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Financial Aid Conditions

 

By accepting your financial aid awards, you agree to comply with the terms and conditions listed below and within the Financial Aid Eligibility Notice.

  1. I understand that my financial aid eligibility is determined in accordance with laws, regulations and appropriations (existing or anticipated) of the U.S. Congress, the Indiana
    State Legislature, Purdue University, and other donors.
  2. I understand that my financial aid eligibility is subject to adjustment or cancellation in the event changes occur in laws, regulations or appropriations during the period of my award.
  3. I agree to notify the Division of Financial Aid (DFA) of the sources and amount of my financial assistance that I may receive from other sources including scholarships, loans, counsellorships, assistantships, fellowships, educational benefits, etc., which do not appear on my Financial Aid Eligibility Notice. I further understand that if additional assistance reduces my eligibility, an adjustment in my awards may be necessary. This adjustment may include the return of loan funds to my lender or the necessity to repay other types of assistance already received.
  4. I understand that my aid eligibility is based on the financial information provided by me and/or my family, and that it is subject to adjustment or cancellation if changes occur or if errors are subsequently discovered.
  5. I understand that in order to receive financial aid I must be making satisfactory academic progress toward my degree as described in the Satisfactory Academic Progress Policy.
  6. I understand Pell Grant eligibility is limited to the equivalent of 12 full-time (12 or more credit hours) semesters.
  7. Unless otherwise indicated in the message section of my Financial Aid Eligibility Notice, I understand that I must be enrolled full-time to receive all of my financial aid awards (12 credit hours each semester as an undergraduate; 8 credit hours each semester as a graduate or professional student).
  8. If I withdraw from the University, stop attending classes before the end of the term or do not initiate course participation in any classes, I understand that I may be expected to repay all or a portion of my aid funds. I agree to follow the Purdue University withdrawal procedures available from the Dean of Students.
  9. I understand that I must meet repayment obligations on any educational loan and repay any financial aid funds due as a result of withdrawal or an overaward situation, or I will not be eligible for future financial aid and I may have a hold placed on my University records.
  10. I understand that I may have to take additional action before my aid will be finalized (on my Financial Aid Eligibility Notice) if an award is listed as “anticipated” or “estimated.” Furthermore, I understand that no funds will be disbursed from these aid types until all required actions are completed.
  11. I understand that if I am a transfer student my aid eligibility is subject to adjustment or cancellation based on information received regarding aid usage at my previous institution.
  12. If I am offered and accept Federal Work-Study (FWS), I understand it is my responsibility to secure a FWS position, turn in a Payroll Authorization Form to my employer and earn my award money in wages paid by my employer, as described on the Federal Work-Study page.
  13. If I accept a loan, I understand that I am required to sign a promissory note. I understand I am fully responsible for repaying the loan and meeting all other terms and conditions of the loan, including notifying the lender or loan servicer if I move or change my address or if I change my name.
  14. I understand that I must not be in default on any federal education loans or owe any refunds on federal funds that I have received at Purdue or any other post-secondary institution.
  15. I understand that if I want to borrow from the Federal Stafford or PLUS Loan programs or borrow private loans; I must follow the instructions provided with the Financial Aid Eligibility Notice. I also understand that Federal PLUS and private loans require a credit check before any application will be processed and that I am responsible for any balance owed if a loan is denied.
  16. I understand that I must file the Free Application for Federal Student Aid (FAFSA) each year that I wish to be considered for financial aid. Purdue requires the FAFSA to be filed by March 1 for priority consideration.
  17. I understand that eligibility for federal and state of Indiana student aid will be based on the number of credit hours in which I am enrolled as of the end of the fourth week of classes of each semester.
  18. I understand that the DFA communicates updates and important reminders via email to a student’s Purdue email account. It is important to read any email from facontact@purdue.edu, as this is the listed sender for all DFA email contacts. It is also important to read any email from askbursar@purdue.edu for important financial aid disbursement information.
  19. As a student loan borrower I have the right to:

    Written information on my loan obligations and information on my rights and responsibilities as a borrower

    A payment grace period and explanation of what this term means

    A disclosure statement received before I begin to repay my loan that includes information about interest rates, fees, the balance I owe and the number of payments

    Deferment of repayment for certain defined periods, if I qualify and if I request it

    Forbearance if I qualify and if I request it

    Prepayment of my loan in whole or in part any time without an early-repayment penalty

    A copy of my promissory note either before or at the time my loan is disbursed

    Documentation that my loan is paid in full