Understanding Your IUP Offer

  • Now that you’ve received your financial aid offer, you have a few things to consider.

    Step 1: Consider What You Want to Accept

    You won’t need to pay back grants and scholarships, but you will need to repay loans. You are not obligated to accept the loan that has been offered to you and may decline it or reduce it. Carefully consider your future obligations for repayment before you decide to accept it.

    Step 2: Keep, Decline, or Reduce

    If you decide to accept the loan as presented, move on to step 3. If you wish to decline or reduce the amount of your loan, you will find options for doing so in the electronic version of your financial aid offer, which you can find in your MyIUP account.

    You have until August 30, 2020, to decline or reduce your loan. After this date, you can complete the Financial Aid Adjustment Form and return it to Financial Aid Office in Clark Hall. (See contact information below).

    Please scroll down for a bit more information about declining or reducing awards for the Federal Work-Study Program.

    Step 3: For Direct Student Loans, Don’t Forget Master Promissory Note and Entrance Counseling

    If this is the first year that you will receive a federal Direct Student Loan, you must complete a Master Promissory Note (MPN) and Entrance Loan Counseling at studentloans.gov, so that the loan funds can be disbursed to your IUP account. After July 1, parents can apply for the Parent Plus Loan on this page, too.

    Jump to Step 4

  • Calculate Your Cost

    The Cost Calculator Tool will help you estimate how much you will owe IUP after your aid has been deducted from your charges. Additional Financial Assistance Options are available, if your current financial aid awards do not fully cover your costs. 

    More Information

    The US Department of Education’s Federal Student Aid website is a very informative resource. Please review it, to help you make decisions. 

    Glossary of Terms

    See Financial Aid Terminology to help you understand frequently used financial aid terms and some of the more common acronyms you may see in financial aid literature.

  • Step 4: Accessing Your Federal Work-Study Funds 

    The Federal Work-Study Program enables you to work on campus and in some community agencies. If your aid offer indicates that you are eligible for Federal Work Study, you’ll need to seek employment. Visit IUP’s Hire A Hawk page to find job opportunities.

    If you do not wish to find a job through the program or want to reduce the amount awarded, please indicate that on your electronic financial aid offer in MyIUP by September 2, or send an email to financial-aid@iup.edu to make that adjustment on your aid package.

    Step 5: What to Do If You Receive a Scholarship from a Non-IUP Source

    If you receive a scholarship from a source other than IUP, you must notify the Financial Aid Office. Please complete the Financial Aid Adjustment Form and return the document to the Financial Aid Office in Clark Hall. (See contact information below.)

    You should also complete this form if you decide not to enroll at IUP.

    Step 6: Prepare for What Happens Next

    We might need additional information from you about your FAFSA. If that’s the case, we will reach out to you. If you hear from us regarding your FAFSA, please respond as soon as possible to prevent any delays in receiving your financial aid.

    About the Loans, Grants, Scholarships Noted in Your Offer

    Find more explanation about the types of financial aid available to you to learn more about the awards included in your financial aid offer. Bear in mind that loans, grants, and scholarships awarded by IUP may come with conditions, like maintaining a certain grade point average. Be sure to understand your obligations.