Fall 2013: Top 10 Questions for Incoming Freshmen and Parents
1. Why isn't my aid crediting my bill?
A. Financial aid will not credit the student’s bill for a variety of reasons. Some of the more common ones are that the student’s financial aid award does not match the number of credit hours he/she actually enrolled in, there are still outstanding requirements such as a Promissory Note or Loan Entrance Counseling that have not been completed, or there has been a hold placed on the student’s account. Please contact a financial aid counselor at email@example.com, 765-494-5050, or visit our office in Schleman Hall Room 305 to find out the specific reason for your account.
2. When is the bill due? What happens if I can't cover the bill by that time?
A. The semester bill is always due on the first day of class. The bill either needs to be paid in full, or the first payment of the Installment Plan (minimum of 25% of remaining balance). If the bill is not paid by that time, the student’s classes may be subject to cancellation.
If classes are cancelled, the student will have to obtain a Form 23 from their academic advisor, have each of their instructors sign the form, take the the signed form to the Bursar's Office and either pay fees or provide proof that the bill can be paid. (Note: A $200 late registration fee is assessed. If you enroll in the Bursar’s Installment Payment Plan, the late registration fee must be paid separately. If you anticipate financial aid to cover your bill, then the fee will be deducted from your aid. If you have just completed an application for Federal Parent, Graduate PLUS Loan, or a private loan, provide the Bursar proof from the lender that the application is complete and credit approved, showing the enrollment period and the requested amount. Afterward, the Bursar will sign the Form 23.) Finally, take the completed form to the Registrar's Office.
3. Why isn't the Parent PLUS Loan or private loan crediting my bill? It doesn't show up on myPurdue.
A. 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 and credit approved is 5-7 business days. A Master Promissory Note (MPN) also needs to be signed at the above-mentioned website.
Private loans require a separate application to be completed and credit approved through a bank or loan company. Private loans take approximately 4-6 weeks to process from the time the application is completed through the lender. Our office will begin processing private loans in July each yeaR. More private loan information can be found atwww.purdue.edu/dfa/loans/altloans.php.
4. How do I confirm my enrollment on myPurdue?
A. A student can confirm his/her enrollment on the myPurdue account, under the Financial tab. A student can only successfully confirm enrollment when the bill is fully covered, either by financial aid, payments, or the installment plan.
5. How and when do I receive financial aid to pay for books?
A. 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 if direct deposit has been set up. Otherwise, the Bursar will mail a check, and the refund may take longer to receive. This refund money can be used to purchase books or on any other educational expenses.
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/refunds.php.
6. How does my parent apply for a Parent PLUS Loan?
A. Unlike student loans, parents cannot accept the Parent PLUS loan on the myPurdue account because this loan requires a credit check. To utilize this loan, the parent needs to visit www.studentloans.gov and log in with his/her personal information. The parent should then click on the “Request Direct PLUS loan” link, select the option for Parent PLUS loan, and complete and submit the application. After completing this, the parent should also complete the Master Promissory Note (MPN) on the same website. Our office will then be notified of the credit decision within 2-3 business days and will process the loan accordingly. Refer to www.purdue.edu/dfa/loans/plus.php and select “Steps to Apply for a Federal PLUS Loan” for more information.
Your parent will also need to complete a Master Promissory Note (MPN) at studentloans.gov. After signed in following the same steps as above, select "Complete MPN" on the left. Choose "Parent PLUS," and then follow the subsequent steps to complete the promissory note.
7. Why does it still show the Master Promissory Note (MPN) and loan entrance sounseling requirements are still outstanding for 2013-14 when I've already completed them?
A. Once completed, these requirements take 3-5 business days to download in our system and show as completed. If this timeframe has passed since you completed an MPN or your Loan Entrance Counseling, please call our office so that a financial aid counselor can look into your account further.
8. What is Initial Course Participation?
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:
a) Physically attending a class where there is an opportunity for direct interaction between the instructor and students;
b) Submitting an academic assignment;
c) Taking an exam, an interactive tutorial, or computer-assisted instruction;
d) Attending a study group that is assigned by the institution;
e) Participating in an online discussion about academic matters; and
f) Initiating contact with a faculty member to ask a question about the academic subject studied in the course.
Students can view the reported ICP on the myPurdue account. This is done by logging into the myPurdue, clicking on the Academic tab, and choosing the Initial Course Participation link on the left hand side. If a student is reported as not commencing attendance and believes it to be an error, he/she will need to contact the instructor for that course. If a student is reported as not commencing attendance in one or more classes, the student’s financial aid may be adjusted, thus creating a bill for the loss of aid. Refer towww.purdue.edu/dfa/policies/icp.php for more information.
9. Our family's financial situation is not accurately reflected on the FAFSA. What are our options?
A. Current circumstances are not always reflected accurately on the FAFSA since tax information from the prior year is used. If your family has experienced a significant change in income, we encourage you to speak with a financial aid counselor at DFA about your circumstances. If the counselor finds that the revision could change the Expected Family Contribution (EFC) resulting in additional financial aid eligibility, then they will provide the family a Special Circumstance Appeal Form. The family will complete and return the form with required documentation. Families should allow a minimum of 2-3 weeks (longer in April and May) for processing.
Note: All families requesting a Special Circumstance Appeal will be required to provide verification of FAFSA information before the appeal can be processed.
10. What is Federal Work-Study? Am I eligible to participate in the program?
A. 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 to the student. 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.