How to Apply for Financial Aid

Step 1. Apply for Financial Aid

There are three major types of financial aid: loans, Federal Work-Study, and gift aid (scholarships and grants). The application process for each varies slightly, but two major applications are needed to apply for the majority of aid: the Free Application for Federal Student Aid (FAFSA) and the Purdue Scholarship Application.

Purdue Scholarship Application       December - January

Freshmen should complete the Purdue Scholarship Application by February 1, 2013, to be considered for scholarships that have a financial need component and are awarded by Purdue’s colleges and schools. The application allows Purdue colleges and schools to identify freshmen who may be eligible for merit scholarships that have a financial need component. Note that the application should include the expected family contribution (EFC) and parental contribution (PC) estimates from the College Board EFC calculator.

Filing the 2013-14 FAFSA                  January - February

To apply for federal, state and Purdue University student aid programs, you must file the 2013-14 FAFSA. You must file the FAFSA annually to be considered for aid each academic year.

Students need to file the 2013-14 FAFSA on or after January 1, 2013, and have it postmarked or electronically transmitted by March 1, 2013, to receive priority consideration for available funds. Although students may file the FAFSA after March 1, fund availability may be considerably reduced for applicants that file after that date.

If 2012 taxes have not yet been filed, actual tax data from 2011 may be used on the FAFSA as an estimate for 2012 if income remained relatively the same to meet Purdue's March 1 priority date. The FAFSA contains an option of "Will file" [taxes] for this reason. Some tax filers will be eligible, and are strongly encouraged, to use the IRS Data Retrieval Tool within the FAFSA to update the information after taxes have been filed. Information will be transferred from the IRS directly into the FAFSA with this option. A short video is available online that explains how to use the IRS Data Retrieval Tool.

FAFSA Filing Tips

Both the student and one parent should obtain a PIN from the U.S. Department of Education at www.pin.ed.gov.

• A 2013-14 FAFSA on the Web worksheet can be printed at www.fafsa.gov. Completing the worksheet will help you prepare your answers to the FAFSA questions prior to entering the information online. FAFSA on the Web Worksheet forms are also available from your high school, local library, and the DFA.
• Students and parents should gather their 2012 income information.
• Students and parents with FAFSA filing questions can contact FAFSA customer service agents at 800-433-3243, get online help, or watch a video that goes through each step of the application.
• FAFSA filers should provide a current, valid e-mail address that the U.S. Department of Education and Division of Student Financial Aid (SFA), formerly known as the State Student Assistance Commission of Indiana (SSACI), can use to communicate important information about the FAFSA status and Indiana aid eligiblity.
• Be sure to enter Federal School Code 001825 to ensure that your information is sent to Purdue University West Lafayette.
• The DFA recommends printing the FAFSA on the Web submission confirmation page as proof of completion. Keep this in your records.
• You can apply for financial aid prior to applying for admission to Purdue. However, you must be admitted to a degree-seeking program (or a teacher’s certification program) before eligibility will be calculated and to receive financial aid.

FAFSA filing tips for unique situations are available by clicking on the following links to view a PDF of the information.

•    FAFSA Tip Sheet for Adult Learners
•    FAFSA Tip Sheet for Undocumented Students
•    FAFSA Tip Sheet for Military and Veterans
•    FAFSA Tip Sheet for Ward of Court, Foster Youth, and Single Parents

Applications for Private Aid

Private Scholarships

Students, especially incoming freshmen, should apply for private scholarships with private donors as early as possible leading up to freshmen year. Scholarship opportunities can be found in your local community and nationwide. High schools are a good resource to find out where to find locally funded scholarships. Scholarships offered on a broader level can be found by searching online. FastWeb is a free scholarship search website recommended by Purdue.

Private Loans

A large number of private commercial education loan options are available to assist students and families in meeting college costs. Loan applications are completed with your lender of choice. Your lender is required to provide the borrower with three additional Truth-in-lending statements at specific points in the application process. As a result, we are recommending that you apply at least 30 days prior to the date you need the funds and comply quickly to information requests from your lender. Read more about private loans.

Step 2. Verify Your FAFSA

Verification is a process that the Division of Financial Aid conducts on a percentage of students to comply with federal regulations. Purdue is required to verify the information provided on the FAFSA with tax documents to ensure students are awarded properly with financial aid eligibility. If selected for verification, our office will request information regarding the information reported on your FAFSA application. Be sure to respond directly and promptly to the Division of Financial Aid and the Division of Student Financial Aid (SFA), formerly known as the State Student Assistance Commission of Indiana (SSACI), or your home state’s aid agency when asked to provide additional information or verify FAFSA information.

Common Verification Requirements

The Division of Financial Aid will notify students of which verification documents are required through the student's myPurdue account beginning in late February each year. Students, and parents who supply an email address on the FAFSA, will receive an email notification of requested information.

Processing Timelines

Once our office has received the requested verification information, It will take 1-2 business days to review the documentation and compare it to the FAFSA. If the information on the FAFSA does not match the verification documentation, we will update the FAFSA data and revise financial aid eligibility accordingly. These revisions typically take 7-10 business days after the initial review of verification information. The student will receive a notification through their Purdue email account after revisions have been made and will be directed to their myPurdue account to view the changes.

Important Notes

• By submitting the FAFSA, you agreed to provide any additional information that the school requests.
• It is your responsibility to comply in a timely manner to maintain financial aid eligibility.
• Verification must be completed before the last day of the student's enrollment; however, please be advised that financial aid will not credit a student's bill if outstanding verification requirements exist. Additionally, financial aid is awarded on a first-come, first-serve basis; eligibility may decrease if funding is no longer available at the time verification is submitted.
• To avoid unnecessary delays and further requests, do not send our office verification documents unless they have been requested of you specifically by Purdue University. The Federal Processor may indicate that your record was selected for verification; this is separate from Purdue's request for verification.

Step 3. Review the Award Notice

The Division of Financial Aid (DFA) sends award notices to first-time students who are admitted to Purdue, applied for financial aid, and submitted all verification information that was requested in early April. Notification is sent to the student's Purdue.edu email address as long as it has already been established. The email directs students to view their financial aid offer online in their myPurdue system under the Financial Tab. Notifications will be sent to parents who supplied a parent email address on the FAFSA. Award letters will also be sent through postal mail to the family's home address.

The DFA sends award notices to continuing students who have applied for financial aid and submitted all verification information requested in June each year. Notification is sent to the student's Purdue.edu email address. The email directs students to view their financial aid offer online in their myPurdue system under the Financial Tab.

Example Award Notice

As families review the award notice and Purdue Financial Aid Terms and Conditions, keep in mind that grants and scholarships are types of gift assistance that do not need to be repaid. Loans and work-study are types of self-help financial aid that must be repaid either in money or labor.

Ask Yourself...

When reviewing your financial aid offer, ask yourself these questions to get a comprehensive understanding of your cost of attendance and financial responsibilities:

• What will my costs be? Where can I save? On your award notice, DFA estimates costs that we expect you will incur throughout an entire academic year. Review your housing and meal plan choices, personal budget, and transportation options to see where you can lower your costs.
• Do I have any outside resources? These can include savings from the prior summer income, income from a part-time job during the school year, funds from college savings plans, private scholarships, and monetary gifts from family. These resources directly reduce the amount you need to borrow in student loans.
• How much will I need to borrow? After determining your costs, subtract the total of outside resources and gift aid you have available. This is your remaining net cost to be covered by loans.
• What are my responsibilities to keep my financial aid? In order to use financial aid, you must maintain Satisfactory Academic Progress (SAP), a minimum of half-time enrollment, and will need to attend the courses you are registered for. Some financial aid awards have special requirements, such as the Purdue Promise program. Purdue's Presidential and Trustees scholarships have a miminum cumulative GPA requirement of 3.0. Federal Work-Study awards will not credit to your Purdue invoice. They are earned through paychecks from a part-time Work-Study job.

Know Before You Owe

The DFA encourages students and their families to consider the debt from educational loans carefully before accepting any loan offers. Review alternative options available to reduce the amount you borrow.

• Calculate the total debt and monthly payments for loans accrued over the span of your educational career, not just one academic year.
• Compare your total debt to your projected future income. Is this a wise investment? Will the payments be manageable?
• Consider your loan co-signers, parents who are borrowing a Parent PLUS loan, and others who may be borrowing on your behalf. Will their possible future debt payments be manageable?

Step 4. Accept Financial Aid

Students and families accept financial aid shortly after reviewing the financial aid offer. Financial aid is typically accepted for both the Fall and Spring semester at once. While no official deadline for accepting aid exists, keep in mind that financial aid will not credit to your Purdue invoice until aid is accepted. The DFA recommends students to accept aid no less than 4 weeks before the start of the semester. Each type of aid has unique requirements for acceptance.

Subsidized/Unsubsidized Stafford Loans

• 1. Accept the loan on myPurdue under the "Financial" tab > "Award for Aid Year" > "Accept Award Offer"
• 2. First time Stafford loan borrowers will need to complete a Master Promissory Note (MPN) at www.StudentLoans.gov. Sign into the website with the student information and click "Complete MPN."
• 3. First time Stafford loan borrowers will also need to complete Loan Entrance Counseling, also at www.StudentLoans.gov. Sign into the website with the student information and click "Complete Entrance Counseling."

Perkins Loan

• 1. Accept the loan on myPurdue under the "Financial" tab > "Award for Aid Year" > "Accept Award Offer"
• 2. First-time Perkins loan borrowers will need to complete a Master Promissory Note (MPN) at ECSI

Purdue Loans

• 1. Accept the loan on myPurdue under the "Financial" tab > "Award for Aid Year" > "Accept Award Offer"
• 2. Complete a promissory note at ECSI. This is done each year you borrow a Purdue loan.

Parent PLUS Loan

• 1. One parent needs to submit a Parent PLUS Loan application at www.StudentLoans.gov. Sign into the website with the parent information and click "Request PLUS Loan."
• 2. Once credit approved, the same parent, if a first-time Parent PLUS borrower, will complete a Master Promissory Note (MPN) at www.StudentLoans.gov. Sign into the website with the same parent information and click "Complete MPN."
• 3. If credit denied, the parent has several options: replace the Parent PLUS loan with $4,000-$5,000 unsubsidized Stafford loan and/or private loan up to the remaining cost, reapply for the Parent PLUS Loan with a co-signer, or reapply with a different parent borrower.

Graduate PLUS Loan

• 1. The student will complete a PLUS Loan application at www.StudentLoans.gov. Sign into the website with the student information and click "Request PLUS Loan."
• 2. Once credit approved, the student, if a first-time Grad PLUS borrower, will complete a Master Promissory Note (MPN) at www.StudentLoans.gov. Sign into the website with the student information and click "Complete MPN."

Federal Work-Study

• 1. Accept Work-Study on myPurdue under the "Financial" tab > "Award for Aid Year" > "Accept Award Offer"
• 2. Find a Work-Study job by searching through job postings and contacting listed employers for the application process.
• 3. Once you have secured a Work-Study job, visit the Student Employment office or the DFA office on campus for a Payroll Authorization Form (PAF). Give this form to your employer when you begin your job. Remember you can only work during the semesters you are enrolled and can pick up the PAF no earlier than the first day of the semester.

Private Loans

• 1. Research your private loan options. Review our private loan information and search online for lenders.
• 2. Complete a loan application with your lender. Most lenders have applications available on their website.
• 3. Once credit approved, contact your lender for the next steps necessary.
• 4. Your lender will contact the DFA for certification of your loan. Once certified, the loan will appear in your financial aid package on your myPurdue account.

Note that the private loan application process typically takes at least 30 days. Apply as early as you can so that funds arrive in time for the bill due date.

Private Scholarships

• Report your private scholarship to the DFA on your myPurdue.
• Give your donor the Bursar address to send a paper check.

Gift Aid

The majority of gift aid, such as scholarships, grants, and fee remissions, are automatically accepted on your behalf. Some awards have special requirements, such as the Purdue Promise program.

Step 5. Finalize Your Financial Aid

As the upcoming semester nears, you will need to finalize your financial aid to ensure timely payment to your Purdue bill.

• Double-check that all requirements are complete. Check for any red flags on your myPurdue account and check that all expected aid is crediting to your Purdue invoice.
• Confirm your enrollment. The DFA and the Bursar ask that you confirm your enrollment and accept your fees before each semester. By confirming your enrollment and accepting fees you are acknowledging your financial obligation to pay, by the due date, any tuition, fees, and housing charges assessed and billed to your student account. On your myPurdue account, under the Financial tab, click on "Confirm your enrollment for the coming semester."
• Direct where to send your refund. Students can sign up for Direct Deposit for their financial aid refund via myPurdue. Otherwise, refund paper checks will go to your local address listed on your myPurdue account. Parent PLUS refunds can be sent to the student or the parent, depending on what is indicated on the Parent PLUS loan application.

  Expect to receive your refund no earlier than one week before the first day of each semester. Plan your textbook purchases and rent payments/deposits accordingly.

• Sign up for the Bursar installment plan or make one payment up-front. If there is a remaining balance on your Purdue invoice that you plan on paying out-of-pocket, you will need to sign up for the installment plan or make a full payment before the first day of the semester.