Top Ten Questions for Spring 2013
1) What happens to my financial aid eligibility if I drop a class now?
Your financial aid could be reduced or cancelled if you drop classes prior to the Census date, the fourth week of classes. To insure aid eligibility is not lost, students should initiate participation and remain enrolled in their classes. Unless indicated otherwise, all students’ aid packages are based on full-time enrollment for the academic year. Students who drop hours and fall below full-time status may receive a lost aid bill. View an approximate timeline of when financial aid awards are subject to change at different points in the semester.
steps to apply for financial aid.
3) When will I be awarded financial aid eligibility for 2013-14?
Continuing students will receive notice of financial aid eligibility in June if all requirements have been completed. Check the steps to apply for financial aid to insure all requirements have been met and to avoid delays in receiving your eligibility.
4) What are the red flagged requirements on myPurdue?red flags(Step 2 - Verify) for Financial Aid Requirements on myPurdue indicate that further action needs to be taken. Red flags will delay a student from being awarded financial aid. Many of the requirements that may be listed are hyperlinked to a PDF document that needs to be printed, completed, signed, and returned to the Financial Aid Office as soon as possible. Other red flags may appear that do not link to a document to be completed, but indicate that information is needed; i.e. tax returns. Additionally, other red flag requirements may exist such as promissory notes or entrance counseling for student loans.
5) How do I apply for financial aid to take summer classes?
The 2012-13 FAFSA must be submitted and the summer aid application completed to be considered for financial aid. The application will be available on myPurdue from late March until July. Additional summer financial aid information will be available online.
6) When and how can I apply for loans next year?
Financial aid eligibility, including available loan amounts, will be available to continuing students beginning in June. At that time, students can accept student loan offers through myPurdue. Additionally, parents of dependent students may apply for a Federal Parent PLUS Loan at www.studentloans.gov at that time. Families that wish to pursue a private alternative loan may start the process with a private lender once the amount of eligibility has been determined in June. View Federal and private loan options for steps to apply and other requirements.
7) What happens to my financial aid if I live off-campus next year?
Your Estimated Cost of Attendance, or budget, includes a housing allowance. This amount is included in your financial aid offer whether you live on or off campus. If your total accepted financial aid is greater than your bill for tuition and fees each semester, the Bursar’s Office will issue you a refund for the difference. You may use your refund to pay for off-campus housing. Note that the soonest refunds may be issued is one week before classes start each term. Plan accordingly and be prepared to pay the deposit and first month’s rent out of pocket.
type of study abroad program you pursue. You need to complete a Summer Aid Application that will be available on myPurdue in late March. Also, you must have a 2012-13 FAFSA completed and processed by Purdue. Financial aid refunds will become available to students approximately one week before the class or program begins, so it is important for families to plan ahead for out of pocket expenses such as a deposit or plane ticket. Loans are a common option to finance the cost of a study abroad program. Check back for summer financial aid information online.
9) What do I need to do to satisfy the Exit Counseling/Interview requirement listed on myPurdue?
If the Exit Interview is required for a Purdue or Perkins Loan, instructions are provided by the University Collections Office. If Exit Counseling is required for a Federal Stafford Loan, this can be completed online by selecting “Exit Counseling” under Tools and Resources at www.studentloans.gov. It is recommended that you complete these requirements as soon as possible to release the hold on your account.
If you are completing a degree as an undergraduate and will start pursuing a graduate degree at Purdue the following semester, you still need to complete all exit counseling or exit interview requirements.
10) I am a loan borrower and graduating in May. What do I need to know about repayment?
Repayment is handled by your lender or assigned loan servicer, who will contact you when you are close to entering repayment with details regarding your monthly payment(s) and due date. General information about repaying student loans is available online. You can view all Federal student loans that you have borrowed, including Stafford and Perkins Loans, on the National Student Loan Data System’s (NSLDS) website. Lender and servicer contact information is provided at NSLDS, and students can update their personal contact information to insure receipit of communications from lenders or servicers.