SCHOOL CODE:  001817

STEP 2: Qualifying for Aid

1.  Verify your Free Application for Federal Student Aid (FAFSA) information

After your FAFSA is processed by the Department of Education, you will be sent a Student Aid Report (SAR) listing the data you entered on the FAFSA.  If you provided a valid email address on the FAFSA, you will be sent an email providing a link to your electronic SAR.  If you did not provide a valid email address on the FAFSA, you will be sent a paper SAR.


If anything is incorrect on the SAR, make corrections online on your paper SAR.  You cannot submit a new FAFSA but you can make corrections (updates) on a processed FAFSA.  If you are unable to make corrections online you may return your paper SAR with any corrections to the Department of Education.


Here is a tip when filling out your FAFSA.

  • Please confirm that the Social Security Number, Birthdate and Full Name of the student and parents are correct (The name must match what the Social Security Office has at the time of FAFSA submittal.)

2.  Verification

Each year, the U.S. Department of Education selects approximately 30% of student financial aid applicants for review. The verification process requires that student applicants submit additional documents to verify the information provided on their FAFSA is correct. Financial aid cannot be credited to the student's account until the verification process is complete. All first time students will receive notification by mail, all others will be notified by email, please watch carefully for your missing information letter. If selected, students are required to provide the following information.

Use the Verification Tutorial to know if you are selected for verification or what documents are requested to be submitted to the financial aid office.

IRS Data Retrieval Tool:  The IRS Data Retrieval process is available for families filing their FAFSA.  This tool allows first-time and returning applicants to pull their tax data directly from the Internal Revenue Service in order to auto-fill the tax portion of the form.  Families who file their initial FAFSA with estimate income can use this process to update their original FAFSA data once their tax forms have been completed. 

With just a few simple steps, you can view information from your IRS tax return and transfer that information directly into your FAFSA. If you have not yet completed your tax return, you must correct this SAR to reflect the income and tax information reported on your tax return once it is filed.

 If you have now completed your tax return, you make corrections online at www.fafsa.gov  and you may be eligible to use the IRS Data Retrieval Tool, which is the best and easiest way to provide accurate tax information.  An electronically filed tax return will be available from the IRS site within 1-2 weeks while data from paper tax returns will be available within 6-8 weeks.

 Filers need: 

  1. A valid SSN;
  2. A filed tax return for the previous year; 
  3. An unchanged marital status as of December 31 of the prior year.

  Instructions for “IRS Data Retrieval”: 

 1)   Go to www.fafsa.gov to make a correction/update to your FAFSA.  Families must actively choose to utilize the data retrieval tool. If they choose to do so, they will be transferred to the Internal Revenue Service web site.

2)  Applicants will need to authenticate their identity before any personal information is  displayed.

3)   Enter your PIN* and click Link To IRS

4)   You will not be asked to enter your PIN if you entered a PIN to begin your FAFSA.

5)   Your FAFSA will be saved and you will be transferred to the IRS Web site.

6)   On the IRS Web site, enter the requested information.

7)   Once the IRS has validated your identification, your IRS tax information will display. You can either transfer your information from the IRS, or choose to return to FAFSA on the Web from the IRS Web site.

8)   If you do not transfer your information or choose not to return from the IRS Web site, you will have to login to open your saved FAFSA.

9)   If you transfer your IRS tax information, questions that are populated with tax information will be marked with “Transferred from the IRS.”  

 

3.  Determination of Need

The information you submit on the FAFSA will be used in a federally mandated calculation that determines what portion of your "cost of attendance" can be met through the student's (and in the case of dependent students, the parents') resources. This figure is then subtracted from the cost of attendance for the student during the appropriate period of enrollment. "Cost of attendance" is based on average costs for tuition and fees, room and board (even for commuter students), books and supplies, transportation, and miscellaneous personal expenses. This figure minus the expected family contribution equals the documented limit for need-based financial aid.

Once the documented limit is determined, awards are made by the Financial Aid Office based on the below criteria.

  • Student's request on the FAFSA for certain types of aid.
  • Amount of funds available.
  • Student's eligibility for such aid.

An eligible student is first considered for scholarships and grants, then for the Federal WorkStudy Program and/or student loans. Indicating an interest on your FAFSA for WorkStudy will not affect the amount of scholarships or grants awarded to any student.

4. Cost of Attendance

We estimate a standard "cost of attendance" (or budget) for all groups of students, they are estimates based on your enrollment. Below is an example of an undergraduate Indiana resident (which include Metroversity students due to our Reciprocity Agreement with Kentucky.) The budget shown is for an academic year (Fall-Spring). To calculate one-semester costs, divide the figures in half. You can see your specific budget on OneStart.

Undergraduate Estimates for Fulltime student
  Living w/Parent Not Living w/Parent Living On Campus
Room/Board $1,862 $9,108 $9,108
Books/Supplies $1,300 $1,300 $1,300
Miscellaneous $2,092 $2,092 $2,092
Transportation $2,000 $2,000 $410
Subtotal $7,254 $14,500 $12,910
Tuition $5,888 $5,888 $5,888
Budget $13,142 $20,388 $18,798

*Please note: the above budget reflects a course load being fulltime (13 credit hours). A budget for students who are considering being less than half-time is provided below.

Undergraduate Estimates for Less than 1/2 time
  Living w/Parent Not Living w/Parent
Room/Board $0 $0
Books/Supplies $500 $500
Miscellaneous 0 0
Transportation $2,000 $2,000
Subtotal $2,500 $2,500
Tuition $2,284 $2,284
Budget $4,784 $4,784

**Also note: if you are a Graduate or Non-Resident your cost for tuition would be effected according to the type of credit hours taken. All other costs, including room/board, books/supplies, miscellaneous (personal) and transportation remain the same. If you would like additional information regarding your particular situation please review Tuition and Fees at the Bursar's site.

You can see your specific budget on OneStart.

5. Change of Status

Students must notify the Office of Financial Aid if they receive any additional financial assistance after filing an application. Any change in the student's or the family's financial position should also be reported. In addition, students who have been granted assistance are responsible for notifying the Office of Financial Aid of any change in academic program, residence, telephone number, or marital status. Failure to carry out any of these responsibilities may result in cancellation of the student's award.

Continue to Step 3