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 $626 to $5,775 for the 2015-16 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 need-based 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 Professional Edge Center 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; show exceptional financial need; and have at least a 2.5 GPA. The student may apply for this loan each year by submitting the FASFA. Limited funds are available.
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 an annual fixed interest rate. 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.
*As of July 1, 2013, a first-time borrower is no longer eligible for Direct Subsidized Loans once the borrower has received Direct Subsidized Loans for a period that is 150 percent of the published length of the borrower's current program.
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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 an annual fixed interest rate. 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
Frank O'Bannon Grants – Freedom of Choice Award
The Frank O'Bannon Grant is designed to provide access for Indiana students to attend eligible postsecondary institutions. The Grant receives its funding through appropriations made by the Indiana General Assembly. The Grant, targeted to tuition, is "need-based" and does not require payment.
- Must be an Indiana resident by Dec. 31 of the year prior to applying for aid
- Must be a U.S. citizen or eligible noncitizen
- Must be a high school graduate or hold a GED
- Must attend, or plan to attend, an eligible college or university
- Must be enrolled, or plan to enroll in a course of study leading to an associate or first bachelor's degree
- Must be a full-time student, or plan to enroll as a full-time student
- Must file the FAFSA by March 10 prior to the academic year of intended enrollment
- Must complete at least 24 credit hours by the end of the first year in college, 48 by the end of the second year and 72 by the end of the third year. Students may earn additional financial aid incentives for academic performance including completion of at least 30/60/90 credit hours by the end of the first/second/third year in college, maintaining a cumulative GPA of at least 3.0, earning an associate degree before enrolling in a bachelor's degree program, or completing at least 39/78 credit hours by the end of the first/second year in college.
The 21st Century Scholarship is Indiana's early promise program, offering income-eligible Indiana students up to four years of tuition assistance.
Indiana's 7th and 8th grade students can apply for the 21st Century Scholars Program if their families meet the eligibility guidelines below. Students not admitted into the program can reapply the following year, but–with the exception of students in foster care–all students must apply by June 30 of their 8th grade year.
- Complete the Scholar Success Program, which includes activities at each grade level in high school to help you plan, prepare and pay for college.
- Graduate from a state-accredited high school with a minimum of a Core 40 diploma and a cumulative GPA of at least 2.5 on a 4.0 scale.
- Not use illegal drugs, commit a crime or delinquent act, or consume alcohol before reaching the legal drinking age.
- File the FAFSA by March 10 as a high school senior and each year thereafter until you graduate from college.
- Students enrolled in the program on July 1, 2011 or after will need to show financial need. The student's EFC from the FAFSA must not exceed the cost of attendance at the most expensive state school for the upcoming school year.
- Apply to an eligible Indiana college or university as a high school senior, and enroll as a full-time student within one year of high school graduation.
- Maintain Satisfactory Academic Progress (SAP) standards established by my college.
- Complete 30 credit hours each year you are in college to stay on track toward earning your degree on time.
- Must complete at least 30 credit hours by the end of the first year in college, 60 by the end of the second year and 90 by the end of the third year. If a student fails to complete 30/60/90 credit hours but does complete 24/48/72 within the appropriate timeframe, the student may be awarded a Frank O'Bannon Grant (see above) instead of the 21st Century Scholarship.
Mitch Daniels Early Graduation Scholarship
The Mitch Daniels Early Graduation Scholarship is a one-time grant for students who graduate from a publicly supported high school at least one year early.
- Must be an Indiana resident and a U.S. citizen or eligible noncitizen
- Must have attended a publically supported high school on a full-time equivalency basis for at least the last two semesters before the student graduated
- Must have met at least the minimum requirements for granting a high school diploma by the end of grade 11, including any summer courses completed by July 1 of the year of graduation
- Must have been awarded a high school diploma
- Must not have been enrolled in a publicly supported high school for any part of the fourth year (grade 12)
- Must, within five months of graduating high school, be taking classes and be in good standing at an eligible institution in a program leading to an approved postsecondary degree or credential
- Must meet any other minimum criteria established by the Commission
How to apply:
- Submit a complete and corrected FAFSA
- Submit a complete Mitch Daniels Early Graduation Scholarship by September 4 prior to the academic year of intended enrollment.
Adult Student Grant
The Adult Student Grant (formerly known as the Part-Time Grant) is eligible to independent Indiana students who are enrolled in six to 11.5 credit hours and have state grant eligibility remaining.
- Must be an Indiana resident and a U.S. citizen or eligible noncitizen
- Must be attending an Indiana institution in part-time status
- Must meet any other minimum criteria established by the Indiana Commission for Higher Education
How to apply:
- Submit a complete and corrected FAFSA prior to applying
- Submit a complete Adult Student Grant Application by July 1 prior to the academic year of intended enrollment.
Information on grants from the student's home state is available through the National Association of State Student Grant & Aid Programs.
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.
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.
Other Sources Available
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.
UIndy payment plan options
If payment in full is not possible by the payment deadline, UIndy's Accounting Office offers interest-free 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 Program
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.