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:
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
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:
Once the above steps have been completed, be certain to:
How Eligibility is Determined and Student Financial Aid is Awarded
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:
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:
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:
A student's responsibilities:
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 email@example.com.