Continuing Students

Application for Financial Aid
File the Free Application for Federal Student Aid (FAFSA) between October 1 and April 15 every year. The FAFSA is used to determine eligibility for federal, state, and University financial aid programs including the Direct (Student) Loan and Direct (Parent) PLUS Loan. April 15 is the state of Indiana's deadline for state-funded programs such as the 21st Century Scholar Award and other awards. If you have missed the April 15 deadline, you may still file the FAFSA to be considered for federal aid. 

Notification
Continuing/Current students receive Financial Aid Notification information through myUSI. Awards are subject to adjustment or cancellation due to changes in your FAFSA, your enrollment status, satisfactory academic progress, or other factors.

Check your myUSI on a regular basis for the most up-to-date and accurate information. Instructions are available to help you navigate myUSI to view your awards.

Cost of Attendance/Financial Aid Budget
Student Financial Assistance establishes the cost of attendance, which is also known as the financial aid budget, for the purpose of determining financial aid eligibility. The cost of attendance includes allowances for tuition and fees, housing and food, books and supplies and other miscellaneous expenses. The allowances are determined with consideration for direct costs (costs billed to the student; e.g. tuition, fees, housing, meal plan) and indirect costs (costs not billed to the student; e.g. books, supplies, miscellaneous expenses). View more information about the Cost of Attendance/Financial Aid Budget online.

The Cost of Attendance/Financial Aid Budget is NOT your bill. It is always a good idea to estimate your direct costs by visiting the University’s Tuition and Fees page. 

Completing Financial Aid Requirements
In addition to completing the FAFSA, you may be required to submit additional paperwork or make corrections to your FAFSA. All unsatisfied requirements must be met in order for USI to review, process, and disburse (pay) awards. Processing takes several weeks during peak periods of the year such as July and August, thus you are encouraged to submit documents as soon as requested. Complete all financial aid requirements by June 1 for priority processing. Through the myUSI portal online, you will be able to see any requirements you still need to complete.

Instructions are available to help you navigate myUSI to view your requirements.

Report Outside Resources and Scholarships
Report all scholarships not awarded by the University, the state, and the federal government. You may either report outside scholarships on your myUSI or you may submit a copy of the scholarship letter to our office.

Failure to report scholarship information may result in the reduction of certain types of financial aid once the scholarship check/resource is received by the University.

Instructions are available to help you navigate myUSI to report/check outside resources and scholarships.

Accept, Decline or Reduce Direct (Student) Loan(s)
Accept, decline or reduce the Direct (Student) Loan on myUSI after July 1. 

Direct (Parent) Plus Loan request forms are available in paper form or online. If interested, your parent may apply for the Direct PLUS Loan after July 1. First time Direct (Parent) PLUS borrowers must complete a Master Promissory Note.

Instructions are available to help you navigate myUSI to accept, decline or reduce the Direct (Student) Loan. 

Enrollment Requirements
Full-time enrollment for undergraduate students is a minimum of 12 credit hours or more of undergraduate level coursework. Half-time enrollment is a minimum of 6 credit hours of undergraduate level coursework. Enrollment requirements vary for different types of aid and although some types of aid may only require full-time enrollment to receive, you may be required to complete more than 24 credit hours to keep your award for future years.

You are responsible for knowing and complying with the rules specific to each award you receive. View more information about Enrollment Requirements online.

Disbursement Procedures/Financial Responsibility
Student Financial Assistance begins disbursing funds to student's billing accounts beginning the middle of the second week of each semester (after the 100% refund period) for students with complete and processed financial aid. Financial aid (including student loans) is disbursed one semester at a time based on the hours students are attending at the time of each disbursement.

All financial aid funds are sent directly to USI. Once aid is disbursed, the Bursar's Office will begin sending refunds as early as the third week of the term for student's whose financial aid exceeds the billed costs.

Students who do not receive financial aid or have not completed all of the necessary requirements to receive financial aid must pay their fees by the bill due date. Failure to do so may result in a hold being placed on registration for future terms.

View more information about Disbursement Procedures online.

Satisfactory Academic Progress
Students who receive federal or state financial aid are required to make satisfactory progress toward completion of their degree program. Progress is measured by the number of credits successfully completed each semester and by the student's cumulative grade point average. View a copy of the Satisfactory Academic Progress Policy online.

Institutional Refund Policy for Financial Aid Recipients
Students who withdraw from or cease attendance at the University prior to the tenth week in fall or spring may be required to repay a portion of any financial aid which exceeded actual fees and books. Summer session refunds are calculated on the length of individual class schedules. View a copy of the Return of Title IV Federal Funds Institutional Policy online.

Note: Only credits that are required for successful completion of the student's degree program may be counted in the determination of enrollment status. Students who receive aid for courses not required for graduation will be required to repay all or a portion of such aid.