Any Ivy Tech students?

I apply for the whole school year at one time the school divides it up into the semesters. The way mine is set up….my grants pay for tuition and books/supplies….there is usually a little left in my grant they send it to me in a check. Then I also apply for the subsidized/unsusidized loans and the school sets the amount that I can receive. In the end I get roughly $5000 given to me 6 weeks into each semester to pay for my rent, utilities, gas, and other needs my children or I may have.

I work part-time as well…about 15 hours a week.

I am still waiting for my grants to be assigned and waiting for the loan application to go up on the website. Classes start August 25 and Ivy Tech hasn’t done any of my financial aid stuff yet….When I went down to the financial aid office they said next week (after 7/21) we should know more about the aid we will receive. I hate waiting till the last minute for things like money.

so then when I am applying for the loan, do I need to apply for the amount my rent costs per year? I was told that classes need to be paid for 10 days before the starting date, which doenst leave me with to much time.. Hopefully someone can figure something out up there..

Which campus do you go to?

I attend the North Meridian Campus in Downtown Indianapolis.

If you have done your FASFA already then the school’s financial aid office knows about how much your grants will be. If you are going for the government loans then the school determines the amount that you get, although you can choose to reduce the amount after they tell you how much you qualify for. If you electronically sign your loan it will go through a lot faster then the snail mail….we are getting down to the wire here but the schools will give you a book/supply voucher (kinda like a loan for their bookstore) if they can see that you have money on the way. You will be able to start classes as long as you have applied for your loans and FASFA.

Ivy Tech will allow you to attend classes as long as they can see that you qualify for grants and loans…...after the money is electronically sent to them, they pay all your vouchers, then about 6 weeks into the semester you will receive 2 checks from Ivy Tech….1 is left over grant money and the other left over loan money. They don’t really tell you how to spend it but they assume you will use it for living expenses while you attend school.

You can apply for a private loan but they go by your credit and I personally don’t qualify for those.

Based on what all you qualify for, you will recieve a substantial amount of financial aid(you do not have to pay back). Personally after I had paid for my classes and books I usually got around $1,000 back from my financial aid. You will not get this until half way through the sememster though. Then when you get your letter saying how much financial aid you are approved for they will also show you how much in government loans you qualify for. There are 2 kinds. One doesn’t incur intrest while you are in school and the other does(I’m sorry but I don’t remember the difference). If you accept those you will get them earlier on in the semester. If I remember correctly I was approved for around 7,000 total for the year. They will give this to you in 2 checks. One each semester. Then, if you still need more money you can either call Sallie Mae and take out a private loan. Or you can check with your local bank. The private loans go off of your credit and they can be hard to get unless you have a cosigner. It will be especially hard if you are cutting your hours down to part time due to debt to income ratio ratings. Most of the loans you get you will not have to pay back until 6 months after you graduate, but you have to keep in mind that the intrest will continue to grow while you are in school, making the loans even more.

I personally have only taken out 2 loans. One was a private one while attending IUPUI and I didn’t qualify for financial aid. The other time was at Ivy Tech. I qualified for financial aid, but like you was only working part time and needed the extra cash to pay for gas and such. Otherwise, I have always just made if off of the financial aid.

One suggestion: If you do go the loan route, try to wait and purchase your books with that. If you use your financial aid money, you will have to buy directly from the bookstore. Those books are always the most expensive at the college bookstore. If you can wait for your loan money, I suggest Indy College Bookstore which is near Martin Luther King and 10th, I believe. They always have their books cheaper and they have a larger selection of used. Or, amazon.com is AWESOME!!! I have gotten several of my textbooks for $10 or less on Amazon and then when I sell them back I usually get more than that out of them. This will help your money go further.

One more suggestion: When you go to sell your textbooks back, Indy College Bookstore will give you more money for your books than the college bookstore will.

I hope this information helps you out. If you have any other questions feel free to ask me. I have been going to school for about 3 years now and I have dealt with all the aspects of financial aid and loans! Good luck and I know you will be fine!!!

Thanks for all of the great information.

Like the OP, I’m a little lost too. I have found out that you need to pretty much learn as you go. Ivy Tech hasn ‘t been particularly helpful, I have been getting a lot of information on my own.

I did the Fafsa a few months ago. I got approved for financial aid, but I am filling out change of income forms right now in the hopes of getting some grants.

I wasn’t sure what to do about books and class fees. It is nice to know that I can waive the bills on these while waiting to get all of the aid.

For federal guaranteed student loans, your loan amount will be based on your information from your FAFSA. They will approve a certain amount for the year and you will get 1/2 of it each semester. The $$ will go to the school and they will apply it to your account there to cover your expenses. I’m not sure how it works in terms of helping you cover rent.

Most of your classes will NOT expect you to have your book your first class period. At the first class period you will be able to tell if you need it the next session or if you can wait for amazon to mail it. Most semesters I haven’t had my book until like 2 to 3 class sessions in. Ivy Tech is very understanding when it comes to getting your books.

Ivy Tech will mail you a check for your left over loan amount. I am pretty sure I had to sign a waiver stating I would use it for school related items. It may of had a list of what is approved and what is not, but essential bills can be considered school related because most people have to cut back their work schedule to attend school. It covers lost income while in school.

I’m so frustrated with Ivy Tech right now. I’m not sure what their problem is but they lose paperwork and take longer then normal for things.

My sister’s financial aid paperwork got lost for over a month. One of the counselors told her when she registered to just keep on the financial aid office because they lose stuff and “forget” things all the time.

Thanks for all the responses so far, One more thing I could think to ask you great ladies. Since Im doing my application online, I am in the process of waiting for a pin number to be sent to me, after I get that how long should it take for them to find something out? Also she said that I would get emailed by sallie mae how much i am approved for in a loan, is this true and is it a one time offer or once a year thing?