Office of Student Financial Aid

Summer Aid

Degree-Seeking at ISU

Students are required to be seeking an ISU degree in order to receive federal financial aid. This is a federal requirement. Students who are pursuing a degree from another institution, who take classes at ISU during the summer, should have a consortium agreement completed between the two schools to allow their home school to process summer aid while including your ISU hours of enrollment.  Not all colleges process these types of agreements though, so it is good to check with your home institution early on.

FAFSA Completion and Other Paperwork

Students must have completed a 2007-2008 FAFSA form to be considered for summer aid.  The data had to be sent to ISU using our federal school code of 001807.  If this was not done you can file the FAFSA or add ISU at www.fafsa.ed.gov up through July 2, 2008 or a week before the student’s last day of summer attendance, whichever comes first. Any paperwork needed by the Office of Student Financial Aid must be turned in before aid eligibility can be calculated

Enrollment

All summer terms are combined for financial aid purposes and treated like a regular semester. Undergraduate students must be enrolled in at least 12 hours of combined summer enrollment to be considered as full-time and 6 hours for half-time status (necessary for loans). Graduate students need 9 hours of combined summer enrollment for full-time and 5 hours for half-time status.

Withdrawal

Many classes are offered with varying start dates during the summer term. Your aid is calculated based upon enrollment as of the census date, which is the 7th day of the regular summer term. However, if you withdraw from classes which have not yet met after the census date, this reduces the number of hours allowed for aid. Often this creates a need for a payback of student aid. If you must withdraw from classes, speak about this issue with a Financial Aid Counselor prior to changing your class schedule after the census date. To officially withdraw you must contact the Office of Registration and Records

Satisfactory Academic Progress

Students must be making Satisfactory Academic Progress as required by the federal government according to the ISU established policy in order to be considered for federal or state financial aid. You can review this policy at Special Aid Rules.

Disbursements

Aid is disbursed after confirmation that half-time enrollment has occurred (exception: Federal Pell Grant, Child of Certain Veterans and Public Safety Officers Supplementary Grant (CVO) and some alternative loan programs). Students enrolled less than half-time for the Summer I term will have to wait for most financial aid until the start of the classes which make them enrolled at least half-time.  Be prepared to pay for initial expenses yourself if facing this enrollment situation. 

The first disbursement of a Federal Stafford Loan, Federal Grad PLUS or a Federal Parent PLUS Loan cannot be released until the student has started their course work in at least 6 credit hours of study (5 credit hours for graduate students). If Summer I enrollment is less than half-time, the funds will be available after enrollment for Summer II has started.   

Federal Pell Grants

Pell is only available for summer if you did not receive your full year's eligibility during fall and spring. Usually only students who attended less than full-time during part of the academic year have Pell Grant funds remaining for summer. The Pell Grant will be awarded based on the number of credit hours of enrollment for summer or up to the remaining amount of your eligibility, whichever is less.

Federal SEOG Grants

Occasionally we are able to offer students who qualified for large Pell Grants during the academic year an SEOG Grant during the summer term. Availability of this funding is determined annually near the end of the spring semester. If you qualify and money is available, it will be shown on your summer Financial Aid Notification Letter

Federal Work Study

Students can work up to 37.5 hours per week during the summer. Availability of this funding is determined annually near the end of the spring semester. Eligibility for Federal Work Study will be shown on your summer Financial Aid Notification Letter. Students should check for job listings at Student Employment or with their employing departments to ensure they have Federal Work Study funds available for summer.  Federal Work Study earnings are paid biweekly, so other means will be needed to pay for your direct charges related to summer enrollment.

Federal Perkins Loans

Occasionally we have Perkins Loan money remaining for summer students with high financial need.  If you said you are interested in student loan options on your FAFSA form, or if you complete a Request for Perkins Loan form, we will evaluate your eligibility for this funding option.  If you qualify and money is available, it will be listed on your summer Financial Aid Notification Letter.  You must sign a Perkins Master Promissory Note art the Office of the Controllers, Parson Hall Room 100 during normal business hours before receiving this funding.

Federal Subsidized and Unsubsidized Stafford Loans

Students who did not borrow their full eligibility for these loans during the regular academic year may be able to borrow up to the remaining balance if it fits within their estimated Cost of Attendance.  More details about eligibility for Subsidized Stafford Loans and Unsubsidized Stafford Loans are available. 

All first-time Federal Stafford Loan borrowers at ISU must complete an Entrance Interview and Master Promissory Note (MPN) before funds can be released to ISU.

Parent PLUS Loans

Dependent students who received their maximum loan eligibility during the academic year may need to have their parents consider applying for a Parent Plus Loan to help with summer term expenses. For efficiency sake, we encourage you to apply online with a lender to begin the application process. You may apply online or complete the Summer PLUS Loan Request Form. An application and a signed Master Promissory Note must be on file before funds can be released to ISU. Parental credit worthiness is considered by the lender when determining eligibility for this type of loan.

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