Calendar for Financial Aid
October 1 – Earliest date to file Free Application for Federal Student Aid (FAFSA).
April 15 – All students applying for financial aid must have their FAFSA filed and received by the federal processor by this date to ensure consideration for all forms of financial aid.
July 1 - All students are encouraged to have all financial aid forms completed (including student loan materials) in order to meet the August 15 repayment deadline for fall.
A Complete File Consists of the Following:
- Submission of the FAFSA to the federal processing center indicating IWU as one of the schools to which the data should be sent.
- Notice of acceptance to students for admission to the university.
- Additional documents (i.e., tax transcripts) as needed and requested by the Financial Aid Office.
Awarding of Aid: Once application forms begin to arrive in the Financial Aid Office, notices are sent to make applicants aware of any missing forms or to request additional information that may be required. Additional documents must be provided by the date specified in the letter. Without these documents, no financial aid can be awarded. All financial forms are thoroughly reviewed, and the Financial Aid Office communicates with the student or parents to resolve any significant questions. When the financial aid award has been made, the student is notified via the Financial Aid Award Letter or email notification.
The aid package offered to an applicant consists of a combination of scholarships, grants, loans, or work, depending upon the recipient’s aid eligibility. If an aid package includes certain kinds of federal assistance, the sum total of the individual need-based awards cannot exceed the student’s calculated financial need. Also, the total of awards that apply only to tuition/fees is limited to the amount of standard tuition/fee charges. While student aid awards are committed for the whole school year, just one-half the amount of each scholarship, grant, or loan is applied to the student’s account each semester.
Failure to register at the beginning of a semester, or enrollment for fewer than the required number of credit hours, automatically cancels all awards for the semester. A financial aid recipient who officially withdraws from the university or drops below the required number of credit hours during the refund period of a semester will have an adjustment made in the student aid package. Copies of the university’s Packaging Policy are available upon request.
Some forms of aid require students to complete 30 credit hours per year for full renewal. If you have questions please contact the Financial Aid Office.
Requirements for Receiving Aid: In order to qualify for all federal funds with the exception of a Federal Pell Grant, a student must be enrolled at least half-time. A student is classified as half-time if registration is for a minimum of six credit hours per semester or a total of six credit hours during the summer sessions. Institutional and state scholarships and grants, however, require full-time enrollment (a minimum of 12 credit hours per semester). In addition, Pell Grant, FSEOG, state aid programs, and most forms of institutional aid require that the student does not have a previous baccalaureate degree. Financial aid recipients are required to maintain satisfactory progress toward a degree in their chosen course of study. The institutional Satisfactory Academic Progress Policy outlines the specific details of this requirement. Any student receiving an institutional grant award is expected to maintain an acceptable citizenship record.
