Financial Aid Notification

Your Financial Aid Notification (FAN) is a summary of all federal, state, and university aid that you can expect to receive at DePauw University for the academic year. The FAN also includes an estimated breakdown of the costs to be paid to DePauw that you can expect to see on a bill and costs that are not billed, but you should budget for the academic year.

The sources of financial aid offered in the FAN are separated into categories:

Grants and scholarships that do not need to be repaid
Student loans or other financing that must be repaid
Student employment or work study

The FAN also includes estimated calculations to help families budget and gauge their affordability:

Net price - Derived by subtracting grants and scholarships from the total Cost of Attendance, which includes all direct and estimated indirect costs for the academic year.
Out-of-pocket cost without loans - Derived by subtracting grants and scholarships from the direct costs or the estimated expenses on a bill from DePauw.
Out-of-pocket cost with loans - Derived by subtracting grants, scholarships, and loans from the direct costs or the estimated expenses on a bill from DePauw.

While the FAN is NOT a bill, the Out-of-pocket cost calculation is the closest estimate to yearly expenses that you may see on a bill.

Sources of Financial Aid

Grants and scholarships

Grants and scholarships do not need to be repaid.

Merit awards offered through the admission process based on merit or performance are available for a total of four years provided that renewal criteria are met. Please review the award notification for specific details. The Presidential Award of Excellence and the DePauw Distinguished Scholar Award require 2.75 cumulative grade point averages (GPAs) for automatic renewal.

Federal, state, and institutional grants awarded by financial need are determined each academic year based on completion of the Free Application for Federal Student Aid (FAFSA).

Institutional grants and scholarships may be replaced with named endowed scholarships.

Student Loans

Student loans must be repaid.

Low interest federal student loans are available to assist eligible students who have completed the FAFSA and are enrolled at least half-time. Terms, conditions, requirements and the application process are available at https://www.depauw.edu/offices/financialaid/types/loan-programs/stafford/.

If you would like to estimate monthly student loan payments and review repayment options, check out the Federal Student Loan Simulator at https://studentaid.gov/loan-simulator/

Work Study

Work Study is not included in the Net Price or Out-of-Pocket Cost calculations. Students are responsible for finding their on-campus job and can earn up to the awarded amount. Students will be paid by paycheck, direct deposit, or may have the funds applied to their student account.

While the Financial Aid Office awards all student employment on campus, the Hubbard Center for Student Engagement administers the student employment program. Information about the employment process, requirements, and job placement can be found at https://www.depauw.edu/academics/centers/hubbard/student-resources/.

Next Steps

Review your financial aid offer carefully

The FAN will be mailed to your home address and also available to be viewed on the Admission Portal (apply.depauw.edu/status). You will be notified if there are any changes to the financial aid based on receipt of additional scholarships or updates to the FAFSA.

Take action on your Federal student loans

If you have been offered loans in your FAN, some additional steps must be taken for the loans to disburse. These steps can be completed starting on June 1 and should be completed by July 31 to ensure timely disbursement.

Go to https://www.depauw.edu/offices/financialaid/types/loan-programs/ and select the Federal Student Loans link. We encourage you to read the information provided before proceeding.
To begin the application process, click on "Apply Now" at the bottom of the page and then click "Continue."
If prompted, log-in to e-Services.
Complete the Federal Student Loan request form. You will need to indicate a requested loan amount. The Financial Aid Office will calculate how much of the loan amount, if any, can be awarded as a subsidized loan. Click "Continue" to be directed to the Federal Loan website (https://studentaid.gov/).
Sign in using your Federal Student Aid (FSA) ID.
Complete Entrance Counseling which generally takes approximately 30 minutes.
Complete the Master Promissory Note (MPN). The entire MPN process must be completed in a single session and generally takes approximately 30 minutes to complete.

NOTE: You will need to provide the names, phone numbers and addresses of two personal references on the MPN. References cannot share the same address or phone number.

evaluate financing options

Additional financing options may be available to cover educational expenses after aid. Those options include a payment plan, Federal Direct Parent PLUS Loan, and Private Loans.

Payment Plan - Payment Services offers a monthly payment plan to allow students to pay semester charges over four months. The payment plan has no fee or interest charges. Information is available at https://www.depauw.edu/offices/finance-administration/student-and-parent-information/payment-services/payment-plan/.
Federal PLUS Loan - PLUS loans are federal loans available to credit-worthy parents of dependent undergraduate students, regardless of income. Information about PLUS Loans is available at https://www.depauw.edu/offices/financialaid/types/loan-programs/plus-loan/.
Private Loans - Educational loans that are not part of the Federal Student Aid program are typically referred to as “private” or “alternative” loans. These loans can be made to either the student (usually requiring a co-signer) or the parent. For more information on private loans or to use FASTChoice, please visit our website at https://www.depauw.edu/offices/financialaid/types/loan-programs/private-loans/.

When reviewing additional loan options, be sure to use your Federal Direct student loans first. Federal Direct student loans are not subject to a credit check or other underwriting and come with important protections for students and families; the same may not be true with other loan sources.

report outside scholarships

Outside scholarships are a great way to cover your out-of-pocket expenses and are required to be reported to the financial aid office. Be sure to report any outside scholarships by emailing a copy of the scholarship notification to financialaid@depauw.edu.

Check out payment services

Payment Services is responsible for administering the payment plan, billing university charges, and receiving payments. Information can be found online at depauw.edu/paymentservices

Financial Aid Important Dates

May - Watch for more information about taking action on your federal loans, exploring financing options, and reporting outside scholarship.
June 1 - Begin the process to obtain Federal Student Loans, Federal Parent PLUS Loan, and/or other financing options as needed.
July 1 - Submit your FERPA form at depauw.edu/offices/financialaid/forms.
July 8 - Review the published fall semester bill.
July 31 - Complete Federal Loan processing for timely aid disbursement.

Returning Students

Financial Aid Notifications for returning students are typically sent in June to students who have completed the FAFSA. FANs are mailed to the home address during the summer, and the complete list of awards are available on e-Services.

Federal Loans for Returning Students

Eligible students who complete the FAFSA will be awarded federal student loan(s) in their financial aid package.
Loans typically disburse to your student account ten days before the start of each semester.
Loan funds are applied to any outstanding educational charges.
Origination fees are deducted from federal loans at the time of disbursement.
If you have borrowed a Federal Direct Student Loan in a prior year, we will automatically originate your student loan up to the maximum amount based on your eligibility. If you do not wish to borrow the loans or would like a lower amount, please send an email to financialaid@depauw.edu with your specific request.

Important Reminders for Returning Students

Financial aid eligibility is based on your enrollment status. Financial aid awards may be prorated for part time enrollment. As your enrollment changes, your financial aid package may also change. Please allow ample time for the financial aid office to reprocess your financial aid package for enrollment changes. Initial financial aid notifications are typically sent assuming full time enrollment.
Institutional grants and scholarships are commonly replaced with named endowed awards. You may notice these name changes each academic year on your billing statement. Named scholarship recipients may be asked by the Development & Alumni Engagement Office to provide a thank you note or attend a scholarship event.
All students are required to provide proof of personal health insurance coverage each year. For additional information and to complete the waiver, please visit the Student health Insurance Information page at https://www.depauw.edu/campus-life/wellness/depauwhealth/students/student-health-insurance.
Students and families who utilize Federal PLUS or Private Education Loans should apply each year before the start of the semester. More information is available here https://www.depauw.edu/offices/financialaid/types/loan-programs.
As always, be sure to watch for emails from the financial aid office. This is the primary form of communication used when action or documents are needed to complete your financial aid file.

Financial Aid Notification

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