General Information - CAS and Pre-licensure Nursing Financial Aid
The role of financial aid at Indiana Wesleyan University is to help make a quality Christian education affordable to each and every student.
Criteria for Aid: Virtually everyone receives aid! All new full-time, regularly admitted students attending Indiana Wesleyan University will receive some form of institutional aid. Students are not required to file the FAFSA to receive these institutional awards, but are encouraged to file in order to be eligible for grants based upon financial need. For the purposes of student financial aid, “need” is defined as the difference between the total cost of education and the amount a family may be expected to contribute toward that education (as defined by the FAFSA). Most financial aid at Indiana Wesleyan University is awarded on the basis of demonstrated need. In addition, most forms of federal, state, and institutional financial aid are intended to assist those students who have not already earned a first baccalaureate degree.
Types of Aid: Student financial aid can be classified under four major headings: scholarships, grants, loans, and work programs.
Scholarships and grants are both forms of aid that do not have to be repaid. The term “scholarship” usually is applied to an award that recognizes academic achievement or promise. Sometimes the amount of a scholarship depends on the financial need of the recipient. Grants are usually based on financial need.
Loans and work programs are forms of self-help aid. Student loans often contain desirable features such as deferred payments during periods of schooling, low interest rates, interest subsidies, or provisions for working off the loan obligation through future service in a particular profession. Work assignments connected with the student aid program consist of part-time jobs which are typically on-campus.
Applying for Aid: All students desiring financial aid must submit the Free Application for Federal Student Aid (FAFSA). It is available on the Web at fafsa.gov. After evaluation by the Financial Aid Office, this information is used to determine the kinds and amounts of need-based aid for which the student qualifies.
Calendar for Financial Aid
October 1 – Earliest date to file Free Application for Federal Student Aid (FAFSA).
April 15 – All students applying for financial aid must have their FAFSA filed and received by the federal processor by this date to ensure consideration for all forms of financial aid.
July 1 - All students are encouraged to have all financial aid forms completed (including student loan materials) in order to meet the August 15 repayment deadline for fall.
A Complete File Consists of the Following:
- Submission of the FAFSA to the federal processing center indicating IWU as one of the schools to which the data should be sent.
- Notice of acceptance to students for admission to the university.
- Additional documents (i.e., tax transcripts) as needed and requested by the Financial Aid Office.
Awarding of Aid: Once application forms begin to arrive in the Financial Aid Office, notices are sent to make applicants aware of any missing forms or to request additional information that may be required. Additional documents must be provided by the date specified in the letter. Without these documents, no financial aid can be awarded. All financial forms are thoroughly reviewed, and the Financial Aid Office communicates with the student or parents to resolve any significant questions. When the financial aid award has been made, the student is notified via the Financial Aid Award Letter or email notification.
The aid package offered to an applicant consists of a combination of scholarships, grants, loans, or work, depending upon the recipient’s aid eligibility. If an aid package includes certain kinds of federal assistance, the sum total of the individual need-based awards cannot exceed the student’s calculated financial need. Also, the total of awards that apply only to tuition/fees is limited to the amount of standard tuition/fee charges. While student aid awards are committed for the whole school year, just one-half the amount of each scholarship, grant, or loan is applied to the student’s account each semester.
Failure to register at the beginning of a semester, or enrollment for fewer than the required number of credit hours, automatically cancels all awards for the semester. A financial aid recipient who officially withdraws from the university or drops below the required number of credit hours during the refund period of a semester will have an adjustment made in the student aid package. Copies of the university’s Packaging Policy are available upon request.
Some forms of aid require students to complete 30 credit hours per year for full renewal. If you have questions please contact the Financial Aid Office.
Requirements for Receiving Aid: In order to qualify for all federal funds with the exception of a Federal Pell Grant, a student must be enrolled at least half-time. A student is classified as half-time if registration is for a minimum of six credit hours per semester or a total of six credit hours during the summer sessions. Institutional and state scholarships and grants, however, require full-time enrollment (a minimum of 12 credit hours per semester). In addition, Pell Grant, FSEOG, state aid programs, and most forms of institutional aid require that the student does not have a previous baccalaureate degree. Financial aid recipients are required to maintain satisfactory progress toward a degree in their chosen course of study. The institutional Satisfactory Academic Progress Policy outlines the specific details of this requirement. Any student receiving an institutional grant award is expected to maintain an acceptable citizenship record.
Satisfactory Academic Progress
Students must make Satisfactory Academic Progress (SAP) towards earning a degree as stipulated below to receive financial aid at IWU from all institutional, federal and state student aid grants, Work Study and loan programs as well as tuition waivers. Some additional grants and scholarships may also use part or all of the SAP standards as minimum criteria for funding eligibility.
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REVISED effective July 2014
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Undergraduate Programs
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Total Hours Earned and Recognized by IWU for Degree Consideration from All institutions
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1-28
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29-44
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45-up
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Minimum Cumulative GPA
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1.80
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1.90
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2.00
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Minimum Pass Rate Percentage of Total Hours Successfully Completed (Measured as Hours Earned ÷ Hours Attempted)
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67%
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67%
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67%
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Maximum Total Credit Hours or Time Allowed to Complete Current Primary Degree Requirements
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150% of the specific degree programs published length
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Satisfactory Academic Progress will be measured at the end of each semester. Students who fail to meet the minimum policy standards will be placed on SAP Suspension. Aid eligibility will resume when the student raises his or her cumulative academic measurements to the required levels or has a SAP Appeal approved. SAP suspension may be appealed if unusual and/or mitigating circumstances affected academic progress. Such circumstances may include a severe illness or injury to the student or an immediate family member, the death of a student's relative, student activation into military service or other circumstances as deemed appropriate for consideration by the SAP Appeals Committee.
To appeal, the student must submit a legible letter, a completed SAP Appeal Form and supporting documentation to the IWU Financial Aid Office. These must explain in detail why the student failed to meet the minimum academic standards, what unusual and/or mitigating circumstances contributed to the failure and how his or her situation has changed to allow the student to meet SAP requirements by the next calculation. Appeals must be received by the Financial Aid Office no later than 15 business days before the end of the term for which reinstatement is desired. Early appeal submission is strongly encouraged. A committee will review the appeal and will notify the student in writing of their decision. If an appeal is approved, the student will temporarily regain financial aid eligibility. Continuation of eligibility will be contingent upon the student demonstrating improved academic merit achievement as outlined by the SAP appeals committee through their Academic Plan.
Scholarships and Grants
National Merit Finalist/Semifinalist Scholarship
National Merit Scholarship Qualifying Test finalists and semifinalists are eligible to receive a National Excellence Scholarship award but are not eligible for other IWU academic scholarships. The National Excellence Scholarship is $15,000 and includes students who are National Merit Semi-Finalists or Finalists, National Achievement recipients or in the National Hispanic Recognition Program.
The student must be an entering freshman, submit a copy of the National Merit Certificate, have a 3.5 high school GPA, and enroll full-time each semester. National Merit Scholarships are renewable for up to eight consecutive semesters. To renew, students must be enrolled full-time (at least 12 credit hours fall and spring semesters) and must achieve a 3.2 minimum cumulative GPA. These credits must be completed by the end of May term each year. National Merit Scholarships are not available for enrollment in summer sessions, nor will credits earned or GPA achieved in summer sessions count toward eligibility requirements until the following fall or spring calculation. If lost, the scholarship may be reinstated following completion of the next fall or spring term. If a student loses his or her National Merit award due to academic performance, the semester in which the student did not receive the award is still counted toward the total 8 semesters of eligibility.
Academic Awards
Academic awards are available to new first-time freshmen based upon their excellence in their high school studies as shown by their standardized test scores and high school grade point average. These two measures of academic achievement combine to place students into eligibility for the following award levels.
Academic Awards 2017-2018
| $12,000/yr.* |
President's Scholarship |
| $10,000/yr.* |
Dean's Scholarship |
| $8,000/yr.* |
Faculty Scholarship |
| $6,000/yr.* |
Achievement Scholarship |
| $4,000/yr.* |
Recognition Award |
| $2,000/yr.* |
Opportunity Award |
*Must maintain scholarship-specific GPA requirement for renewal.
Transfer Academic Scholarship
A full-time transfer student who has attended at least one full-time semester (at least 12 credit hours) at an approved college or university may qualify with a minimum transfer GPA of at least 3.0 on a 4.0 scale. A GPA on transfer work from more than one college or university will be calculated using a weighted average. A student with less than 12 credit hours must meet the requirements for the freshman Academic Scholarship. It is the student’s responsibility to submit the necessary transcripts and test scores at the time of application for admission to Indiana Wesleyan University.
Transfer Academic Scholarships are renewable for students who enroll full-time (at least 12 credit hours fall and spring semesters) and achieve a 3.0 minimum cumulative GPA. Credits must be completed by the end of May term each year to count towards the GPA minimum. Transfer Academic Scholarships are not available for enrollment in summer sessions, nor will credits earned or GPA achieved in summer sessions count toward eligibility requirements until the following fall or spring calculation. If lost, the scholarship may be reinstated following completion of the next fall or spring term, if eligibility requirements are met; however, recipient will have fewer semesters of eligibility remaining. Transfer Academic Scholarships are available for renewal for a total of six semesters.
Transfer Academic Scholarship
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GPA/GED
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AMOUNT
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| 3.8 - 4.0 |
$10,000 Premier Scholars Scholarship (3.2 Renewal) |
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3.5 - 3.79
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$8,000 Distinguished Scholars Scholarship (3.0 Renewal)
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| 3.25 - 3.49 |
$7,000 Prominent Scholars Scholarship (3.0 Renewal) |
| 3.249 - 3.0 |
$6,000 Acclaimed Scholars Scholarship (3.0 Renewal)
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2.0 - 2.99
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$4,000 University Scholars Scholarship (3.0 Renewal)
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1.99 below
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$2,000 Opportunity Award (Good Academic Standing)
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Grant County Leadership Scholarship
Funds for these awards are made available through a trust given to Indiana Wesleyan University in memory of Henry M. and Anna Shugart. Awards are given annually to graduates of Grant County, Indiana, high schools who have attained at least a 3.50 cumulative GPA (on a 4.00 scale) and possess positive leadership and citizenship traits. The award amount is $2,000 per year for four years to entering freshmen, full-time students only. Students must apply through the high school guidance office by the announced filing deadline. The student must maintain a 3.50 cumulative GPA to renew the scholarship.
Athletic Service Grant
Several awards are granted each year to both men and women participating in intercollegiate athletics. Awards are made upon recommendation of coaches of the individual sports.
Music Scholarship
Scholarships are available by audition to qualified full-time students majoring in music. Contact the Division of Music for additional information.
Art Scholarship
Scholarships are available to qualified full-time students majoring in art. Contact the Division of Art for additional information.
Theatre Scholarship
Scholarships are available to qualified full-time students. Contact the Division of Communication and Theatre for additional information.
Church Matching Scholarship Program
Indiana Wesleyan University will match a local church’s contribution to its Matching Church Scholarship Fund up to a maximum of $900 per undergraduate student attending our residential campus. To qualify, the church must file an application with the Church Relations Office prior to the first day of classes each academic year.
Indiana Foundation for Home Schooling Scholarship
A $1000 award is available to a home schooled student participating in the IFHS graduation ceremony. Students must submit an application and have a minimum cumulative GPA of 3.0 with SAT score of 1000 or an ACT score of 21. Scholarship renewable by maintaining a 3.0 cumulative GPA.
IWU Triangle Scholarship
The IWU Triangle Scholarship was developed to ensure select students from Grant, Blackford, Howard, Miami, and Wabash counties have access and added incentive to attend college locally. The amount of this award will vary based on student demographic information, financial need, and funding available. Eligible students are packaged with this award based on information received from the FAFSA and the admissions application.
Frank O'Bannon State Grant Program - Indiana Residents Only
The Commission for Higher Education (CHE) administers this grant program based on financial need. Potential recipients must submit the FAFSA and have it received at the federal processor by April 15th. Recipients must be full-time students. Awards vary and are dependent on the type of diploma received and state funding. Full renewal requires the student to complete at least 30 credit hours a year. An increased award is available for students who complete at least 39 credit hours per year.
Indiana 21st Century Scholars Program - Indiana Residents Only
Potential recipients applied in their 7th or 8th grade year to be part of the program and fulfilled a pledge of good citizenship. Recipients must submit their FAFSA and have it received at the federal processor by April 15th annually. The student must also enroll full-time in an approved Indiana institution. Full renewal requires the student to complete at least 30 credit hours each year.
Family Tuition Grant
The grant will be $1,000 toward tuition only for each full-time undergraduate student from the same family attending the residential campus (the Transition to Nursing Program does not qualify). The definition of family is meant in the traditional, not extended sense. This could be any combination of husband/wife/father/mother/unmarried dependent sons or daughters. It is intended to assist families where two or more "living under the same roof" are attending Indiana Wesleyan University on a full-time basis in traditional programs of study on our residential campus.
Pastor Dependent Grant
A recipient must be a dependent undergraduate child of a full-time ordained minister serving in a local church during the academic year in which the award is granted. The student must enroll full-time; the amount is $1,800 per academic year.
Federal PELL Grant
Any U.S. citizen who does not have a baccalaureate degree can apply for a Pell grant by completing the FAFSA. Awards are based on financial need and range from $595-$5,730 for the 2017-2018 academic year.
Federal Supplemental Educational Opportunity Grant (FSEOG)
These awards range from $100 to $4,000 per year, depending upon financial need and funding received by IWU. Recipients must also be eligible for the Federal Pell Grant.
Indiana Wesleyan University Grant
Funds provided by IWU available to students who file a timely FAFSA and meet eligibility criteria. Amount varies based on student’s calculated need, other financial aid received, and funding available.
Shugart Grant
Funds for this award are made available through a trust given to Indiana Wesleyan University in memory of Henry M. and Anna Shugart. Recipients must reside in Indiana and file a FAFSA that is received by the federal processor by April 15th. Amount varies based on student’s calculated need, other financial aid received, and funding level.
Wesleyan Student Aid
Acknowledging its Wesleyan heritage, Indiana Wesleyan University supports our relationship to The Wesleyan Church and eagerly seeks to enroll increased numbers of Wesleyan students. The following financial aid programs have been developed to assist Wesleyan students in furthering their education at Indiana Wesleyan University.
Wesleyan Student Grant
This award of $1,000 is given to all Wesleyan students who regularly attend a Wesleyan Church in his/her home community.
Wesleyan Missionary Dependent Grant
The award amount is 50 percent of tuition for up to eight semesters. The recipient must demonstrate financial need, reside on campus, be a full-time undergraduate student, and apply for all other forms of federal and state financial aid. Parent(s) must serve full-time under direct appointment of the Global Partners or Wesleyan Native American Ministries during the academic year in which the award is received. The recipient may NOT also receive the Out-of-State Wesleyan Grant, the International Wesleyan Grant, or the Wesleyan Pastor Dependent Grant.
Out-of-State Wesleyan Grant
This award is available to full-time students who regularly attended a Wesleyan Church outside the state of Indiana immediately prior to enrolling at Indiana Wesleyan University. The award of $2,000 is given only to full-time, undergraduate, U.S. resident students.
Wesleyan Pastor Dependent Grant
A recipient must be a dependent undergraduate child of a full-time ordained minister serving in a local Wesleyan church during the academic year in which the award is granted. The student must enroll full-time; the amount is 50 percent of tuition and will be provided through the combination of all scholarships and grants from federal, state and institutional programs, excluding academic honors, athletic awards, Campus Challenge and Wesleyan Bible Bowl awards.
Campus Challenge/Wesleyan Bible Bowl (WBB) Scholarship
The recipient must submit the original scholarship certificates to the Financial Aid Office prior to fall enrollment. Awards earned or certificates submitted AFTER that time may be available for use in future academic years. Full-time students may use up to $1,000 per academic year (divided one-half each semester) UNLESS the current certificates held total in excess of $4,000, in which case the student may use one-fourth of the total per academic year. Recipients must also attend full-time.
John Wesley Scholarship
Accepted Wesleyan undergraduate students must submit an application prior to the deadline to the Admissions Office to be considered for this award. This award is provided by various donors to allow funding for students who may otherwise be unable to attend IWU. Award amounts vary based on funds available and the scholarship committee’s determination of the student’s need for the scholarship.
Canadian Wesleyan Scholarship
Wesleyan Canadian students who enroll full-time may be awarded a scholarship equal to approximately 25 percent of the direct cost remaining after all other forms of financial aid have been applied.
International Wesleyan Grant
International students attending IWU may be awarded a $3,000 grant. The grant is renewable for up to eight semesters of eligibility and student must remain enrolled full-time each semester. Eligibility for any academic merit scholarship supersedes and replaces this award. Not eligible to receive the Wesleyan Canadian Grant in addition to this award. Eligibility ends when first bachelor's degree is earned.
Wesleyan Ministerial Loan/Grant
The Wesleyan Church and Indiana Wesleyan University cooperate in providing Ministerial Loan Grants for full-time junior and senior Christian ministries students who are members of The Wesleyan Church. Indiana Wesleyan University cooperates with The Wesleyan Church and local districts in providing funds for graduate students as well. Juniors may receive $4,000 per year, while seniors may receive $6,000 per year from the university. In addition, The Wesleyan Church provides funds per credit hour as available to assist with educational expenses. Students, including transfer students, must complete one full year at IWU before becoming eligible for the IWU portion. The funds are subject to all policies and procedures governing university financial aid. A separate application is required each semester by the announced deadline.
Conditions of eligibility for both undergraduate and graduate ministerial aid are as follows:
- Student must regularly attend a local Wesleyan church of the North American General Conference.
- Examination and approval as a licensed ministerial student by the District Board of Ministerial Development prior to the beginning of the semester in which the loan/grant is to be received.
- Cumulative grade-point average of 2.0 or higher.
- Admission to the appropriate undergraduate or graduate Christian ministries or youth ministries major (See School of Theology and Ministry).
- Approval by the director of financial aid.
Each award is issued as a loan with separate promissory notes to be signed for repayment of the denominational and university shares. However, recipients who later serve The Wesleyan Church under district appointment have the privilege of canceling 20 percent of the total loan obligation for each year of full-time service rendered. Those who are employed otherwise will repay their loan(s) over a period of five years with an annual interest rate of 10 percent. Further information about the operation of this program can be found online at the Wesleyan headquarters Web page http://www.wesleyan.org or secured by writing the Department of Education and the Ministry of The Wesleyan Church, P.O. Box 50434, Indianapolis, Indiana 46250-0434.
Loans
Federal Perkins Loan
Students qualify for these loans on the basis of financial need and according to the institution’s Packaging Policy. Eligible students may be assigned Perkins Loans up to $3,000 per year, with an aggregate limit of $15,000 as undergraduates.
For first-time borrowers, repayment of Perkins Loans begins nine months after termination of at least half-time enrollment at an eligible institution and continues over a period of 10 years (or less) with interest charges of 5 percent per year and a minimum monthly payment of $40.
Typical Repayment of Loans
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Total Loan Amount
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Number of Payments
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Monthly Payment
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Total Interest Charges
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Total Repaid
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$4500
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120
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$47.73
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$1227.60
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$5727.60
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$9000
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120
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$95.46
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$2455.20
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$11455.20
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$15000
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120
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$159.10
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$4091.73
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$19091.73
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IWU Student Loan
Awards in this institutional loan program range from $200 - $3,000 per academic year to students whose parent has been denied the Parent PLUS Loan and who demonstrate financial need. Repayment of principal and interest begins after the student is enrolled less than part-time. Interest is charged at a fixed rate of 8.75%.
Typical Repayment of Loans
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Total Loan Amount
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Number of Payments
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Monthly Payment
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Total Interest Charges
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Total Repaid
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$4500
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120
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$56.40
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$2267.43
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$6767.43
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$9000
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120
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$112.79
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$4534.58
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$13535.58
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$15000
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120
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$187.99
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$7558.82
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$22558.82
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Due to the large number of loan accounts, the inherent complexities of the federal Perkins Loan program, and the new importance of loan repayments, Indiana Wesleyan University has contracted with University Accounting Service, Milwaukee, Wisconsin, to handle the billing and collection functions for all federal Perkins Loans and IWU Student Loans administered by the university.
Federal Direct Loan
Direct Loans are need-based and/or non-need-based loans for which a student applies through the Direct Loan Program. Repayment begins six months after the student ceases to be at least a half-time student and is typically spread over a period of up to 10 years. Deferments are available if the student meets certain conditions. Dependent freshmen may borrow up to $5,500 per academic year, sophomores may borrow up to $6,500, and juniors and seniors may borrow up to $7,500, based on financial need. The total amount of undergraduate loans may not exceed $31,000. All students must file the Free Application for Federal Student Aid to qualify for a Direct Loan.
Students with financial need may qualify for a 4.45 percent interest rate subsidized Direct Loan, which means the government is paying or subsidizing the interest while the student is in school. Students without financial need qualify for the unsubsidized Direct Loan at 4.45 percent interest, in which their interest is not paid by the government. Students may pay the interest monthly while in school, or the lender will capitalize the accrued interest each year causing the loan to increase more rapidly.
In order to help each student meet the August 15 payment expectation, the Financial Aid Office recommends that all applicable e-paperwork (Master Promissory Note, Federal Entrance Counseling and Federal Direct Loan Request) be completed and submitted prior to July 1 each year.
Typical Repayment of Unsubsidized Direct Loans
| Total Loan Amount |
Number of Payments |
Monthly Payment |
Total Interest Charges |
Total Repaid |
| $5500 |
120 |
$57.43 |
$1391.03 |
$6891.03 |
| $10500 |
120 |
$109.63 |
$2655.90 |
$13155.90 |
| $15000 |
120 |
$156.62 |
$3793.96 |
$18793.96 |
| $23000 |
120 |
$240.15 |
$5817.43 |
$28817.43 |
Federal PLUS (Parent Loan for Undergraduate Students)
Parents may borrow funds through this program to assist with their child(ren)’s educational expenses. The limit is the cost of education per child minus other financial aid. The interest rate is a fixed 7.00 percent. Borrowers must be creditworthy and can begin repayment upon disbursement of the funds or request a deferment until the student is no longer enrolled full-time.
Work Programs
Federal Work-Study Program
Many student work assignments on the campus fall within the scope of the Federal Work-Study Program (FWS). Students average 10 hours per week during the academic year and from 15-40 hours per week during periods of non-enrollment. The pay rate is minimum wage for most positions on campus. A student is eligible for a FWS position if there is sufficient financial need and Work-Study is listed as one of the types of financial aid the student has been awarded. Please note that the award amount listed by financial aid is an estimate of earnings and not a guarantee. All students must find a job on campus and their earnings will be tied to hours worked and wage of position held. All student employees must complete the Immigration and Naturalization Service’s I-9 Form and must be issued a Work Authorization.
Indiana Wesleyan University Employment
A limited number of campus jobs are assigned to students who do not qualify for the Federal Work-Study Program. In such cases, the institution pays all of the student’s wages, and the earnings are paid directly to the student with the intent of paying the student’s account. Pay rates are also at minimum wage.
Right to Know
A student has the right to know...
- What financial assistance is available, including information on all federal, state, and institutional financial aid programs.
- The deadlines for submitting applications for each of the financial aid programs available.
- The cost of attending the institution and the school’s refund policy.
- The criteria used by the institution to select financial aid recipients.
- How the school determines your financial need. This process includes how costs for tuition and fees, room and board, travel, books and supplies, personal and miscellaneous expenses, etc., are considered in your budget.
- What resources (such as parental contribution, other financial aid, your assets, etc.) are considered in the calculation of your need.
- How much of your financial need, as determined by the institution, has been met.
- An explanation of the various programs in your student aid package. If you believe you have been treated unfairly, you may request reconsideration of the award that was made to you.
- What portion of the financial aid you received must be repaid, and what portion is grant aid. If the aid is a loan, you have the right to know what the interest rate is, the total amount that must be repaid, the payback procedures, the length of the time you have to repay the loan, and when repayment is to begin.
Responsibilities
It is your responsibility to...
- Review and consider all information about the school’s program before you enroll.
- Complete all application forms accurately and submit them on time to the right place.
- Pay special attention to and accurately complete your application for student aid. Errors can result in long delays in your receipt of financial aid. Intentional misreporting of information on application forms for federal financial aid is a violation of law and is considered a criminal offense subject to penalties under the U.S. Criminal Code.
- Return all additional information, verification, corrections, and/or new information requested by either the Financial Aid Office or the agency to which you submitted your application.
- Read and understand all forms that you are asked to sign and keep copies of them.
- Accept responsibility for all agreements you sign.
- Notify the lender of changes in your name, address, or school status if you have a loan.
- Perform in a satisfactory manner the work that is agreed upon in accepting a university Work Study award.
- Know and comply with the deadlines for application or reapplication for aid.
- Know and comply with your school’s refund procedures.
Withdrawal and Impact on Financial Aid
Students who receive financial aid (federal, state, or institutional aid) and withdraw from classes during the semester are potentially subject to a review of their financial aid eligibility. The impact on a student's awards will depend on
- When the student withdrew from a class or classes.
- Whether the student withdrew from one or more classes, but remained enrolled or if the student completely withdrew from all classes.
- Type of financial aid awarded.
- Changes to the charges on the student's account.
Students need to talk with their financial aid counselor prior to withdrawing from any course(s) so that he/she can make an informed decision regarding the financial impact of the withdraw and understand how it could impact the future eligibility of some types of aid.
The following sections provide an overview of the impact of withdraws based on the type of aid received:
Federal Aid (Title IV)
Students who receive federal Title IV financial aid (Pell Grant, FSEOG, Perkins Loan, Federal Work-Study, or Direct Subsidized or Unsubsidized Loans) and who completely withdraw from all classes during the semester are subject to the Return of Title IV Funds calculation. This calculation does not apply to a student who withdraws from one or more classes but remains enrolled in one or more classes.
The calculation is based on the number of calendar days in the term compared to the number of days elapsed when the withdrawal is completed. Based on the percentage of the term completed, the student is allowed to retain a similar percentage of the federal Title IV financial aid. The remainder of the funds is to be returned to the federal programs. The school will determine how much of the federal funds are to be returned by the school and how much, if any, is to be returned by the student.
Funds will be returned in the following order if the student received money from the fund:
Federal Unsubsidized Direct Loan
Federal Subsidized Direct Loan
Perkins Loan
PLUS
Pell Grant
FSEOG
If the funds the student must repay need to be returned to the federal grant programs, the student will only have to repay 50 percent of the required grant. Students will be given 45 days to repay any grant monies owed. After 45 days, the student will be placed in a federal grant overpayment status and will be ineligible to receive federal funds, at any school, until the grant is repaid. Loan monies owed will become subject to the loan promissory note signed by the student.
Here is an example of how a calculation might work: If there are 100 calendar days in the term (excluding any breaks of five or more days) and the student withdraws on the 25th day, 25 percent of the term has elapsed. This means that 75 percent of the federal funds must be returned. If the student received $5,000 in federal Title IV aid, the $3,750 must be returned. If the school retained all of the funds to pay for school charged expenses, then the school will return all of the funds. If some of the funds were disbursed to the student, then the student may have to repay some of the funds also.
Institutional Aid
The institutional aid a student receives will follow the same guidelines as provided in the federal aid section above, except that institutional aid is limited to the amount of institutional charges after any adjustments are made based on the withdraw.
Indiana State Aid
The Commission for Higher Education (CHE) has a refund period that consists of the first four weeks of each academic term. If a student withdraws from one or more classes and thus is not classified as a full-time student at the end of the CHE refund period, the student is not eligible for any of their state grant funds. If a student withdraws from one or more classes after the CHE refund period, the impact on the student's state grants will depend on any adjustment of charges made on the student's account. Completing fewer than 30 credits each year can also negatively impact future eligibility of some state grants.
Additionally, withdrawal from a course may have an impact on completion rate, which can affect SAP standing. Please contact the Financial Aid Office at 765-677-2116 if you have any questions regarding the impact of a withdrawal on your student financial aid.
Financial Information - Other
A student may not register for the next semester, term, or session or receive a transcript unless all charges are paid in full.
The university is not responsible for the loss of personal property on campus.
Students are accountable for materials and equipment issued to them. Damage to property must be paid for by those responsible.
The university does not have health insurance for students and will not be responsible for any health-related charges.
Financial Aid - Further Information
For further information regarding financial aid opportunities, contact the Financial Aid Office, Indiana Wesleyan University, Marion, Indiana 46953. Phone 765-677-2116.
