Frequently Asked Questions (FAQs)
Below you’ll find the most frequently asked financial aid questions. If your question isn’t answered here, please e-mail finaid@bsu.edu or stop by our office in Lucina, room 245.
Applying for Aid How do I apply for financial aid?
What is the financial aid application deadline?
Can I still apply for financial aid if I’ve missed the application date?
Do I need to apply for financial aid every year?
What documents and information do I need to complete my FAFSA?
What is Ball State’s Federal School Code?
Is there an income level cutoff to qualify for financial aid?
Awarding
How is financial need determined?
What is a Student Aid Report (SAR)?
Why is my amount of financial aid different this year than last year?
Can my budget be adjusted?
What if my family’s circumstances change after I’ve applied for financial aid?
Why is the aid Ball State offered me different than what I was offered at another school?
What are the requirements to be considered an independent student?
Loans
What is a Federal Direct Stafford Loan and how do I apply for one?
How does the Federal Direct Stafford Loan process work?
Do I need a separate form to apply for a Stafford Loan?
Why do I need to complete Direct Loan entrance counseling?
What is a PLUS Loan and how do you apply for one?
What is the difference between Direct Stafford Subsidized and Unsubsidized Loans?
Why do I need to complete Direct Loan exit counseling?
If my parents are divorced, can both borrow from the PLUS Loan?
What is a Perkins Loan?
Under what circumstances can I apply for an Emergency Loan?
Scholarships
Should I pay to use a scholarship search service?
How do outside scholarships get credited?
Disbursement
How does financial aid work with Ball State’s Installment Payment Plan?
How does my financial aid pay my bill?
If I have a credit on my bill, when can I expect to receive the money?
Applying for Aid
How do I apply for financial aid?
Complete the FAFSA online or pick up a copy in our office. For some types of aid, additional information may be required. For Stafford or PLUS Loans, you must accept your loan online at http://my.bsu.edu.
What is the financial aid application deadline?
To receive maximum consideration, your FAFSA must be received by the federal processor on or before March 10 for each academic school year.
Can I still apply for financial aid if I’ve missed the application date?
Yes. You may still complete a FAFSA after March 10, but you may not be eligible for some types of aid.
Do I need to apply for financial aid every year?
Yes. To be considered for as many programs as possible, submit your FAFSA to the federal processor by March 10 each year.
What documents and information do I need to complete my FAFSA?
You’ll need the following:
Social Security number
Driver’s license number, if you have one
W-2 forms
Federal income tax return
Current bank statements and records of stocks, bonds, and other investments
Records of other untaxed income received, such as Social Security, Temporary Assistance to Needy Families (TANF), welfare, or veterans benefits
Business or farm records, if applicable
Alien registration number, if you’re not a U.S. citizen
If you’re a dependent student you’ll also need the Social Security numbers of your parents, as well as their income and financial records (as listed above).
Use income records for the calendar year prior to the academic year for which you are applying for financial aid. For example, use 2011 income information to complete the 2012-13 FAFSA.
What is Ball State’s Federal School Code?
Ball State University’s Federal School Code is 001786.
Is there an income level cutoff to qualify for financial aid?
No. There are many factors in addition to income that are used to determine eligibility for need-based aid. Things such as family size, number of people in college, assets, and age of parent(s) are considered when determining a family’s ability to pay.
Awarding
How is financial need determined?
Eligibility for most financial aid is contingent on your financial need. Need is the difference between the cost of attendance and your expected family contribution (EFC). The EFC is calculated from the information you supply on your FAFSA using a federally legislated formula applicable to all postsecondary educational institutions across the nation.
What is a Student Aid Report (SAR)?
The Student Aid Report (SAR) is the report you’ll receive from the Central Processing System (CPS). You and your family should review it for accuracy. If accurate, you should keep the report for your records. If inaccurate, it will need to be corrected and signed by the appropriate individuals and returned to the processor. If you provided an e-mail address on your FAFSA, you will receive a notification to review your electronic SAR.
Why is my amount of financial aid different this year than last year?
You must complete a FAFSA each year to receive financial aid. The FAFSA reflects the prior year’s tax information. Your financial aid eligibility may change from year to year based on your family information and current funding levels for various financial aid programs.
Can my budget be adjusted?
Budgets may be adjusted on an individual basis. Please see a financial aid advisor to discuss your situation.
What if my family’s circumstances change after I’ve applied for financial aid?
Please contact our office if your family’s financial circumstances change due to a death, divorce, separation, or loss of income.
Why is the aid Ball State offered me different than what I was offered at another school?
There are a number of reasons why financial aid offers can vary from one institution to another. Some types of aid are based on criteria established by the institution. Funding for some federal programs is limited. Institutions receive an allocation, or set amount, for each of the campus-based aid programs (Federal Work-Study, Federal Perkins Loan, and Federal Supplemental Educational Opportunity Grant) from the Department of Education. All schools have different rules and methods for awarding their allocation of limited funding. Institutions also have different costs of attendance, which can change a student’s eligibility for need-based financial aid funding and can affect the total amount of financial aid offered from one institution to the next.
What are the requirements to be considered an independent student?
Our office is required to adhere to the standard definition of independent status as outlined by the U.S. Department of Education. According to the definition, you are considered an independent student for the 2012-13 academic year if you:
Were born before January 1, 1989
Are married at the time of filing the
FAFSAAre working on a master’s or doctorate program
Currently serving on active duty in the U.S Armed Forces for purposes other than training
Are a veteran of the U.S. Armed Forces
Have children who receive more than half of their support from you
Have dependents (other than your children or spouse) who live with you and who receive more than half of their support from you
- Were in foster care or were a dependent or ward of the court or both parents were deceased at any time since you turned 13
Are or were an emancipated minor as determined by a court in your state of legal residence
Are or were in legal guardianship as determined by a court in your state of legal residence
Were determined by your high school or school district homeless liaison to be an unaccompanied youth who was homeless at any time on or after July 1, 2011
Were determined by the director of an emergency shelter or transitional housing program funded by the U.S. Department of Housing and Urban Development to be an unaccompanied youth who was homeless at any time on or after July 1, 2011
Were determined by the director of a runaway or homeless youth basic center or transitional living program t be an unaccompanied youth who was homeless or self-supporting and at risk of being homeless at any time on or after July 1, 2011
Students who qualify as independent are not required to provide parent information on the Free Application for Federal Student Aid (FAFSA). The Office of Scholarships and Financial Aid (OSFA) does reserve the right, however, to request additional documentation to verify your dependency status.
Loans
What is a Federal Direct Stafford Loan and how do I apply for one?
A Federal Direct Stafford Loan allows you to borrow money to pay your educational expenses. To apply, you must complete the FAFSA. If you qualify, you will be sent an award notification via email and you must accept the loan online at http://my.edu.edu. Loans are either subsidized (interest-free while in school), which are based on need; or unsubsidized (interest-bearing), which are not based on need but you will be charged interest quarterly.
How does the Federal Direct Stafford Loan process work?
See Federal Direct Stafford Loans for details of the loan process.
Do I need a separate form to apply for a Stafford Loan?
No. However if you need to adjust the amount you originally accepted you need to complete an "Additional Loan Request Form".
Why do I need to complete Direct Loan entrance counseling?
Federal regulations require that all first-time borrowers in the Direct Loan Program must complete loan entrance counseling prior to receiving any loan funds. The entrance counseling session provides useful tips and tools to help you develop a budget for managing your educational expenses and helps you understand your loan responsibilities.
What is a PLUS Loan, and how do you apply for one?
The PLUS Loan allows your parents to borrow to help pay for your educational expenses. If you’re interested, you and a parent must complete a PLUS Loan application and return it to our office. Your family can borrow the difference of the cost of attendance minus any financial aid you receive. The interest rate is fixed at 7.9 percent.
You can complete an Electronic Master Promissory Note online, and your loan will be finalized once your credit check is approved. The funds will be released in two disbursements. We encourage checking the box on the application that permits the release of funds to the student, which will enable you to receive the funds in a more timely manner. Interest on the loan will begin when the first half of the loan is disbursed for the fall semester. Repayment begins in March, which is 60 days after the second half of the loan is disbursed.
What is the difference between Direct Stafford Subsidized and Unsubsidized Loans?
The Direct Stafford Subsidized Loan is based on need, and the government pays the interest while you’re enrolled on at least a half-time basis.
The Direct Stafford Unsubsidized Loan is not need based and is available to students regardless of financial need. While you are still in school, the interest is capitalized, or added to the principal, if the recipient chooses not to make payments upon the interest. Students may request to make interest payments while still in school.
Why do I need to complete Direct Loan exit counseling?
Federal regulations require that you complete Direct Loan exit counseling upon your departure from Ball State. This counseling makes you aware of your rights and responsibilities as a borrower.
If my parents are divorced, can both borrow from the PLUS Loan?
Yes. Each parent can complete a separate PLUS Loan application. When two parents borrow, refunds of excess amounts will be disbursed to the student. After university charges are paid, the refund will be sent to the student. The parents and student should communicate with each other regarding how to handle the funds (reimbursement, etc.).
What is a Perkins Loan?
A Perkins Loan is a low-interest (5 percent) loan for undergraduate students with financial need. Ball State is the lender, and if you’re eligible, this loan will be included in your award.
Under what circumstances can I apply for an emergency loan?
The Ball State Emergency Loan Program provides temporary assistance to students by allowing them to borrow money to pay education-related expenses in the event of an emergency. Emergency conditions are circumstances beyond your control, such as accidents, natural disasters, and other unexpected events of significant magnitude.
Such an emergency may leave you incapable of meeting the financial requirements to maintain your status as a student or fulfilling other necessary student-related obligations. You may be eligible to borrow from the Emergency Loan Program if other financing alternatives are not available and if you do not have documented bad credit histories at the university. Delinquent student loans, checks returned by banks as uncollectible, and consistent disregard of due dates are considered when evaluating students’ credit histories. Applications are available from our office.
Scholarships
Should I pay to use a scholarship search service?
We do not recommend paying for a scholarship search service. Many have been found to be fraudulent at worst and misleading at best. Don’t be fooled by the money-back guarantee, as it’s virtually impossible to get your money back. You can do the search on your own by researching scholarship publications at a library or using a variety of free scholarship searches on the Web. Our Scholarship Searches page is a great place to start.
How do outside scholarships get credited?
Scholarship checks from outside organizations should be sent to our office as soon as possible to ensure timely processing. After Ball State receives the funds, the scholarship is credited to your account with the Office of the Bursar (unless you need to sign the check). Scholarships greater than $500 will be divided, and half will be applied to each semester unless otherwise indicated by the donor. Scholarships of $500 or less are applied in full for the semester in which they are received.
Disbursement
How does my financial aid pay my bill?
You’ll have an account with the Office of the Bursar. Anything you owe is charged to the account, and any financial aid you receive will be credited to that account to pay toward the charges owed. If financial aid exceeds the costs owed to the university, we’ll mail a check to your local address at the beginning of the term or deposit it into your bank if you sign up for direct deposit.
How does financial aid work with Ball State’s Installment Payment Plan?
Your financial aid will be credited to your account in the Office of the Bursar, which reduces the amount you owe the university. The remainder can then be divided into four monthly payments each semester. Learn more at the Office of the Bursar and Loan Administration.
If I have a credit on my bill, when can I expect to receive the money?
The university begins releasing financial aid refunds approximately three days before the first day of classes. If you live in a residence hall, you must contact your hall director to pick up your check. Refunds are issued daily throughout the semester if our office receives additional funds to be credited to your account with the Office of the Bursar.