A need-based grant that does not have to be repaid and is available to undergraduate students. The student must demonstrate a high level of financial need based on prior year's income. The student must file the Free Application for Federal Student Aid (FAFSA) to be eligible for the grant. The Pell grant is based upon the number of hours and weeks a student will complete within the fiscal year (July 1 - June 30) if that student is enrolled in a core program. The amount will be adjusted if the student drops or adds classes after the grant amount has been calculated by the APS Financial Aid Office. Typically, the grant is divided into equal payments during each academic year.

The Frank O'Bannon Grant Program comprised of the Indiana Higher Education Award and the Indiana Freedom of Choice Grant provides financial assistance to undergraduate students who filed the FAFSA prior to the March 10th RECEIVED state filing deadline and who demonstrate financial need as defined by the State Student Commission of Indiana. This award is available only to students enrolled in the core programs who enroll in a total of 12 hours between July 1 and December 31 or between January 1 and June 30. The State award confirmation received by the student contains award amounts that have been based on the tuition of the traditional program at IWU. Since state awards are based on prior years APS tuition charges, all awards are adjusted by the APS Financial Aid office using tuition charges for the APS programs. The typical Indiana state award is about 1/2 of that reported on the state award notification received by the student. The school does not receive funds that are not used by the student.

The Ohio College Opportunity Grant Program (OCOG) and The Ohio Instructional Grant Program (OIG) provide need-based tuition assistance to Ohio students from low to moderate-income families. These awards are available only to students enrolled in undergraduate core programs and attending class at Ohio locations for a minimum of 6 hours between July 1 and December 31 or between January 1 and June 30. (Online classes are not eligible.)

The Ohio Student Choice Grant Program (SCG) provides financial assistance to full-time students enrolled for baccalaureate study in Ohio private non-profit colleges and universities. This program assists in narrowing the tuition gap between the state's public and private non-profit colleges and universities. Eligibility for the Student Choice Grant is not based on need or academic merit. These awards are available only to students enrolled in the core programs and attending class at Ohio locations for a minimum of 12 hours between July 1 and December 31 or between January 1 and June 30. (Online classes are not eligible.)

Consideration for Ohio State Grants is given to students who filed the FAFSA prior to the October 1st RECEIVED state filing deadline.

The College Access Program (CAP) helps Kentucky's financially needy undergraduate students attend eligible public and private colleges and universities. CAP Grants are awarded to Kentucky residents enrolled for at least six semester hours (half time) in academic programs that take at least two years to complete. To qualify for a CAP Grant, the total expected family contribution (EFC) toward the student's educational expenses cannot exceed $4,110. This award is available only to students enrolled in the core programs and attending class at Kentucky locations for a minimum of 6 hours between July 1 and December 31 or between January 1 and June 30. (Online classes are not eligible.)

The Kentucky Tuition Grant (KTG) Program provides need-based grants to qualified Kentucky residents to assist students with the higher tuition charges at the independent colleges. Students must be full-time undergraduates enrolled in an associate or baccalaureate degree program and have no past due financial obligations to KHEAA or to any Title IV program. This award is available only to students enrolled in the core programs and attending class at Kentucky locations for a minimum of 12 hours between July 1 and December 31 or between January 1 and June 30. (Online classes are not eligible.)

Consideration for Kentucky State Grants is given to students who filed the FAFSA prior to the March 15th RECEIVED state filing deadline.

The Federal Stafford Loan is available to any student enrolled in a core program or with the required minimum hours of electives who is in a degree seeking program and files the FAFSA and all other financial aid forms. This includes a separate loan application available through the student's own bank/credit union or the University. As of July 1, 2007, the maximum loan amounts for dependent students are $3500 for a freshman, $4500 for a sophomore, $5500 to juniors and seniors, and up to $8500 for students enrolled in graduate programs. For those who demonstrate financial need, the interest is subsidized by the federal government while the student is enrolled in school. Interest rates are available and set on July 1st for each fiscal year. For the 07-08 fiscal year, the interest rate is 6.8% for both subsidized and unsubsidized loans. Independent students may borrow an additional unsubsidized Stafford loan for up to $4000 for freshmen and sophomores, up to $5000 to juniors and seniors, and up to $12,000 for students enrolled in graduate programs. Lifetime maximums for the loan are $46,000 undergraduate (both subsidized and unsubsidized) and $138,000 graduate (including any loans take as an undergraduate). A student's total financial aid, including loans, may not exceed the calculated cost 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 6 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 6-month grace period during which no interest or principal payments are due on subsidized loans, and only interest continues to accrue on the unsubsidized loans. The minimum monthly payment is $50, but the amount varies on the total amount of outstanding loans upon which the student is paying.