Financial aid tips for new Hoosier families

By Danny William dw85@iu.edu | @deepwizardry_

Paying for college is one of the most stressful parts of attending. As you’ve probably told your future Hoosier before, money doesn’t grow on trees. However, there are plenty of options when it comes to funding your student’s education that make the process much easier.

Scholarships are one of the most useful resources for students. Encourage your student to look into various scholarships and fill out as many as they can. Sometimes they might get it simply because they’re the only one to apply!

IU offers tons of schol- arships through various avenues. The general scholarship application, found on One.IU, is a great place to start. Students fill out general information about themselves and can be granted a variety of scholarships. This application only takes about 20 minutes to fill out and can really make a difference in your bursar bill.

Along with this, individual schools offer their own special scholarships. Advise your student to look out for emails from their specific school regarding scholarships and grants. For example, The Media School offers specialized scholar- ships that aren’t awarded through the general application.

But wait, there’s still more! Before your student moves to Bloomington, look around for local scholarships. Many community organizations — such as Veterans of Foreign Wars chapters or community coops — offer grants to local students.

Google is your friend, as well. There are tons of fun online scholarships that can be beneficial. For example, the Make Me Laugh scholarship offers $1,500 to students who make the judges laugh in 250 words or less. There are a lot more out there in this vein, so make sure to search around.

Loans are another important aspect of paying for education. Finding the right loan is an arduous task, but there are many resources to make it simpler.

Filling out the Free Application for Federal Student Aid (FAFSA) form is a must, no matter how you’re paying for college. Even if you’re not planning on using federal loans, IU uses information collected from the FAFSA to determine financial aid eligibility.

The FAFSA requires both personal and financial information, so make sure you have those tax returns ready. It usually takes 30 to 45 minutes to fill out. Both subsidized and unsubsidized loans are offered.

The Department of Education pays the interest of subsidized loans until after graduation, while unsubsidized loans accrue interest through your student’s school years.

Private loans are also an option, but make sure to compare interest rates with other companies and look into others’ experiences before signing anything. INvestEd is just one education company that offers loans and other financial aid options for Hoosier families.

Now that you’re prepared to pay tuition costs, how do you actually do it? It’s relatively simple. Students and parents pay tuition bills through IU’s online bursar system.

Students can authorize bursar payments through “View/Pay Bursar Bill” in One.IU. They can also set up third-party access for parents through this application, where you can pay using multiple financial methods or set up a payment plan. It usually only takes a few clicks to pay these bills.

Students receive emails when new bursar bills are ready to be paid. These usually come through at the beginning of the semester when students pay for housing and tuition, but there are sometimes smaller fees associated with on-campus activities and organizations, such as membership dues. Make sure to pay bursar bills on time, since they can accrue late fees.

Lastly, don’t be stressed — be informed. IU’s Student Central provides a myriad of resources for you and your students about paying for college, from how to pay your bills to potential scholarship opportunities. Sure, money doesn’t grow on trees, but if you play it right, it can grow elsewhere.

Photos by Susanna Fravell

Indiana University Bloomington campus

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