General Information
Financial Aid Deductions
The financial aid listed on the billing statement is tentative. If the aid is adjusted or canceled, a mid-semester bill is sent or the Installment Payment Plan (IPP) is adjusted accordingly. Payment may be deferred for approved financial aid only. Verification of approved financial aid is required. When a student makes a personal payment and then receives a late financial aid award, he/she is entitled to a refund of the overpayment. Students enrolled in an IPP at the time of the overpayment should contact the Office of the Bursar regarding adjustments to the IPP.
Students who have approved financial aid pending or a second Stafford loan disbursement outstanding and have received a mid-semester bill, should notify the Office of the Bursar by the billing due date.
Loans
Federal Perkins Loan
The U. S. Department of Education awards funds to colleges and universities in the form of Federal Perkins loans for students whose family income is extremely limited. Anyone needing information regarding eligibility requirements should contact the Financial Aid Office.
Perkins Loan Award:
If you have been awarded a Federal Perkins loan and do not want this loan, please notify the Office of the Bursar by phone at (724)357-2243, email at bursars-office@iup.edu, or by sending written notification via the U.S. mail to: Office of the Bursar, Indiana University of Pennsylvania, 1090 South Drive, 119 Clark Hall, Indiana, PA 15705.
The Office of the Bursar is pleased to announce that the following forms can now be completed online at http://www.ecsi.net/prom10:
The Promissory Note
Entrance Form
Rights and Responsibilities
Reference Information
You will need to do the following:
Log on to ECSI's website at http://www.ecsi.net/prom10
Provide your social security number, last name, and date of birth
Enter your FAFSA PIN on the Student Authentication Network page. If you do not have a valid PIN you can obtain one by visiting the Department of Education's website: http://www.pin.ed.gov.
When required, accept the terms by checking the box at the bottom of the page
Provide complete reference information for yourself, next of kin and two additional references
PROMISSORY NOTE -- read completely and electronically sign at the bottom of the page. The electronic signature includes a check-off box plus your full legal name
Your electronic promissory note will be reviewed by the Office of the Bursar to ensure all information has been completed in its entirety. Funds cannot be disbursed until all requirements are fulfilled.
If you are unable to complete this process online, all of the necessary paperwork can be obtained at the Office of the Bursar counter in Clark Hall.
However, online completion of the promissory greatly expedites the time necessary for completing the loan acceptance and disbursement process.
Perkins Loan Repayment
There is an interest rate of 5 percent repayable nine months after ceasing at least half-time enrollment, graduation (including associate degrees), transfer or dismissal from IUP or not attending a semester. Any students who are including in the previously mentioned criteria are required to complete and exit interview given by the Office of the Bursar.
Students are required to inform the Office of the Bursar and the Registrar's Office in writing of any changes to permanent home and/or mailing address and telephone number.
The approximate monthly payment for borrowers with a Federal Perkins loan prior to October 1, 1992, is $30.00. For those borrowers whose first disbursement was made on or after October 1, 1992, the approximate monthly payment is $40.00.
Stafford Loan
Stafford and other guaranteed student loan funds (either by check or electronic fund transfer (EFT) are received in the Office of the Bursar. Upon receipt of the check, the student is notified by data mailer to come to the Office of the Bursar in Clark Hall, to endorse it. Students whose funds are received by EFT are sent a voucher detailing the amount and refund information.
Students who failed to check the EFT authorization on their loan application, but whose funds were sent via EFT, are required to sign a Borrowers Authorization Statement (BAS).
Federal regulations require Stafford loan funds checks be returned to the lender if not endorsed within forty-five days of receipt by IUP.
