Types of Financial Aid
Students who file a Free Application for Federal Student Aid (FAFSA) are automatically considered for most federal and state grants, federal loans, and federal work-study.
As a rule, most aid for a given academic term cannot disburse to a student’s Bursar account more than ten days before the beginning of that term. Aid awarded for a full academic year typically disburses in halves, one half for the fall term and one for the spring term.
Starting with the Fall 2012 semester first time freshman will have their loans delayed until after the Bursar refund period has ended (30 days). The goal is to reduce loan borrowing to the exact amount needed and by waiting to request funds until bills are finalized we hope this will help our new students. Also, students who are receiving a one semester loan will receive their funds in two payments. One half will be disbursed up front and the second half will come mid-way through the semester.
If students meet all eligibility requirements, their federal financial assistance will be disbursed through the Office of Student Accounts (Bursar), and credited to the student's account. All current IU East charges are paid first; the student will be paid (“refunded”) any remaining amounts. Disbursement procedures are explained on the inserts included with the bursar bill and in the IU East Schedule of Classes.
The Office of the Bursar will use that money to:
- pay other University charges besides fees and housing, which are automatically paid by federal aid.
- pay any outstanding charges from a previous academic period with any funds remaining after current charges are paid from any federal grants and loans that have been credited to the account.