Financial Aid - Post-licensure (RNBSN)

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 www.indwes.edu/Financial-Aid/Adult-and-Graduate/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 or professional degree. Recipients must complete the Free Application for Federal Student Aid (FAFSA) and show financial need. Students enrolled in either core or elective courses are eligible for Pell Grant consideration if all other criteria are met. The award amount is based on the Expected Family Contribution found on the Student Aid Report, a student's enrollment status, the cost of attendance, and the number of credit hours a student will complete during the particular Pell award period.

Federal Supplemental Educational Opportunity Grant (FSEOG) – is a federal grant that does not require repayment available to undergraduate students who have not earned a bachelor's or professional degree. Eligibility is determined by answers provided on the FAFSA form with priority to Federal Pell Grant recipients.

Indiana State Aid – consists of the Indiana Higher Education Award and the Indiana Freedom of Choice Grant. Together, they are commonly known as the Frank O'Bannon grant and are awarded to undergraduate students whose FAFSA was received by the federal processor on or before the March 10 state filing deadline and who demonstrate financial need as defined by the State Student Commission of Indiana (SSACI). Any required corrections to the student's FAFSA must be received by the federal processor by May 10. 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). Funds are awarded in one payment per term. Students must be Indiana residents, be eligible for federal student financial aid, and be enrolled in courses that meet at a site located within Indiana or online. The Frank O'Bannon grant is a tuition only grant. Any tuition reimbursement that a student receives will affect state grant eligibility. Please note that the state award notification sent to students from SSACI is based on the tuition charges for the traditional undergraduate program at IWU. The Financial Aid Office must recalculate all awards based on the actual tuition charges for CAPS programs. It is not uncommon for a student's actual award to be less than the amount reported on the state award notification.

Kentucky State Aid – consists of the Kentucky Tuition Grant (KTG) and 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 was received by the federal processor on or before the March 15 state filing deadline are given priority consideration for the KTG. 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). Funds are awarded in one payment per term. Students whose FAFSA was received by the federal processor on or before the March 15 state filing deadline and who demonstrate financial need as defined by the Commonwealth of Kentucky are given priority consideration for the CAP grant. 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). Funds are awarded in one payment per term. Only courses taken at a site located within Kentucky may count toward the credit hour requirement for each of these grants. Online classes are not considered when determining Kentucky state grant eligibility. Any tuition reimbursement that a student receives may affect state grant eligibility.

Ohio State 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 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). Funds are awarded in one payment per term. Only courses taken at a site located within Ohio may count toward the credit hour requirement. Online classes are not considered when determining Ohio state grant eligibility. The OCOG is a tuition only grant. Any tuition reimbursement that a student receives will affect state grant eligibility.

Indiana Nursing Scholarship Fund Program – is a program created by the 1990 Indiana General Assembly to encourage and promote qualified individuals to pursue a nursing career in Indiana. It is administered by the State Student Assistance Commission of Indiana (SSACI), which is responsible for record keeping and for allotting funds to approved colleges and universities. The scholarship can only be applied towards tuition and fees. The maximum annual scholarship is $5,000, but IWU determines the actual award amount. The amount of the scholarship may be affected by the level of other tuition specific grants and scholarship aid received by an applicant. Eligible students must:

1. Be admitted to an approved institution of higher learning as a full-time (12 hours or more) or part-time (6-11 hours) nursing student.
2. Be an Indiana resident and a US citizen.
3. Agree in writing to work as a nurse in an Indiana health care setting for at least the first two years following graduation.
4. Demonstrate a financial need for the scholarship.
5. Have a minimum Grade Point Average (GPA) of at least 2.0 on a scale of 4.0 or the equivalent, or meet the minimum GPA requirements established for the college's nursing program if it is higher.
6. Not be in default on a state or federally sponsored student loan.
7. Complete and file the Free Application for Federal Student Aid (FAFSA).
8. Meet all other minimum criteria established by the Commission.
9. For additional information and to download an application, log onto the state website at www.in.gov/ssaci/2343.htm.

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 $5500 for freshmen, $6500 for sophomores and $7500 for juniors and seniors. The maximum annual loan amounts for independent students are $9500 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 students who demonstrate financial need, 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, 2012, through June 30, 2013, the interest rate is 3.4 percent for subsidized Direct Loans for undergraduate students. The interest rate for all unsubsidized Direct Loans is 6.8 percent.

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 7.9 percent 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.

Active Duty Military Discount – is a tuition discount to all active duty military personnel, including members of the Reserves and National Guard, and spouses of the aforementioned military personnel. Students must submit an Active Duty Military Discount application, available by calling Student Account Services at 800-621-8667 ext. 2878.

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

Loan Repayment Chart:

General Eligibility Requirements

1. In order to receive federal and/or state student financial aid, a student must meet the following criteria:
   • Must have completed the Free Application for Federal Student Aid (FAFSA).
   • Must be a U.S. citizen or eligible noncitizen.
   • Must have a valid Social Security number (with the exception of students from the Republic of the Marshall Islands, Federated States of Micronesia, or the Republic of Palau).
   • Must be enrolled as a regular student (cannot be unclassified) in an eligible degree or certificate program.
   • Must make satisfactory academic progress (SAP) as outlined in IWU's SAP Policy.
   • Must maintain enrollment in classes.
   • Per federal regulations, incarcerated students are not eligible for federal student financial aid. Incarcerated students or students who become incarcerated after receiving federal student financial aid funds should contact the Financial Aid Office.
2. No longer than 180 days may elapse between classes in any 12 month period; a leave of absence must be requested through the Office of Student Services. If there is a gap between classes of up to 180 days, a leave of absence will be reported to the lender, but no loan repayment will be required. If there is a gap between classes of more than 180 days, the university is required to report non-enrollment information to the lender, and the student will be required to begin repayment of any student loans (see your loan promissory note for further information). If additional circumstances arise that prohibit the student from returning to class as scheduled, the student should contact the Financial Aid Office to discuss options.
3. Any changes in registration, such as withdrawals or cancelled courses, may result in cancellation or reduction of any or all student financial aid. In such cases, the student is responsible for any remaining balance on the student account. A student who requests the credit balance from his or her student account and then makes registration changes may need to repay funds to the university and/or to the student financial aid programs.

How to Apply for Student Financial Aid

Students who wish to be considered for federal and/or state student financial aid must complete the application process online at www.indwes.edu/Financial-Aid/Adult-and-Graduate/Apply-For-Aid:

1. Complete the Free Application for Federal Student Aid, or FAFSA (direct link www.fafsa.gov). You must list the Indiana Wesleyan University Title IV Code 001822 in step six of the FAFSA or IWU will not receive your FAFSA information from the federal processor.
2. Complete the IWU Financial Aid Request Form. Under the Additional Aid Source(s) section, you must disclose any additional funding you may receive from employer reimbursement, vocational rehabilitation, or private scholarships to help pay for your education.
3. Complete the Loan Entrance Counseling Session and William D. Ford Federal Direct Loan Master Promissory Note online (direct link https://studentloans.gov/mydirectloan/index.action. You must have an established Federal Student Aid PIN in order to complete these items. It may be necessary to wait three days from the time you first apply for your PIN before trying to sign in to this website. For each item, you must enter "Indiana" in the School State field even if you attend classes in another state or online.
   • Entrance Counseling Session: Click on Complete Entrance Counseling from the menu. Select the appropriate counseling type for your current degree pursuit (undergraduate or graduate).
   • Master Promissory Note: Click on Complete MPN from the menu and select Subsidized/Unsubsidized from the next page.

Once the above steps have been completed, be certain to:

1. Respond to requests for additional information from the Financial Aid Office. You may be asked to complete a verification worksheet and to provide a copy of your federal tax return (and your spouse's or parents' tax return, as appropriate) as required by federal regulations.
2. Provide documentation showing any amount of assistance provided by other agencies (i.e., tuition reimbursement from your employer, vocational rehabilitation benefits, scholarships from local business, etc.).
3. Fully complete all forms. Forms filled out incorrectly or submitted to the wrong office or location could delay your student financial aid award.

How Eligibility is Determined and Student Financial Aid is Awarded

1. All forms and information submitted online must be received in the Financial Aid Office before eligibility can be determined. In general, award amounts are based on a student's Expected Family Contribution found on the Student Aid Report, a student's enrollment status, the cost of attendance, and other estimated financial assistance.
2. Students must be scheduled for a full academic year, according to the academic year definition for the program in which the student is enrolled, or to degree completion for student financial aid to be awarded. Any changes in planned enrollment may affect the amount and/or disbursement date(s) of aid for which the student may qualify.
3. The Financial Aid Office will email notification to the student email account that financial aid has been awarded and is available for review online via the student portal at https://myiwu.indwes.edu. This secure website will indicate the types and amounts of aid for which the student qualifies. The student must submit written documentation to the Financial Aid Office via email, fax, or US mail to decline all or a portion of the awarded aid. Otherwise, all awarded aid will disburse to the student account.

How and When Student Financial Aid is Disbursed

Federal Pell Grant is disbursed as a credit to the student's account in one payment per payment period.

Federal SEOG is disbursed as a credit to the student's account in one payment per payment period.

Federal Direct Loans are originated after classes have begun. The funds are applied as a credit to the student's account, typically in two disbursements per academic year. For new students, or students entering a new program, the first disbursement funds will be placed on the student account 45 days after the start of the first course. Disbursements for subsequent award periods typically occur 14-21 days after the start of the new award period and successful completion of the prior award period has been confirmed.

Indiana State Aid is disbursed as a credit to the student's account in one payment per term. Indiana state grants can only be applied toward tuition costs.

Kentucky State Aid is disbursed as a credit to the student's account in one payment per term.

Ohio State Aid is disbursed as a credit to the student's account in one payment per term. Ohio state grants can only be applied toward tuition costs.

All other types of aid are awarded and disbursement dates set as the necessary paperwork is received.

All financial aid forms and information submitted online must be received at least three weeks before a planned class start.

Applying for financial aid does not remove responsibility for payment. If the funding is not received, the student must pay all outstanding balances immediately.

Satisfactory Academic Progress (SAP)

Students are expected to maintain satisfactory academic progress toward the completion of their course of study. This includes:

1. Enrolling in and attending class as well as completing assignments and projects.
2. Maintaining good academic standing. Students on academic probation will be allowed to continue on student financial aid on SAP Warning. Such students must improve their academic measurements to meet the required standards by the designated time frame or eligibility will be terminated.
3. Earning passing grades in a minimum of 67 percent of all credit hours attempted.
4. Completing the program within 150 percent of the credit hours normally required to complete the course of study (i.e. if the program requires 124 credit hours to complete, then the student may attempt no more than 186 credit hours) or by the designated time frame.

Academic progress is reviewed after the end of each payment period. Students who fail to make satisfactory academic progress will be placed onto SAP Warning or Suspension, as appropriate, per the policy requirements. Students with mitigating circumstances (which may include, but is not limited to, death in the family or grave illness of the student or close family member) may appeal termination of federal student financial aid eligibility due to failure to make academic progress by submitting a SAP Appeal Form, written explanation, and adding supporting documentation to the SAP Appeals Committee through the Financial Aid Office. The entire SAP Policy is available for review online www.indwes.edu/Financial-Aid/Adult-and-Graduate/Satisfactory-Academic-Progress-Policy-New.

Withdrawals and Refunds

If a student finds it necessary to withdraw from the program, withdraw from a course or courses without an approved leave of absence, or to take leaves of absence that exceed 180 days in a twelve month period, a federal student financial aid refund will be calculated. This calculation is based on the amount of class work completed during the payment period when the student withdraws. The amount of refund of federal student financial aid funds is based on the amount of those funds that is considered not earned by the student. The following is an example of the refund calculation:

1. The student begins class on June 28 and the payment period runs until January 17.
2. The student withdraws from the program on October 4.
3. The payment period has 152 calendar days in it (not including break periods) and the student completed 86 days which is 56.6 percent of the payment period.
4. The amount of the refund will be 43.4 percent of the federal student financial aid funds received.

The Financial Aid Office will determine the amount of the refund that is owed by Indiana Wesleyan University and the amount, if any, that is owed by the student. A letter will be sent to the student indicating the amount of the refund and what was done with it. Funds will be returned to the federal student financial aid programs in the following order if the student received money in the program: unsubsidized Federal Direct Loan, subsidized Federal Direct Loan, Federal Perkins Loan, Federal Direct PLUS Loans, Federal Pell Grant, FSEOG, Federal TEACH Grant and other Title IV grants. The student will have 45 days to contact the Financial Aid Office to make arrangements to repay any federal grants that are owed by the student. Failure to make arrangements or to pay back the federal grants will mean the student is no longer eligible to receive federal student financial aid at any institution until full repayment.

Student's Rights and Responsibilities

A student has the right to know:

1. What financial assistance is available, including information on all federal and state programs.
2. The deadlines for submitting application for each of the student financial aid programs available.
3. The cost of attending the programs and the school's refund policy.
4. The criteria used by the institution to select financial aid recipients.
5. How the school determines your financial need. This process includes how costs for tuition and fees, books, and living expenses are considered in your budget.
6. What resources (such as employer reimbursement, other financial aid, etc.) are considered in the calculation of your need.
7. How much of your financial need, as determined by the institution, has been met.
8. An explanation of the various programs in your student financial aid package. If you believe you have been treated unfairly, you may request reconsideration of the award that was made to you.
9. What portion of the student financial aid you received must be repaid, and what portion is grant aid. If the aid is a loan, you have the right to know the loan interest rate, the total amount that must be repaid, the payback procedures, the length of time you have to repay the loan, and when the repayment is to begin.

A student's responsibilities:

1. Review and consider all information about the school's program before you enroll.
2. Complete all application forms accurately and submit them in a timely manner to the correct address.
3. Pay special attention to, and accurately complete, your application for student financial aid. Errors can result in delay of receipt of your student financial aid funds. Intentional misreporting of information on application forms for federal student financial aid is a violation of law and is considered a criminal offense subject to penalties under the U.S. Criminal Code.
4. Return all additional information, verification, corrections, and/or new information requested by either the Financial Aid Office or the agency to which you submitted your FAFSA.
5. Accept responsibility for all agreements you sign.
6. If you have a loan, notify the lender of changes in your name, address, or school status.
7. Know and comply with the deadline for application or reapplication for aid.
8. Know and comply with the school's leave of absence or withdrawal policy/procedures.
9. Repay student loans in agreement with the loan promissory note.

Further Information

The Financial Aid staff is here to assist in any way possible. If you have questions about any information pertaining to student financial aid, please contact: Financial Aid Office, Indiana Wesleyan University, 1900 W. 50th Street, Marion, IN 46953-9393. Voice 800-621-8667 ext. 2516, 765-677-2516, Fax 765-677-2030, Email apsfinaid@indwes.edu.