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-aidhttps://www.indwes.edu/adult-graduate/financial-aid/types-of-aid.
Ministerial Student Aid Program – is a loan program administered by The Wesleyan Church through the Department of Education & Clergy Development 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 30) of full-time district appointment in The Wesleyan Church following studies, 20% of the loan is canceled once the service is rendered and reported. Cancelation cannot be given in the same church year that one receives loan-grant funds. Loan amounts for the 2021-2022 award year are $80 per semester hour for Masters in Ministry programs and $100 per semester hour for Masters of Divinity classes. More information may be found online at https://www.wesleyan.org/ecd/loan-grant.
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 amount is $20,500 for graduate students. The lifetime maximum borrowing limit for graduate programs is $138,500 (including undergraduate borrowing). Interest rates are set on July 1 each year and are fixed rates. For July 1, 2021, through June 30, 2022, the interest rate is 4.30% for unsubsidized Federal 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.
Graduate PLUS Federal Direct Loan – is a federal loan with a fixed 5.30% 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. Students must submit a discount application, available online at https://www.indwes.edu/adult-graduate/financial-aid/Military-Preferred-Tuition-Application-2020-2021.pdf.
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.
