Types of Student Financial Aid Available

The following types of student financial aid are available to persons enrolled as degree-seeking students who meet the eligibility criteria for the aid type. Complete fund profiles may be found online at https://www.indwes.edu/adult-graduate/financial-aid/types-of-aid.

Federal Pell Grant – is a federal need-based grant that does not require repayment. The Pell Grant is available only to undergraduate students who have not earned a bachelor's nor professional degree and who have not met their maximum lifetime eligibility, which is the equivalent of six school years. Recipients must complete the Free Application for Federal Student Aid (FAFSA) and show financial need. The award amount is based on the Expected Family Contribution found on the Student Aid Report, a student’s enrollment status, at the beginning of each term, and the cost of attendance. The maximum award amount for the 2022-2023 award year is $6,895.

Federal Supplemental Educational Opportunity Grant (FSEOG) – is a federal grant that does not require repayment and is available to undergraduate students who have not earned a bachelor's nor professional degree. Eligibility is determined by answers provided on the FAFSA form with priority to Federal Pell Grant recipients. The maximum award amount for the 2022-2023 award year is $400. Awards are made to eligible recipients until all funds have been exhausted.

Federal TEACH (Teacher Education Assistance for College and Higher Education) Grant – is a federal grant that, when all service obligations are met, does not have to be repaid. The grant provides up to $3,772 per academic year to students in one of IWU’s Masters of Education programs who intend to teach in a high-need field at a public or private elementary or secondary school that serves students from low-income families. Grant recipients must teach for at least four academic years within eight calendar years of completing the program of study for which the grant was received. For students who fail to complete the service obligation, all amounts of TEACH grant funds received are converted to an unsubsidized Federal Direct Loan that must be repaid. Interest is charged from the date the grant(s) disbursed.

Indiana State Grant Aid – primarily consists of the Frank O’Bannon Grant, the 21st Century Scholarship, and the Adult Student Grant. Indiana grant recipients may take courses that meet at a site located within Indiana or online. Tuition reimbursement that a student receives may affect the amount of the state grant award. For the Frank O’Bannon Award, eligible students must be Indiana residents in an undergraduate program and attending full-time, eligible for federal student financial aid, whose FAFSA was received by the federal processor on or before the state filing deadline, and who demonstrate financial need as defined by the Indiana Commission for Higher Education, Division of Student Financial Aid. The Frank O’Bannon award is a tuition- and fee- only grant. More details are available on the state website at https://www.in.gov/che/state-financial-aid/state-financial-aid-by-program/frank-obannon-grant.

For the 21st Century Scholarship, please refer to the state website at https://learnmoreindiana.org/scholars for the eligibility requirements and other details.

For the Adult Student Grant, please refer to the state website at https://www.in.gov/che/state-financial-aid/state-financial-aid-by-program/adult-student-grant for eligibility requirements and other details.

Students receiving Indiana grant awards are required to meet certain credit completion requirements to renew Indiana grant awards for subsequent years.

• For Frank O’Bannon Grant maximum award renewal, students must successfully complete (receive passing grades for) at least 30 credit hours during each state academic year (“on-time” renewal). Frank O’Bannon Grant students who successfully complete at least 24 credit hours each state academic year (“full-time” renewal) will remain eligible for the grant but will receive a lesser amount than a student who completes 30 credit hours.
• For 21st Century Scholarship renewal, students must successfully complete at least 30 credit hours each state academic year to renew eligibility for subsequent years.
• For Adult Student Grant renewal, students must successfully complete 18 credit hours in the state academic year to renew eligibility for subsequent years.

Kentucky State Grant Aid –consists of the College Access Program (CAP) Grant. Students must be Kentucky residents in an undergraduate program and eligible for federal student financial aid. Students whose FAFSA information demonstrates financial need as defined by the Commonwealth of Kentucky are given priority consideration for the CAP grant until available funds are exhausted. Eligible students must be enrolled in 6-12 credit hours between July 1 and December 31 (fall term) and/or January 1 and June 30 (spring term). Students must be enrolled in at least 6 credit hours of courses for the term taken at a site located within Kentucky in order for online courses to count toward the credit hour requirement. Tuition reimbursement that a student receives may affect the amount of the state grant award.

Ohio State Grant Aid – is the Ohio College Opportunity Grant Program (OCOG). This program provides need-based tuition assistance to Ohio students from low to moderate-income families. Students must be Ohio residents in an eligible undergraduate program, eligible for federal student financial aid, and whose FAFSA was received by the federal processor on or before the October 1 state filing deadline. Eligible students must be enrolled in 12 credit hours between July 1 and December 31 (fall term) and/or January 1 and June 30 (spring term) for a full-time enrollment status award. Lesser amounts are awarded for less than full-time enrollment status within the term. The OCOG is a tuition only grant. Tuition reimbursement that a student receives may affect the amount of the state grant award.

William D. Ford Federal Direct Loan – is available to students who file the FAFSA and all other required student financial aid forms and who meet all federal criteria for eligibility. The maximum annual loan amounts for dependent students are $5,500 for freshmen, $6,500 for sophomores and $7,500 for juniors and seniors. The maximum annual loan amounts for independent students are $9,500 for freshmen, $10,500 for sophomores, $12,500 for juniors and seniors, and $20,500 for graduate students. Lifetime maximum borrowing limits are $57,500 for undergraduate programs and $138,500 for graduate programs (including undergraduate borrowing). For undergraduate students who demonstrate financial need and who have not met their lifetime maximum borrowing limits, the federal government subsidizes loan interest for a portion of the total annual loan amount while the student is enrolled in school. Interest rates are set on July 1 each year and are fixed rates. For July 1, 2022, through June 30, 2023, the interest rate is 4.99% for subsidized and unsubsidized Direct Loans for undergraduate students. The interest rate is 6.54% for unsubsidized Direct Loans for graduate students. 

A student’s total financial assistance, including loans, may not exceed the calculated cost of attendance for the program. Students with unsubsidized loans may elect to make monthly interest payments to the lender or allow the accumulated interest to accrue until repayment, which begins six months after the student ceases to be enrolled as at least a half-time student. Upon graduation or termination of studies, the student is given a six-month grace period during which no interest or principal payments are due on subsidized loans and during which only interest accrues on the unsubsidized loans. The standard minimum monthly payment is $50, but the amount varies based on the total amount of the outstanding loans upon which the student is paying and the type of repayment plan the student has chosen.

Undergraduate PLUS Federal Direct Loan – is a federal loan with a fixed 7.54% interest rate available to parents of dependent undergraduate students who have remaining cost of attendance not met by subsidized/unsubsidized William D. Ford Federal Direct Loans. This is a credit-based federal loan.

Graduate PLUS Federal Direct Loan – is a federal loan with a fixed 7.54% interest rate available to graduate students who have remaining cost of attendance not met by an unsubsidized William D. Ford Federal Direct Loans. This is a credit-based federal loan.

Military Preferred Tuition Discount – is a tuition discount to all active duty military personnel, National Guard, Reserves, retirees, veterans, spouses, surviving spouses, dependents with educational benefits, and DoD employees. More information and the discount application are available online at https://www.indwes.edu/adult-graduate/financial-aid/military-preferred-tuition.

Educational Partner Discount – is a tuition discount given to students employed by one of IWU’s educational partners. Students must submit a discount application, available from your enrollment counselor or by emailing N&Gdiscounts@indwes.edu. 

Pastoral Discount – is a tuition discount offered to pastors who are taking courses in one of the approved ministry programs. Students must submit a discount application, available from your enrollment counselor. More information may be found online at https://www.indwes.edu/adult-graduate/financial-aid/pastoral-discounts.

Yellow Ribbon Award – is an award that does not have to be repaid and is available to eligible students who receive Chapter 33 benefits. The amount eligible students receive reflects 50% of the tuition expenses that exceed the highest public in-state undergraduate tuition rate. The VA matches that contribution to cover fully the tuition costs.

Ministerial Student Aid Program – is a loan program administered by The Wesleyan Church through the Department of Education & The Ministry and is available to undergraduate and graduate students in an approved ministry program. The loan becomes a grant as the recipient serves The Wesleyan Church under a qualifying appointment. Applicants should understand that in requesting aid from this program they are applying for a loan, which must be either repaid or canceled through service. General eligibility requirements include, but are not limited to: local church membership, district approval, and enrollment form submission. For each year (September 1 through August 31) of full-time district appointment in The Wesleyan Church following studies, 20% of the loan is canceled once the service is rendered and reported. Cancellation cannot be given in the same church year that one receives loan-grant funds.  Loan amounts for the 2022-2023 award year are $60 per semester hour for junior and senior years of undergraduate study. More information may be found online at https://www.wesleyan.org/ecd/loan-grant.