General Information - CAS and Pre-licensure Nursing Financial Aid
The role of financial aid at Indiana Wesleyan University is to make a quality Christian education affordable to each and every student who qualifies.
Criteria for Aid: Students at Indiana Wesleyan University qualify for financial aid by virtue of their need, academic performance, major area of study, or church affiliation. For the purposes of student financial aid, "need" is defined as the difference between the total cost of education and the amount a family may be expected to contribute toward that education. Most financial aid at Indiana Wesleyan University is awarded on the basis of demonstrated need. In addition, most forms of federal, state, and institutional financial aid are intended to assist those students who have not already earned a first baccalaureate degree.
Types of Aid: Student financial aid can be classified under four major headings: scholarships, grants, loans, and work programs.
Scholarships and grants are both forms of nonrepayable aid. The term "scholarship" usually is applied to an award that recognizes academic achievement or promise. Sometimes the amount of a scholarship depends on the financial need of the recipient. Grants, on the other hand, are based solely on financial need.
Loans and work programs are forms of self-help aid. Student loans often contain desirable features such as deferred payments during periods of schooling, low interest rates, interest subsidies, or provision for working off the loan obligation through future service in a particular profession. Work assignments connected with the student aid program consist of part-time campus jobs.
Applying for Aid: All students desiring financial aid must submit the Free Application for Federal Student Aid (FAFSA) available on the Web at www.fafsa.ed.gov. After evaluation by the Financial Aid Office, this information is used to determine the kinds and amounts of need-based aid for which the student qualifies.
Calendar for Financial Aid
January 1-Earliest date to file Free Application for Federal Student Aid (FAFSA).
March 10-All students applying for financial aid must have their FAFSA filed and received by the federal processor by this date to ensure consideration for all forms of financial aid.
A Complete File Consists of the Following:
Awarding of Aid: Once application forms begin to arrive in the Financial Aid Office, notices are sent to make applicants aware of any missing forms or to request additional information that may be required. Additional documents must be provided by the date specified in the letter. Without these documents, no financial aid can be awarded. All financial forms are thoroughly edited, and the Financial Aid Office communicates with the student or parents to resolve any significant questions. When the financial aid award has been made, the student is notified via the Financial Aid Award Letter or email notification.
The aid package offered to an applicant consists of a combination of scholarships, grants, loans, or work, depending upon the recipient's aid eligibility. If an aid package includes certain kinds of federal assistance, the sum total of the individual awards cannot exceed the student's calculated financial need. Also, the total of awards that apply only to tuition/fees is limited to the amount of standard tuition/fee charges. While student aid awards are committed for the whole school year, just one-half the amount of each scholarship, grant, or loan is applied to the student's account each semester.
Failure to register at the beginning of a semester, or enrollment for fewer than the required number of credit hours, automatically cancels all awards for the semester. A financial aid recipient who officially withdraws from the university or drops below the required number of credit hours during the refund period of a semester will have an adjustment made in the student aid package. Copies of the university's Packaging Policy are available upon request.
Requirements for Receiving Aid: In order to qualify for all federal funds with the exception of a Federal Pell Grant, a student must be enrolled at least half-time. A student is classified as half-time if registration is for a minimum of six credit hours per semester or a total of six credit hours during the summer sessions. Institutional and state scholarships and grants, however, require full-time enrollment (a minimum of 12 credit hours per semester). In addition, Pell Grant, FSEOG, state aid programs, and most forms of institutional aid require that the student does not have a previous baccalaureate degree. Financial aid recipients are required to maintain satisfactory progress toward a degree in their chosen course of study. The institutional Satisfactory Academic Progress Policy outlines the specific details of this requirement. Any student receiving an institutional grant award is expected to maintain an acceptable citizenship record.
Satisfactory Academic Progress
Students must make Satisfactory Academic Progress (SAP) towards earning a degree as stipulated below to receive financial aid at IWU from all federal and state student aid grants, Work Study and loan programs. Some additional grants and scholarships may also use part or all of the SAP standards as minimum criteria for funding eligibility.
Satisfactory Academic Progress will be measured annually by the end of the summer term. Students who fail to meet the minimum policy standards will be placed on SAP Suspension. Aid eligibility will resume when the student raises his or her cumulative academic measurements to the required levels or has SAP Appeal approved. SAP suspension may be appealed if unusual and/or mitigating circumstances affected their academic progress. Such circumstances may include a severe illness or injury to the student or an immediate family member, the death of a student's relative, student activation into military service or other circumstances as deemed appropriate for consideration by the SAP Appeals Committee.
To appeal, the student must submit a legible letter, a completed SAP Appeal Form and supporting documentation to the IWU Financial Aid Office. These must explain in detail why the student failed to meet the minimum academic standards, what unusual and/or mitigating circumstances contributed to the failure and how his or her situation has changed to allow the student to meet SAP requirements by the next calculation. Appeals must be received by the Financial Aid Office no later than 15 business days before the end of the term for which reinstatement is desired. Early appeal submission is strongly encouraged. A committee will review the appeal and will notify the student in writing of their decision. If an appeal is approved, the student will temporarily regain financial aid eligibility. Continuation of eligibility will be contingent upon the student demonstrating improved academic merit achievement as outlined by the SAP appeals committee through their Academic Plan.
National Merit Finalist/Semifinalist Scholarship
National Merit Scholarship Qualifying Test finalists and semifinalists may receive a $9000 award but are not eligible for other IWU academic scholarships. The student must be an entering freshman, submit a copy of the National Merit Certificate, have a 3.5 high school GPA, and enroll full-time each semester. National Merit Scholarships are renewable for up to eight consecutive semesters. To renew, students must be enrolled full-time (at least 12 credit hours fall and spring semesters) and must achieve a 3.2 minimum cumulative GPA. These credits must be completed by the end of May term each year. National Merit Scholarships are not available for enrollment in summer sessions, nor will credits earned or GPA achieved in summer sessions count toward eligibility requirements until the following fall or spring calculation. If lost, the scholarship may be reinstated following completion of the next fall or spring term, if eligibility requirements are met; however recipient will have fewer semesters of eligibility remaining.
A full-time incoming freshman may qualify for an academic scholarship by scoring a minimum SAT 1100 (excluding writing score, math and verbal sections only) or ACT 24 (excluding writing score) and by having at least a 3.40 high school GPA (on a 4.00 scale). Academic Scholarships are renewable for up to eight consecutive semesters. To renew, students must be enrolled full-time (at least 12 credit hours fall and spring semesters) and must achieve a 3.2 minimum GPA for scholarships valued at $6,000 per year or higher, or a 3.0 minimum cumulative GPA for scholarships with annual awards below $6,000. These credits must be completed by the end of May term each year. Academic scholarships are not available for enrollment in summer sessions, nor will credits earned or GPA achieved in summer sessions count toward eligibility requirements until the following fall or spring calculation. If lost, the scholarship may be reinstated following completion of the next fall or spring term, if eligibility requirements are met; however recipient will have fewer semesters of eligibility remaining.
Eligibility Grid For Academic Scholarship
Example: A student with 3.50 GPA (worth 2 points) and 1100 SAT (worth 1 point) would have a total of 3 points and qualify for $3000/year ($1500/semester).
Transfer Academic Scholarship
A full-time transfer student who has attended at least one full-time year (at least 24 credit hours) at an approved college or university may qualify with a minimum transfer GPA of at least 3.40 on a 4.00 scale. A GPA on transfer work from more than one college or university will be calculated using a weighted average. A student with less than 24 credit hours must meet the requirements for the freshman Academic Scholarship. It is the student's responsibility to submit the necessary transcripts and test scores at the time of application for admission to Indiana Wesleyan University.
Transfer Academic Scholarships are renewable for students who enroll full-time (at least 12 credit hours fall and spring semesters) and achieve a 3.2 minimum cumulative GPA for scholarships valued at $6,000 per year or higher, or a 3.0 minimum cumulative GPA for scholarships with annual awards below $6,000. These credits must be completed by the end of May term each year. Transfer Academic Scholarships are not available for enrollment in summer sessions, nor will credits earned or GPA achieved in summer sessions count toward eligibility requirements until the following fall or spring calculation. If lost, the scholarship may be reinstated following completion of the next fall or spring term, if eligibility requirements are met; however, recipient will have fewer semesters of eligibility remaining. The number of semesters of eligibility will be determined by the grade level at which the student enters IWU. The chart below shows semesters of eligibility for transfer students entering at each grade level:
Transfer Academic Scholarship
Valedictorian or Salutatorian Scholarship
Awards are made to all high school valedictorians ($1000) or salutatorians ($500) who are first-year students (first-time college students) at Indiana Wesleyan University and whose graduating class had a minimum of 5 members. Scholarship is nonrenewable.
Funds for these awards are made available through a trust given to Indiana Wesleyan University in memory of Henry M. and Anna Shugart. Awards are given annually to graduates of Grant County, Indiana, high schools who have attained at least a 3.50 cumulative GPA (on a 4.00 scale) and possess positive leadership and citizenship traits. The award amount is $2,000 per year for four years to entering freshmen, full-time students only. Students must apply through the high school guidance office by the announced filing deadline. The student must maintain a 3.50 cumulative GPA to renew the scholarship.
Athletic Service Grant
Several awards are granted each year to both men and women participating in intercollegiate athletics. Awards are made upon recommendation of coaches of the individual sports.
Scholarships are available by audition to qualified full-time students majoring in music. Contact the Division of Music for additional information.
Scholarships are available to qualified full-time students majoring in art. Contact the Division of Art for additional information.
Scholarships are available to qualified full-time students. Contact the Division of Communication and Theatre for additional information.
Church Matching Scholarship Program
Indiana Wesleyan University will match a local church's contribution to its Matching Church Scholarship Fund up to a maximum of $900 per student. To qualify, the church must file an application with the Church Relations Office prior to the first day of classes each academic year.
Indiana Foundation for Home Schooling Scholarship
A $1000 award is available to a home schooled student participating in the IFHS graduation ceremony. Students must submit an application and have a minimum cumulative GPA of 3.0 with SAT score of 1000 or an ACT score of 21. Scholarship renewable by maintaining a 3.0 cumulative GPA.
Indiana Higher Education Award (HEA) - Indiana Residents Only
The Commission for Higher Education (CHE) administers this grant program based on financial need. Potential recipients must submit the FAFSA and have it received at the federal processor by March 10. Recipients must be full-time students. Awards vary and are dependent on the type of diploma received and state funding.
Indiana Freedom-of-Choice Grant (FOC) - Indiana Residents Only
Full-time students who qualify for the Indiana HEA and who attend an approved Indiana private institution, such as Indiana Wesleyan University, are considered for this need-based award. It is not necessary for the applicant to file any forms other than those required for the Indiana HEA award.
Indiana 21st Century Scholars Program - Indiana Residents Only
Potential recipients applied in their 6th, 7th or 8th grade year to be part of the program and fulfilled a pledge of good citizenship. Recipients must submit their FAFSA and have it received at the federal processor by March 10. The student must also enroll full-time in an approved Indiana institution. Awards vary based on eligibility received for the Indiana Higher Education Award and Indiana Freedom of Choice Grant.
Family Tuition Grant
The grant will be $1,000 toward tuition only for each full-time undergraduate student from the same family. The definition of family is meant in the traditional, not extended sense. This could be any combination of husband/wife/father/mother/unmarried dependent sons or daughters. It is intended to assist families where two or more "living under the same roof" are attending Indiana Wesleyan University on a full-time basis in traditional programs of study.
Pastor Dependent Grant
A recipient must be a dependent undergraduate child of a full-time ordained minister serving in a local church during the academic year in which the award is granted. The student must enroll full-time; the amount is $1,800 per academic year.
Federal PELL Grant
Any U.S. citizen who does not have a baccalaureate degree can apply for a Pell grant by completing the FAFSA. Awards are based on financial need and range from $602-$5550 for the 2012-2013 academic year.
Federal Supplemental Educational Opportunity Grant (FSEOG)
These awards range from $100 to $4,000 per year, depending upon financial need and funding received by IWU. Recipients must also be eligible for the federal Pell Grant.
Indiana Wesleyan University Grant
Funds provided by IWU available to students who file a FAFSA that is received by the federal processor by March 10. Amount varies based on student's calculated need, other financial aid received, and funding level.
Funds for this award are made available through a trust given to Indiana Wesleyan University in memory of Henry M. and Anna Shugart. Recipients must reside in Indiana and file a FAFSA that is received by the federal processor by March 10. Amount varies based on student's calculated need, other financial aid received, and funding level.
Wesleyan Student Aid
Acknowledging its Wesleyan heritage, Indiana Wesleyan University wishes to strengthen its relationship to The Wesleyan Church and enroll increased numbers of Wesleyan students. The following financial aid programs have been developed to meet these goals and assist Wesleyan students in furthering their education at Indiana Wesleyan University.
Wesleyan Student Grant
This award of $1,000 is given to all Wesleyan students who regularly attend a Wesleyan Church in his/her home community.
Wesleyan Missionary Dependent Grant
The award amount is 50 percent of tuition for up to eight semesters. The recipient must demonstrate financial need, reside on campus, be a full-time undergraduate student, and apply for all other forms of federal and state financial aid. Parent(s) must serve full-time under direct appointment of the Global Partners or Wesleyan Native American Ministries during the academic year in which the award is received. The recipient may NOT also receive the Out-of-State Wesleyan Grant, the International Wesleyan Grant, or the Wesleyan Pastor Dependent Grant.
Out-of-State Wesleyan Grant
This award is available to full-time students who regularly attended a Wesleyan Church outside the state of Indiana immediately prior to enrolling at Indiana Wesleyan University. The award of $2,000 is given only to full-time, undergraduate, U.S. resident students who demonstrate financial need on the FAFSA, which must be completed each year.
Wesleyan Pastor Dependent Grant
A recipient must be a dependent undergraduate child of a full-time ordained minister serving in a local Wesleyan church during the academic year in which the award is granted. The student must enroll full-time; the amount is 50 percent of tuition and will be provided through the combination of all scholarships and grants from federal, state and institutional programs, excluding academic honors, athletic awards, Campus Challenge and Wesleyan Bible Bowl awards.
Campus Challenge/Wesleyan Bible Bowl (WBB) Scholarship
The recipient must submit the original scholarship certificates to the Financial Aid Office prior to fall enrollment. Awards earned or certificates submitted AFTER that time may be available for use in future academic years. Full-time students may use up to $1,000 per academic year (divided one-half each semester) UNLESS the current certificates held total in excess of $4,000, in which case the student may use one-fourth of the total per academic year. Recipients must also attend full-time.
John Wesley Scholarship
Accepted Wesleyan undergraduate students must submit an application prior to the deadline to the Admissions Office to be considered for this award. This award is provided by various donors to allow funding for students who may otherwise be unable to attend IWU. Award amounts vary based on funds available and the scholarship committee's determination of the student's need for the scholarship.
Canadian Wesleyan Scholarship
Wesleyan Canadian students who enroll full-time may be awarded a scholarship equal to approximately 25 percent of the tuition for the academic year. This amount is awarded to recognize the difference in monetary values and does not necessarily represent par on any given date.
International Wesleyan Grant
International students attending IWU may be awarded a $3,000 grant. The grant is renewable for up to eight semesters of eligibility and student must remain enrolled full-time each semester. Eligibility for any academic merit scholarship supersedes and replaces this award. Not eligible to receive the Wesleyan Canadian Grant in addition to this award. Eligibility ends when first bachelor's degree is earned.
Wesleyan Ministerial Loan/Grant
The Wesleyan Church and Indiana Wesleyan University cooperate in providing Ministerial Loan Grants for full-time junior and senior Christian ministries students who are members of The Wesleyan Church. Indiana Wesleyan University cooperates with The Wesleyan Church and local districts in providing funds for graduate students as well. Juniors may receive $4,000 per year, while seniors may receive $6,000 per year from the university. In addition, The Wesleyan Church provides funds per credit hour as available to assist with educational expenses. Students, including transfer students, must complete one full year at IWU before becoming eligible for the IWU portion. The funds are subject to all policies and procedures governing university financial aid. A separate application is required each semester by the announced deadline.
Conditions of eligibility for both undergraduate and graduate ministerial aid are as follows:
Each award is issued as a loan with separate promissory notes to be signed for repayment of the denominational and university shares. However, recipients who later serve The Wesleyan Church under district appointment have the privilege of canceling 20 percent of the total loan obligation for each year of full-time service rendered. Those who are employed otherwise will repay their loan(s) over a period of five years with an annual interest rate of 10 percent. Further information about the operation of this program can be found online at the Wesleyan headquarters Web page http://www.wesleyan.org or secured by writing the Department of Education and the Ministry of The Wesleyan Church, P.O. Box 50434, Indianapolis, Indiana 46250-0434.
Federal Perkins Loan
Students qualify for these loans on the basis of financial need and according to the institution's Packaging Policy. Eligible students may be assigned Perkins Loans up to $3,000 per year, with an aggregate limit of $15,000 as undergraduates.
For first-time borrowers, repayment of Perkins Loans begins nine months after termination of at least half-time enrollment at an eligible institution and continues over a period of 10 years (or less) with interest charges of 5 percent per year and a minimum monthly payment of $40.
TYPICAL REPAYMENT OF LOANS
IWU Student Loan
Awards in this institutional loan program range from $200 - $3,000 per academic year to students whose parent has been denied the Parent PLUS Loan and who demonstrate financial need. Repayment of principal and interest begins immediately after the first disbursement of the loan. Interest is charged at a fixed rate of 8.75% and accrues from the point of disbursement, even while the student is enrolled.
Typical Repayment Of Loans
Due to the large number of loan accounts, the inherent complexities of the federal Perkins Loan program, and the new importance of loan repayments, Indiana Wesleyan University has contracted with University Accounting Service, Milwaukee, Wisconsin, to handle the billing and collection functions for all federal Perkins Loans and IWU Student Loans administered by the university.
Federal Direct Loan
Direct Loans are need-based and/or non need-based loans for which a student applies through the Direct Loan Program. Repayment begins six months after the student ceases to be at least a half-time student and is spread over a period of up to 10 years. Deferments are available if the student meets certain conditions. A first-year student may borrow up to $5,500 per academic year, a second-year student may borrow up to $6,500, and students during the third year and thereafter may borrow up to $7,500, based on financial need. The total amount of undergraduate loans may not exceed $31,000. All students must file the Free Application for Federal Student Aid to qualify for a Direct Loan.
Students with financial need may qualify for a 6.8 percent interest rate subsidized Direct Loan, which means the government is paying or subsidizing the interest while the student is in school. Students without financial need qualify for the unsubsidized Direct Loan at 6.8 percent interest, in which their interest is not paid by the government. Students may pay the interest monthly while in school, or the lender will capitalize the accrued interest each year causing the loan to increase more rapidly.
Typical Repayment Of Unsubsidized Direct Loans
Federal PLUS (Parent Loan for Undergraduate Students)
Parents may borrow funds through this program to assist with their child(ren)'s educational expenses. The limit is the cost of education per child minus other financial aid. The interest rate is a fixed 7.9 percent. Borrowers must be creditworthy and can begin repayment upon disbursement of the funds or request a deferment until the student is no longer enrolled full-time.
Federal Work-Study Program
Most student work assignments on the campus fall within the scope of the Federal Work-Study Program (FWS). Students average 10 hours per week during the academic year and from 15-40 hours per week during periods of non-enrollment. The pay rate is minimum wage for most positions on campus. A student is eligible for a FWS position if there is sufficient financial need and Work-Study is listed as one of the types of financial aid the student has been awarded. Please note that the award amount listed by financial aid is an estimate of earnings and not a guarantee. All students must find a job on campus and their earnings will be tied to hours worked and wage of position held. All student employees must complete the Immigration and Naturalization Service's I-9 Form and must be issued a Work Authorization.
Indiana Wesleyan University Employment
A limited number of campus jobs are assigned to students who do not qualify for the Federal Work-Study Program. In such cases, the institution pays all of the student's wages, and the earnings are paid directly to the student with the intent of paying the student's account. Pay rates are also at minimum wage.
Right to Know
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Withdrawal and Impact on Financial Aid
Students who receive financial aid (federal, state, or institutional aid) and withdraw from classes during the semester are potentially subject to a review of their financial aid eligibility. The impact on a student's awards will depend on
Students need to talk with their financial aid counselor prior to withdrawing from any course(s) so that he/she can make an informed decision regarding the financial impact of the withdraw.
The following sections provide an overview of the impact of withdraws based on the type of aid received:
Federal Aid (Title IV)
Students who receive federal Title IV financial aid (Pell Grant, FSEOG, Perkins Loan, federal work-study, or Direct subsidized or unsubsidized loans) and who completely withdraw from all classes during the semester are subject to the Return of Title IV Funds calculation. This calculation does not apply to a student who withdraws from one or more classes but remains enrolled in one or more classes.
The calculation is based on the number of calendar days in the term compared to the number of days elapsed when the withdrawal is completed. Based on the percentage of the term completed, the student is allowed to retain a similar percentage of the federal Title IV financial aid. The remainder of the funds is to be returned to the federal programs. The school will determine how much of the federal funds are to be returned by the school and how much, if any, is to be returned by the student.
Funds will be returned in the following order if the student received money from the fund:
Federal Unsubsidized Direct Loan
Federal Subsidized Direct Loan
If the funds the student must repay need to be returned to the federal grant programs, the student will only have to repay 50 percent of the required grant. Students will be given 45 days to repay any grant monies owed. After 45 days, the student will be placed in a federal grant overpayment status and will be ineligible to receive federal funds, at any school, until the grant is repaid. Loan monies owed will become subject to the loan promissory note signed by the student.
Here is an example of how a calculation might work: If there are 10 calendar days in the term (excluding any breaks of five or more days) and the student withdraws on the 25th day, 25 percent of the term has elapsed. This means that 75 percent of the federal funds must be returned. If the student received $5,000 in federal Title IV aid, the $3,750 must be returned. If the school retained all of the funds to pay for school charged expenses, then the school will return all of the funds. If some of the funds were disbursed to the student, then the student may have to repay some of the funds also.
The institutional aid a student receives will follow the same guidelines as provided in the federal aid section above, except that institutional aid is limited to the amount of institutional charges after any adjustments are made based on the withdraw.
Indiana State Aid
The Commission for Higher Education (CHE) has a refund period that consists of the first four weeks of each academic term. If a student withdraws from one or more classes and thus is not classified as a full-time student at the end of the CHE refund period, the student is not eligible for any of their state grant funds. If a student withdraws from one or more classes after the CHE refund period, the impact on the student's state grants will depend on any adjustment of charges made on the student's account.
Please contact the Financial Aid Office at 765-677-2116 if you have any questions regarding the impact of a withdraw on your student financial aid.
Financial Information - Other
A student may not register for the next semester, term, or session or receive a transcript unless all charges are paid in full.
The university is not responsible for the loss of personal property on campus.
Students are accountable for materials and equipment issued to them. Damage to property must be paid for by those responsible.
The university does not have health insurance for students and will not be responsible for any health-related charges.
Financial Aid - Further Information
For further information regarding financial aid opportunities, contact the Financial Aid Office, Indiana Wesleyan University, Marion, Indiana 46953. Phone 765-677-2116.