Summer Aid
We can calculate your eligibility for summer financial aid if you complete a Summer Aid Request Form and submit it to the Office of Student Financial Aid. This is needed as early as possible, but no later than June 22nd for the Summer I term and July 27th for the Summer II term. We will attempt to process late submissions, but cannot guarantee their approval, so please apply on time.
Degree-Seeking at ISU
Students are required to be seeking an ISU degree in order to receive federal financial aid. This is a federal requirement. Students who are pursuing a degree from another institution, who take classes at ISU during the summer, should have a consortium agreement completed between the two schools to allow their home school to process summer aid while including your ISU hours of enrollment. Not all colleges process these types of agreements, so it is good to check with your home institution regarding the consortium agreement early on.
FAFSA Completion and Other Paperwork
Students must have completed a 2011-2012 FAFSA form to be considered for summer
aid. The data had to be sent to ISU using our federal school
code of 001807. If this was not done you must file the FAFSA by
June 30th 2012 or add ISU at
http://www.fafsa.gov
before the student's last day of summer attendance. Any
paperwork needed by the Office of Student Financial Aid must be
turned in before aid eligibility can be calculated.
Special Note: To be eligible for summer aid, the 2012-2013 FAFSA and Summer Aid Request Form must be completed for students who are applying for the Child of Certain Veterans and Public Officers Supplemental Grant and the Twenty-first Century Scholars GEAR UP Summer Scholarship. Students who are graduating during summer 2012 must also complete the 2012-2013 FAFSA.
Enrollment
All summer terms are combined for financial aid purposes and treated like a regular semester. Undergraduate students must be enrolled in at least 12 hours of combined summer enrollment to be considered as full-time and 6 hours for half-time status (required for loans). Graduate students need 9 hours of combined summer enrollment for full-time and 5 hours for half-time status (required for loans).
Withdrawal
Many classes are offered with varying start dates during the summer term. Your aid is calculated based upon enrollment as of the census date, which is the 7th day of the regular summer term. However, if you withdraw from classes which have not yet met after the census date, this reduces the number of hours allowed for aid. Often this creates a need for a payback of student aid. If you must withdraw from classes, speak about this issue with a Financial Aid Counselor prior to changing your class schedule after the census date. To officially withdraw you must contact the Office of Registration and Records.
Satisfactory Academic Progress
Students must be making Satisfactory Academic Progress (SAP) as required by the federal government according to the ISU established policy in order to be considered for federal or institutional financial aid. You can review this policy at Special Aid Rules. Summer SAP appeals must be submitted to the OSFA no later than 10 business days before the end of the payment period for which eligibility reinstatement is desired.
Disbursements
Aid is disbursed after confirmation that half-time enrollment has occurred (exception: Federal Pell Grant, Child of Certain Veterans and Public Safety Officers Supplementary Grant (CVO) and some alternative loan programs). Students enrolled less than half-time for the Summer I term will have to wait for most financial aid until the start of the classes for Summer II which make them enrolled at least half-time. Be prepared to pay for initial expenses yourself if facing this enrollment situation.
The first disbursement of a Federal Stafford Loan, Federal Grad PLUS or a Federal Parent PLUS Loan cannot be released until the student has started their course work in at least 6 credit hours of study (5 credit hours for graduate students). If Summer I enrollment is less than half-time, the funds will be available after enrollment for Summer II has started.
Federal Pell Grants
Pell Grant is available for summer if you did not receive your full year's
eligibility during fall and spring. Students who attended less than
full-time during part of the academic year may have Pell Grant
funds remaining for summer. The Pell Grant will be awarded based
on the enrollment level for summer or up to the remaining amount
of your eligibility whichever is less. To ensure that you
receive the full benefits from the Federal Pell Grant Program,
we encourage you to complete the FAFSA as soon as possible.
The last day to file a
2011-2012 FAFSA is June 30, 2012. If you have not filed or
added ISU as a school choice, please complete the FAFSA process
at
http://www.fafsa.gov
Federal SEOG Grants
Occasionally we are able to offer students who qualified for large Pell Grants during the academic year an SEOG Grant during the summer term. If you qualify and money is available, it will be shown on your summer Financial Aid Notification Letter.
Federal Work Study
Students can work up to 37.5 hours per week during the summer. Work-study funding is limited for Summer and if funds are available the award will be shown on your summer Financial Aid Notification Letter. Students should check for job listings at Student Employment or with their employing departments to ensure they have Federal Work Study funds available for summer. Federal Work Study earnings are paid biweekly, so other means will be needed to pay for your direct charges related to summer enrollment. The FWS award is calculated based on summer cost.
Federal Perkins Loans
Occasionally we have Perkins Loan money remaining for summer students with high financial need. if you were awarded a Perkins Loan during the academic year or if you complete a Request for Perkins Loan form, we will evaluate your eligibility for this funding option. If you qualify and money is available, it will be listed on your summer Financial Aid Notification Letter. You must sign a Perkins Master Promissory Note at the Office of the Controllers, Parson Hall Room 100 during normal business hours before receiving this funding.
Federal Subsidized and Unsubsidized Stafford Loans
Students who did not borrow their full eligibility for these loans during the regular academic year may be able to borrow up to the remaining balance if it fits within their estimated Cost of Attendance. You must complete the Summer Aid Request Form. More details about eligibility are available on the Federal Direct Loan Information website for the Subsidized Stafford Loans and Unsubsidized Stafford Loans.
All borrowers must complete an Entrance Interview and Master Promissory Note (MPN) before funds can be released to ISU. You can access this information by clicking on these links. The Stafford MPN is good for 10 years as long as a Stafford Loan is disbursed to you within one year of signing the MPN.
Parent PLUS Loans
Dependent students who received their maximum loan eligibility during the academic year may want their parents to consider applying for a Parent Plus Loan to help with summer term expenses. You must complete the Summer PLUS Loan Request Form. An application and a signed Master Promissory Note must be on file before funds can be released to ISU. Credit worthiness is considered by the Department of Education when determining eligibility for this type of loan.
Grad PLUS Loans
Graduate or Professional students with remaining loan eligibility may wish to borrow under this loan program. You must complete the Summer Graduate PLUS Loan Request Form. An application and a signed Master Promissory Note must be on file before funds and be released to ISU. Credit worthiness is considered by the Department of Education when determining eligibility for this type of loan.
Alternative Loans
Students who are interested in applying for an Alternative loan must submit a separate application.