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 range from $602 to $5,550 for the 2012-13 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 Direct Stafford Student Loans
The Federal Direct 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 and be an undergraduate student. This loan provides a fixed interest rate of up to 6.8%. Repayment begins six months after the student ceases half-time enrollment. Unsubsidized Federal Direct 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 Direct Plus Loans
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 7.9%. Repayment begins within 60 days of the final disbursement each year. Parents can request a deferment on payment while the student is enrolled at least half-time. Graduate students may defer repayment of the Plus Loan until after graduation or non-enrollment. Interest will continue to accrue. You may access an online application at http://financialaid.uindy.edu. 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 Direct Stafford Loan. Students must have a FAFSA on file to apply for the parent Plus loan and Graduate Plus loan.
State Assistance Programs
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 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.
Freedom of Choice Grants
Students who receive an Indiana Higher Education Award and who attend a private college are awarded these grants. 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. At UIndy, a student receiving an Indiana Higher Education Award will automatically receive the Freedom of Choice Grant.
Part-time State Grants
Part-time state grants 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 prior to the academic year of attendance.
21st-Century Scholars Program
This program, funded by the state and administered by the State Student Assistance Commission of Indiana, is available to Indiana students who, during their seventh or eighth grade year, were eligible to receive free/reduced lunches, were placed in foster care, or had a family income at or below program maximums. 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 (FAFSA) 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.
Non-Indiana Residents
Information on grants from the student's home state is available at http://nassgap.org/membershipdirectory.aspx.
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 day 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 day 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 Direct 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.
More information about private loans ►
UIndy Payment Plan Options
If payment in full is not possible by the payment deadline, UIndy's Accounting Office offers interest-free payment plans.
More information about UIndy payment plans ►
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.
Tuition Exchange
The University of Indianapolis participates in the Council of Independent Colleges Tuition Exchange Program as well as The Tuition Exchange Program. Selection of tuition exchange recipients is based on several criteria, including academic qualifications and degree objective.