Top Ten Questions for New 2012 Boilermakers
1. When do I need to accept my student loans?
Loans should be accepted by July 5 to show as a financial aid credit on the invoice issued mid-July. If it is not necessary that the loans credit the July invoice, loans may be accepted anytime during the 2012-13 academic year. Promissory notes and loan entrance counseling should be completed at the time the loan is accepted.
2. When is the bill issued and due?
The fall bill will be issued in mid-July and due August 20, 2012, the first day of class.
3. I have received a private scholarship – do I have to let you know, and how do I do that?
All private scholarships received need to be reported to the Division of Financial Aid. Steps for reporting the awards to us, in addition to where to send the scholarship checks, are available at www.purdue.edu/dfa/sandg/reporting.php.
4. Why does it still show the Master Promissory Note (MPN) and loan entrance counseling requirements are still outstanding for 2012-13 when I’ve already completed them?
Our office will begin downloading promissory notes and
entrance counseling files from Direct Lending the first week of July. Although you have already completed the requirements, they will still show as red flags on myPurdue until the files are downloaded in July. No further action is required on your part if these requirements have already been completed.
5. Why isn’t the Parent PLUS Loan or private loan crediting my bill? It doesn’t show up on myPurdue.
After the Parent PLUS Loan application is completed at www.studentloans.gov, Direct Lending will check the borrower’s credit and either approve or deny the request. Files will be sent between Direct Lending and Purdue University to process the loan application. Approximate time for the loan to credit the bill after the application is completed online is 5-7 business days. A Master Promissory Note (MPN) also needs to be signed at the above-mentioned website. Private loans showing in “offered” status on myPurdue require a separate application to be completed. An application must be submitted through a bank or loan company to initiate a private loan. Private loans take approximately 4 weeks to process from the time the application is completed through the lender. Our office will begin processing private loans in July. Refer to question #4 above for more information about the Direct Loan processing timeframe.
6. What financial aid information is available at STAR for parents? Can we make an appointment to speak with a Financial Aid counselor?
All first-time students attending Purdue University are required to attend STAR. The Division of Financial Aid (DFA) and Bursar’s Office will have a joint presentation for families daily. The presentation is offered in the morning and again in the afternoon. Financial aid counselors will be available on-site for families who wish to ask specific questions after the presentation concludes. Additional information is available at www.purdue.edu/dfa/pfp/star.php.
7. I am an international student; what financial aid am I eligible to receive?
Federal, State, and Institutional financial aid is generally not available to international students. However, additional resources regarding citizenship and aid eligibility, merit-based private awards, and private loans are available at www.purdue.edu/dfa/fast/international.php.
8. Why isn’t my Indiana State award the same amount as what’s listed on the SSACI Grant Notification on the eStudent website?
Purdue must be listed as the first college choice on the FAFSA to receive all information needed to calculate an accurate award amount. You may check the college choice order by creating an account and logging in at www.in.gov/ai/appfiles/eStudents/. The school choice may be changed if
Purdue is not already listed first. Purdue will automatically provide the school code to the State Student Assistance Commission of Indiana (SSACI) within a few weeks of the college choice being updated. You do not need to contact Purdue after changing the order of the college choice. In the event that Purdue is the first college choice listed, but the amount is still different than the grant notification, please contact our office for further assistance.
9. What is Federal Work-Study? Am I eligible to participate in the program?
Federal Work-Study (FWS) is a program for students who have demonstrated financial need as determined by the Free Application for Federal Student Aid (FAFSA). FWS is included on the award eligibility notice if the student qualifies. The FWS program helps students meet some of their educational expenses through a part-time job with an eligible employer. Funds will be earned throughout the academic year and are distributed in the form of a paycheck. The FWS award ($2,500 maximum) will not credit the student’s invoice. Students can search for Work Study jobs at www2.itap.purdue.edu/DFA/JobPosting/JobSearch.cfm.
10. How and when do I get financial aid to pay for
books?
The Bursar’s Office will issue a refund for excess financial aid approximately 5-7 business days before the start of the fall semester, as long as all requirements are satisfied. Students typically receive the funds 3-5 business days prior to the start of the semester. The Bursar will mail a check by default, but students can sign up for direct deposit as an alternative that often results in receiving money sooner. Instructions for setting up direct deposit are available at www.purdue.edu/bursar/PDF/Instructions/Bursar_Authorize_Direct_Deposit.pdf. Be sure all requirements are satisfied so the refund is not delayed. A list of common reasons a refund is not issued at the expected timeframe is available at www.purdue.edu/dfa/all/aidispaid.php.
