to complete - apply early!
6. Don't "course shop."  Don't sign up for a heavy class load and plan to drop your most difficult class.  Dropped classes count as unsuccessful completion for financial aid purposes.  
7. When making up an incomplete grade in a class, do not sign up for the class a second time.  Instead, work with the instructor to determine what is required to complete the class.
8. Remember, satisfactory academic progress is measured in two ways: cumulative grade point average and completion rate.  Become familiar with the Satisfactory Academic Progress (SAP) Policy.

-   The Registrar compares your cumulative grade point average to the total of your quality hours (graded classes) and your transfer hours, if you have any, to determine your "good standing" at USI.  Earned hours are not used in determining your academic "good standing."
-  Credit hours transferred to USI have no effect on your USI grade point average.                 

9. Don't wait until you get your bill to apply for financial aid (including Parent Plus Loans).  At the time bills are produced, the financial aid office is so overwhelmed with late applicants, it takes longer than usual to complete processing of applications.
10. Respond to USI's request for additional information promptly!  Remember, if your USI mailing address(es) is (are) not up to date, you won't receive these requests.

If your USI bill doesn't contain financial assistance that you were expecting, contact your financial assistance counselor for help. After your counselor helps you, you must still submit any required payment to the USI Bursar's office to ensure that your right to future course registration will not be canceled.

Questions? Call us at 800/467-1965 or 812/464-1767 and ask for your financial assistance counselor, or use the "finaid" contact link.