Fall 2011 Top Ten Questions
Q1. I have a red flag on myPurdue for an outstanding promissory note but
have already completed the promissory note. Why is it still there?
- If the Master Promissory Notes (MPNs) for Federal Stafford Loans
and/or the Parent PLUS Loans were completed before these loans
were accepted, the MPNs will not update at that point. MPNs
update as the loans process, which will take approximately 3-7 business days from the time the loan is accepted (Stafford) or application is submitted online (PLUS).
- Perkins Loan MPNs should update within 2 business days of being completed online.
- Promissory notes for Purdue Loans will update approximately 5 business days after they have been electronically signed.
Q2. What is the status of my private loan?
A: Once you (and your co-borrower when applicable) have completed the application your lender will send a request to Purdue for school certification. We download a list of these certification requests daily and are currently within approximately a 24-hour turn-around [business days only]. Please note that the Division of Financial Aid (DFA) only receives your request for certification 1-2 business days after the application is fully completed and credit is approved.
Q3. How do I accept the Federal Parent PLUS loan offer that I can view on myPurdue?
A: Students do not accept a Federal Parent PLUS on behalf of the parents. The parent can apply for the PLUS loan by going to www.studentloans.gov
and completing the Federal Parent PLUS Loan Application and MPN. If credit approved, DFA will originate the loan within 3-5 business days, then pass this information to the Bursar to credit the bill in anticipation of the arrival of the funds.
Q4. How do I receive my financial aid refund?
A: The Bursar’s office will automatically send any excess funds to the student via a paper check or by direct deposit, if the student signed up for the latter through their myPurdue account. If the refund is coming from the Federal Parent PLUS loan, the parent has the option on the actual application to send the refund to the student or receive the refund directly. In order for it to be directed to the student, the student must sign up for direct deposit by following these instructions
provided by the Bursar’s Office.
Q5. What is Initial Course Participation (ICP)?
A: Federal regulations require that student financial aid recipients commence attendance/participation in coursework to be eligible for financial aid. The commencement of a class can be shown in many different ways such as:
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- Physically attending a class where there is an opportunity for direct interaction between the instructor and students;
- Submitting an academic assignment;
- Taking an exam, an interactive tutorial, or computer-assisted instruction;
- Attending a study group that is assigned by the institution;
- Participating in an online discussion about academic matters; and
- Initiating contact with a faculty member to ask a question about the academic subject studied in the course
and access instructions to view how your professors reported your participation in courses.
Q6. Have I done everything I need to finalize my financial aid?
A: You can check to see if there are outstanding requirements on the student’s my Purdue account under the financial tab. Once all the requirements have been completed, the student will have green check marks beside the requested information. You must also be enrolled in a sufficient number of credit hours to constitute full-time (unless you have requested that your aid be revised to reflect less than full-time), confirm your enrollment, and satisfy your financial obligation in order to avoid cancellation of classes and receive a refund of any excess financial aid.
Q7. I’ve decided not to attend Purdue. What do I need to do?
Notify the Office of Admissions
in writing. If you plan to attend another institution, add their school code to your FAFSA so your financial aid can be determined at that location.
Q8. I am thinking about transferring into Purdue for spring semester. What do I need to do?
A: We have compiled a list of items for transfer students to address. Refer to our website
for more information.
Q9. What happens to my financial aid if I drop a class part way through the semester?
A: Financial aid eligibility is actually determined based upon the number of credit hours that you are enrolled at the end of the fourth week of classes It is best to contact our office and speak with a counselor before dropping a class to find out what other impact dropping a course may have on your financial aid
Q10. What do I need to know to get my financial aid in order for spring semester?
A: Spring invoices will be issued by the Bursar’s Office in late November and will be due on the first day of class, January 9, 2012. Students are required to confirm their enrollment each semester on their myPurdue account to avoid cancellation of their classes. Due to the University Holiday the week before classes start, the soonest a direct deposit refund will be available to students is the week of January 2nd, 2012.