Steps to Receive Financial Aid
To successfully receive financial aid at Idaho State University (ISU), follow these essential steps:
1. Obtain Your FSA ID
Both new students and parents of dependent students should create an FSA ID. This ID is used to electronically sign the Free Application for Federal Student Aid (FAFSA) and remains valid each year.
2. Complete the FAFSA
Submit your FAFSA online, listing ISU's school code: 001620. After submission, you'll receive a FAFSA Submission Summary (FSS). You can view it on studentaid.gov under “My Activity” and click on your processed FAFSA. Review it carefully and make the necessary corrections, if necessary. If ISU has already received your FAFSA, coordinate corrections with the Office of Financial Aid. For specific issues like dependency status or tax information, additional documentation may be required.
3. Apply and Be Admitted to ISU
Financial aid processing begins only after full admission to ISU. Apply through the Admissions Office or call (208) 282-2475 for assistance. Post-admission, you'll gain access to the MyISU student portal and an ISU email, which will be used to communicate with you.
4. Monitor Communications and Submit Required Documents
Regularly check your ISU email and the "My Financial Aid" card in MyISU for updates and document requests. Prompt submission of all required documents is crucial, as your financial aid award cannot be determined until all necessary information is received. Notification of the award will be sent by email.
5. Review and Accept Your Financial Aid Award
Once your award is determined, access the "My Financial Aid" card in MyISU to review and accept your financial aid package. Awards may include grants, loans, and work-study opportunities. Ensure you understand each component and accept the aid that best fits your needs. Be aware that loans are split evenly between fall and spring semesters.
Fall Graduates: Student loans will be “pro-rated” per federal regulations based on the number of enrolled credits.
6. Complete Entrance Counseling and Master Promissory Note (MPN)
First-time Direct Loan borrowers at ISU must complete Entrance Counseling and sign an MPN at studentaid.gov. The MPN is valid for up to 10 years and is required before loan disbursement.
PLUS Loans require a new PLUS MPN, and PLUS Loan application yearly.
7. Pay Tuition and Fees or Receive Refunds
Financial aid funds are applied to your student account no earlier than 10 days before the semester starts (5 days for summer sessions). Any remaining funds after tuition and fees are covered will be disbursed via direct deposit or mailed check. Ensure all eligibility criteria are met to receive disbursements. For questions about fee charges, contact Student Financial Services at (208) 282-2900 or stufees@isu.edu.
Remember: If you do not meet your financial aid obligations and requirements, you may have to repay all or part of your Student Aid Funds.