Available Financial Aid

Federal Assistance Programs:


Federal Pell Grants
The Pell Grant is the largest need-based federal grant program, serving nearly 3,000,000 students a year. Pell Grants are available only to undergraduate students. These grants ranged from $400 to $5,350 for the 2009-2010 academic year, depending on the need of the applicant. Regularly enrolled students who are U.S. citizens, permanent residents, or eligible noncitizens who have demonstrated financial need and who have complied with Selective Service registration requirements are eligible to apply for a Pell Grant. Pell Grant is an entitlement program, meaning all students who are eligible will receive awards. While the award is actually paid to the student through the school, the student's eligibility and award amount are determined by the Department of Education. A student will automatically be considered for a Pell Grant when the Free Application for Federal Student Aid (FAFSA) is submitted each year.

Federal Supplemental Educational Opportunity Grants
The Supplemental Educational Opportunity Grant is one of the three federal campus-based programs in which funds are allocated to colleges. Grants are awarded on the basis of the students need and the amount of funds available. Eligible undergraduate students must be U.S. citizens or permanent residents who do not hold a baccalaureate degree and who demonstrate exceptional financial need, comply with Selective Service registration requirements, and maintain satisfactory college academic performance. Students apply for this grant each year by submitting the FASFA.

Federal College Work Study
This program is designed to promote the part-time employment of students. The regulations provide that the federal government will pay 75 percent of the wages of eligible students while the University (or participating nonprofit agencies) pays the remaining 25 percent. A student will be considered for work study when the FAFSA and University of Indianapolis application is received. Eligible students should contact the University's Center for Career Services for job referral.

Federal Perkins Loans
This program was established to provide long-term, low-interest loans to students who demonstrate need for such assistance. Loan repayment begins nine months after the student ceases half-time enrollment, and no interest accrues until that time. The interest rate is five percent per year. To be eligible for the Perkins loan, the student must be a U.S. citizen, permanent resident, or eligible noncitizen enrolled as at least a half-time student; complete the registration requirements of Selective Service; and show exceptional financial need. The student may apply for this loan each year by submitting the FASFA.

Federal Stafford Student Loans
The Stafford Student Loan Program makes low-interest loans available to students who are enrolled at least half-time (6 hours per semester for undergraduate students, 4.5 hours for graduate students). To be eligible for the federally subsidized loan, the student must show financial need unmet by other sources. This loan provides a fixed interest rate of 6.8%. Repayment begins six months after the student ceases half-time enrollment, and no interest accrues until that time. Unsubsidized Federal Stafford Loans also are available to students without regard to financial need. Loan limits and interest rates are the same as those in the subsidized program. Repayment of the principal begins six months after the student ceases half-time enrollment, but interest begins to accrue immediately.

Federal Academic Competitiveness Grants
The Academic Competitiveness Grants are available to undergraduate students who are U.S. citizens and Federal Pell Grant recipients. Students must be enrolled full-time, be in their first or second year of their academic program, and complete a rigorous secondary school program to be eligible. The grant amount is $750 for first-year students and $1,300 for second-year students. Students must complete the Free Application for Federal Student Aid (FAFSA) to apply for this grant. Second-year ACG recipients also must have a 3.0 or higher cumulative grade point average.

Federal Plus Loans
Through participating lenders, parents of dependent students and graduate students may borrow up to the cost of education minus other aid. The Plus loans are subject to a fixed interest rate of 8.5%. Repayment begins within 60 days of the final disbursement each year. Graduate students may defer repayment of the Plus Loan until after graduation or nonenrollment. You may access an online application at http://financialaid.uindy.edu. The application procedure is the same as that of the Federal Stafford Loan Program. Plus Loans may be denied as a result of adverse credit history. In the event that a Plus Loan is denied for a parent of a dependent student, the dependent student is permitted to apply for an appropriate amount under the Unsubsidized Stafford Loan.

Federal Science and Mathematics Access to Retain Talent (National SMART)
The National SMART grants are available for students who are U.S. citizens and Pell Grant recipients. Students must be enrolled full-time, be majoring in an eligible major (majors determined by the U.S. Department of Education), be in their third or fourth academic year of an eligible program, and have a cumulative grade point average of 3.0 or higher. The grant is $4,000 per academic year. Students should complete the FAFSA to apply for the SMART grant.

State Assistance Programs:

Freedom of Choice Grants
Students who receive an Indiana Higher Education Award and who attend a private college are awarded these grants, which can range up to $7,034. This program is administered by the State Student Assistance Commission and is designed to help equalize costs and provide students greater selection among institutions. A separate application is not required for this program. A student receiving an Indiana Higher Education Award will automatically receive the Freedom of Choice Grant.

Hoosier Scholarships
This state-funded program provides nonrenewable awards of $500 to graduating high school seniors who rank in the top 20 percent of their class. The recipients of this award are nominated by their local school administration.

Indiana Higher Education Awards
These awards are made by the State Student Assistance Commission to eligible high school graduates attending institutions of higher learning in Indiana. An applicant is eligible if he or she is an Indiana resident and a full-time student who demonstrates financial need by filing the Free Application for Federal Student Aid. Parents of dependent students also must be Indiana residents. The awards can range up to $3,958. The FAFSA must be received by the federal processor by March 10 preceding the academic year of attendance. Students may receive state grants for eight semesters of full-time undergraduate enrollment.

Minority Teacher/Special Education Scholarships
These awards, from the state of Indiana, are open to African-American and Hispanic students majoring in elementary or secondary education or students seeking certification in special education. Applicants must be Indiana residents enrolled full-time with at least a 2.5 grade point average. Applicants must agree to teach at the elementary or secondary level for three out of five years in an Indiana school. The scholarship amount varies depending on financial need and state appropriation. This award may be renewed if the student applies each year and continues to meet the eligibility criteria. The deadline for application is April 1 preceding the academic year of attendance. Applications are available in the financial aid office.

Nursing Scholarships
This state program provides funds for Indiana nursing students who demonstrate financial need. These students must maintain a grade point average of 2.7 and agree to work as a nurse in any type of health care facility in Indiana for at least two years following graduation. Scholarship amounts vary depending on financial need and state appropriations. The University makes the initial and renewal decisions. Applications can be obtained from the financial aid office. The deadline for application is April 1 preceding the academic year of attendance.

Part-time State Grants
These awards are made to eligible students who are residents of Indiana, are enrolled in three to 11.5 credit hours, and have state grant eligibility remaining. The student cannot be in default or owe a repayment of federal funds to be eligible for this award. The FAFSA must be received by March 10 preceding the academic year of attendance.

21st-Century Scholars Program
21st-Century Scholars Program. This program, funded by the state and administered by the State Assistance Commission of Indiana, is available to Indiana students who, during their eighth grade year, were eligible to receive free lunches. Students who pledged to remain drug- and alcohol-free, refrain from committing any criminal activity, achieve a high school GPA of 2.0, and file the Free Application for Federal Student Aid each year by the March 10 receipt deadline are eligible to receive a grant comparable to the tuition at a public state school. Eligibility for the Higher Education and Freedom of Choice Awards may reduce the award amount. This tuition-only award is available to full-time undergraduate students for eight semesters. Awards range up to approximately $6,012 at the University of Indianapolis.

Non-Indiana Residents
Information on grants from the student's home state is available at http://nassgap. org/membershipdirectory/statesites.htm.

University Awards:

University of Indianapolis Grants
Grants are awarded from University funds to students who need financial assistance and are enrolled in at least six credit hours each semester. Awards may be renewed each year for students who demonstrate satisfactory academic progress and continue to demonstrate financial need. These grants range from $200 to $3,500 per year.

University of Indianapolis Scholarships
These awards are made to students who have a B average academic record, need financial assistance, and are enrolled in at least six credit hours each semester. Students must maintain a grade point average of 2.7 for renewal. The scholarship amount is dependent upon the family's financial status and available funds. Awards usually range from $200 to $3,500.

University of Indianapolis Merit Based Scholarships

Other Sources Available:

Alternative Loans
These interest-accruing private loans are available if loan funds are needed in addition to the Federal Stafford Loans. To be eligible, the student must demonstrate creditworthiness or have a cosigner who is creditworthy. Interest rates vary depending on credit score. Payments are deferred until graduation or the student is enrolled less than half-time. For more information or an online application, contact Sallie Mae at http://www.studentloannet.com.

Sallie Mae Tuition Pay
Tuition Pay by Sallie Mae is a monthly payment plan that allows students and parents to spread payments across a 10-month period interest-free. A nominal annual application fee to enroll (currently $55) is required. Tuition Pay can be used to pay all educational expenses or the remainder of charges after financial aid has been calculated. For more information or an application, contact Sallie Mae at http://www.tuitionpay.com.

United Methodist Scholarships
A limited number of scholarships, funded by the General Board of Higher Education and Ministry of the United Methodist Church, are available to students who are active members of the denomination. Scholarships range from $500 to $1,000. Applications and additional information are available in the financial aid office.