Financial Aid and Housing: What You Need to Know Now

The IU Southeast Office of Financial Aid is already receiving great questions about housing costs and whether or not financial aid will cover it. The answer is . . . . . maybe. Here are some quick facts and tips to help you get the most financial aid possible and understand how your financial aid package can help you pay for your housing expenses when you live on campus.

  1. What’s the best way to find the most financial aid to cover my housing?
    1. Submit the FAFSA now. You should always submit it prior to the Indiana state aid deadline of March 10 if you are an Indiana resident. If you miss the March 10 deadline submit the FAFSA anyway to qualify for federal aid. On the FAFSA, answer the question about loans and work-study as “both”.
    2. Search and apply for as many scholarships as you can. Visit the Scholarships & Grants section of the IU Southeast financial aid web site for more information on scholarships.
  2. Is it possible to get enough financial aid to cover housing?
    1. Yes, of course! But if you are planning on borrowing money to help, plan ahead and save as much as you can now.
  3. I don't qualify for grants or scholarships. Will I be able to get a student loan large enough to cover my housing costs?
    1. The federal Stafford loan will not be enough to cover both tuition and housing unless you're a grad student. Student loans have to cover your tuition and fees first. Follow this link for more information about Stafford loans and limits. However, fear not! We'll do everything we can to help you find the wisest way to fund your housing expense.
    2. Dependent students have another low-interest loan option: the Parent Plus loan. Parents can borrow more than enough to cover housing, tuition and extra for food and books. Visit the Loan section of the IU Southeast financial aid web site for more information on PLUS loans. Also, extra funds can be set up to credit the student’s “U Card” which allows more control over where those extra education dollars are spent.
    3. Students may also take out private loans to supplement their need but be careful - the terms and interest rates are not as favorable as the Stafford loan. Also, they typically require a co-signer. If you decide to do this, you must notify the Financial Aid office so we can give your lender the information they need to complete the loan process.
  4. Will my 21st Century Scholars award cover housing?
    1. No, sorry! This award is for tuition, activity and tech fees only, up to 15 hours per semester for full-time students who qualify. The same goes for CVO benefits, other state aid, and certain scholarships. However, if you have these great awards, you may be able to get enough scholarship and loan funds from other sources to cover most if not all of your housing expense.
  5. If I don't get enough grants and scholarships to cover my housing cost and want to keep my loans to a minimum, what should I do?
    1. Do talk to the Bursar’s office about payment plans, but don't wait until the semester’s already started. Call ahead and get better terms and a lower payment.
    2. Do get a job this summer and – here’s the catch – save your money to help cover your housing or other living and transportation expenses.
    3. Do get a work-study job during the school year. You'll have food money and a job that works around your school schedule. There will be lots of jobs available on campus next year!
    4. Don't charge it to a credit card if you can help it. With interest rates you're better off talking to the Bursar’s office about payments.
    5. Don't cash in any retirement policies. The penalty on early withdrawal is so high and your parents are going to need those funds in just a few years. Unless of course you want them to live with you after you graduate . . .
    6. Do what you can to save money. Shop around for the best book prices, don't sign up for the most expensive type of lodge room, go to the Wave Pool instead of Hawaii on Spring Break . . .

It’s good to ask these questions and make sure you can afford to live on campus. Remember, you'll save money on gas, and your parents’ food and utility bills at home will go down, so they may be able to pitch in more than they think. The housing fee includes all utilities plus cable and high-speed Internet and you are not required to go on a food plan like many colleges require and which often adds $1000’s to a student’s bill. Our food services will be offering a healthy, varied and delicious ala carte menu at very reasonable prices, and residences come with full kitchens. Try not to put on those “Freshman 15” by eating healthy and affordable foods. If you have questions about your specific financial situation, give Financial Aid a call.