Financial Assistance

Financial assistance includes scholarships, grants, loans, work study and any other funds provided to help with students’ educational expenses. Most types of aid will appear as authorized or memoed aid on the billing account. Contact the Financial Assistance Office if you expect financial aid and the correct amount of authorized aid or memo aid does not appear on your bill. The Financial Assistance Office is located on the first floor of the Orr Center; phone 812-464-1767 or 800-467-1965 (option #2); www.usi.edu/financial-aid; email finaid@usi.edu.

Application for Financial Aid

You must complete the Free Application for Federal Student Aid (FAFSA) to be considered for federal and state financial assistance and some scholarships. The FAFSA is completed online at www.fafsa.gov. To be considered for state financial assistance such as the Frank O’Bannon Grant or the 21st Century Scholarship, the FAFSA must be filed by April 15 preceding the academic year for which aid is being requested. To ensure timely processing, please utilize the IRS Data Retrieval Process when completing and/or making corrections to your FAFSA. It is recommended that you submit all financial aid requested documents early so they may be processed prior to the start of the term. Applications and files completed after the start of the term will be considered on a funds-available basis throughout the academic year. The financial aid award year starts in the fall and ends the following summer.

While the FAFSA applies towards fall through the following summer, summer aid requires special processing. If you have not exhausted your annual grant and loan eligibility by the end of the regular academic year (fall/spring), you may be eligible for summer financial aid. Summer Direct Loans require a separate application available on the website beginning in March/April each year. It is recommended that students meet with their financial aid counselor to determine summer eligibility for financial assistance prior to registering for summer courses.

Enrollment Status/Credit Level

Although USI offers three individual summer sessions, for financial aid purposes they are treated as one combined summer term. The following minimums apply in determining eligibility for assistance.

Note: Assistance may be reduced or withdrawn for less than full-time enrollment. Only credits that are required for successful completion of the student’s degree program may be counted in the determination of enrollment status. Students who receive aid for courses not required for graduation will be required to repay all or a portion of such aid. Financial aid recipients are responsible for reading and understanding the satisfactory academic progress policy available in the Financial Assistance Office. Some financial aid programs require continuous full-time enrollment. Scholarship rules vary by program. Recipients are responsible for knowing the rules applicable to their particular scholarship(s).

Financial Responsibility

Students who have a balance remaining after authorized aid is applied must pay the balance in full or enroll in the payment plan. Students who have “memo aid” may deduct the estimated amount and pay the remaining balance, and log on to myUSI to see if there are any unsatisfied requirements.

Financial Aid Disbursements

Financial aid is disbursed one summer session at a time, based on the hours you are attending at the time of each disbursement. (For students enrolled in any of the online MBA programs, financial aid will be split into two disbursments, occuring approximately a week after each course start date.) All financial aid funds are sent directly to USI. If you receive more financial aid than is necessary to pay your USI bill, the Bursar will process a refund for the excess amount. If you have multiple types of tuition-specific aid, it will be adjusted so that the total does not exceed your tuition charges for the term. Federal regulations prohibit current year financial aid funds from covering prior year balances.

One-Course Plan

Persons eligible for the One-Course Plan include retired individuals and spouses of eligible full-time USI students. Retired persons include anyone over the age of 60.

Students who fit into one of the above categories and are new to the University may enroll in their first USI undergraduate course for total instructional fees of $25 plus applicable incidental fees (lab fees, refundable breakage deposits, distance learning material charges, parking fees, etc.). Course enrollment must be completed during late registration (see the Registration Calendar ) on a space-available basis.

Spouses of full-time students are eligible if the full-time student has a 2.0 minimum cumulative USI grade point average. When the One-Course Plan is used in the fall or spring, the full-time student must be enrolled in 12 or more semester hours in the same term. For any summer session, the full-time student must have been enrolled in 12 or more semester hours in the preceding spring term or be registered for 12 or more semester hours in the following fall term. An exception is made for graduate students who are defined as full-time when enrolled in six or more semester hours.

Students enrolled in the One-Course Plan are limited to one course in the semester or summer session in which they participate in this plan. The plan may be used only once and may not be repeated.

Other Financial Assistance Programs

Information about other programs is available at www.usi.edu/finaid. The Financial Assistance Office Is located in the Orr Center; phone 812-464-1767 or 800-467-1965 (option #2) between 8 a.m. and 4:30 p.m. Monday through Friday; email finaid@usi.edu.