Ready to advance your education, but not sure how you'll cover the costs? Good news! Between scholarships, grants, work-study options, payment plans, and competitive loans, there is no shortage of options for funding your education.
Still, the process of determining your total cost of attendance and figuring out what type of aid you qualify for can be complex. That's why we've put together this practical guide to finance your education. With these tips and with a little guidance from our knowledgeable financial aid team at Indiana Wesleyan University (IWU), you can be on your way to pursuing your academic goals in no time.
Before we dive into the many types of financial aid available, it's important to understand what it will actually cost to attend school.
First, know the difference between your total cost of attendance and your net price. Cost of attendance refers to your estimated cost of tuition, fees, books, and all education-related expenses — whereas net price factors in any financial aid you'll be receiving to calculate how much you'll owe out of your own pocket.
There are several main types of aid to explore when planning for your education, including:
At Indiana Wesleyan University, we aim to make education as affordable and accessible as possible. In addition to offering numerous institutional scholarships, we also accept external and private scholarships to reduce our students' cost of attendance.
Both online and on-campus students at IWU can use our convenient aid discovery tool to find IWU scholarships and grants for which they may qualify. In fact, IWU invests more than $25,000,000 in institutional aid based upon merit, need, and other factors, with the average financial aid package to campus students totaling $21,249.
On our Tuition and Aid page, you can also find resources for external and private scholarship options, with reputable sources including:
For more scholarship search tips or information about Indiana Wesleyan University scholarships, be sure to contact our Office of Financial Aid directly.
In addition to scholarships, many IWU attendees are eligible for student grant opportunities. Like scholarships, grants typically do not need to be repaid — but they are often based on need rather than merit.
The federal government and many state governments offer grants for college students, including the Federal Pell Grant and the Federal Supplemental Educational Opportunity Grant (FSEOG). The awards for these grants can vary greatly, with Pell Grants maxing out at around $7,400 and FSEOG grants worth up to $4,000 per aid year.
Meanwhile, some students may qualify for special population grants if they meet certain criteria. For example, in Indiana, a Minority Teacher Grant is available to education majors residing in an underserved county. By meeting specific teach grant requirements, students may be eligible for up to $4,000 per year.
The hands-down easiest way to determine your eligibility for federal financial aid is to fill out your Free Application for Federal Student Aid (FAFSA).
To complete your FAFSA, you'll first need to create a StudendAid.gov account. From there, you'll use such documents as your tax information, bank account information, or the information of your parent/guardian to provide pertinent financial details. This information is then used to automatically determine your eligibility for federal loans, grants, work-study programs, and other forms of aid.
The best part? You can list IWU's unique FAFSA code (001822) on your application to send your information our way. This allows us to estimate your net cost of attendance better while factoring in any institutional aid for which you may qualify.
The most important thing to remember about your FAFSA is that you must complete and submit a new application each year. Because financial circumstances and aid eligibility can change from year to year, you must complete and submit your FAFSA by the posted deadline for each applicable aid year.
Even with some grants and scholarships in place, it is not uncommon for students to need to borrow money to help pay for school. When it comes to student loans, you essentially have two options: federal or private.
Federal student loans, like Direct Loans, are available both subsidized and unsubsidized. Subsidized Direct Loans are ideal because they do not accrue interest while you're still in school, whereas unsubsidized loans do. Often, students will opt for subsidized loans first, but may cover any additional need with unsubsidized federal loans.
Another option to consider is private loans, which may be available from banks or credit unions. Often, these loans come with a more competitive interest rate than federal loans, though eligibility is based on your credit score. Private loans may also have vastly different repayment terms than federal loans, so it's essential to read the fine print before you sign off on one.
Another option to consider to help you pay your way through school is a work-study program, which allows you to work part-time to pay down some of your tuition and fees.
To qualify for a federal work-study program, you'll need to complete your FAFSA and meet certain requirements for need. If you're selected for this program, you'll have the opportunity to work (often on campus) with flexible hours that accommodate your class schedule while earning money directly toward your education.
Even if you don't qualify for a work-study program, you may still be able to find a job near campus as a means of helping you pay for school.
Whether you're returning to school or attending school for the first time, there are a couple of options for financial aid for adult learners to consider that could lower your total cost of attendance.
First, if you are currently employed, ask your employer or HR department about any tuition assistance programs that may be offered. Through these programs, you can receive funding directly from your employer to help you pay your way through school. In other cases, you may need to pay for your education up-front and meet certain GPA requirements before being reimbursed by your employer. Either way, these programs can be a great way to lower the cost of your education.
If you've taken any previous college courses or have related work experience that may translate to a general education credit, you may also want to check and see if you could qualify for a prior learning assessment. In some cases, demonstrating proficiency in course topics may allow you to earn credits that can reduce the number of credit hours you need to take in a degree or certificate program, thus saving you time and money.
Looking for more ways to make paying for college a bit easier on your wallet? Here are some suggestions to consider.
Many schools, including IWU, offer interest-free payment plans that allow you to break up your total balance owed into smaller and more manageable payments each month. This can be a great way to make paying for school more feasible without accruing additional interest or fees. Get in touch with Student Account Services to learn more about payment plan options.
When paying for college, some basic budgeting and cash management can go a long way as well. Take the time to create a realistic budget for your time in school, factoring in all recurring monthly expenses and any monthly income from jobs/work-study and financial aid. From there, you can find ways to make every dollar count.
Besides being smart about your finances, you can make the most of your education through smart stacking of your credentials to suit your professional goals.
Many students, for example, may begin their college journeys with a shorter degree or certificate program, such as an associate degree or a professional certificate. From there, they can earn and begin using their credentials.
Upon returning to school to complete a more advanced degree or certificate program, some or all of the credits from a previous program may apply to shorten the length (and thus the cost) of their new credential.
If at any time during your enrollment your circumstances change, you are encouraged to reach out to your school's financial aid office to appeal your financial aid. In some cases, such as during times of financial hardship, you may qualify for additional aid.
As you prepare to embark on your educational journey, there are a few tools and resources worth keeping in mind to optimize your financial aid and plan accordingly.
First, be sure to use any net price calculator tools available through your chosen school. These can be a great way for you to determine how much you'll end up owing out of your own pocket after all other full- or part-time student aid has been factored in, which could help you better plan for the future.
While no two schools will have the exact same timeline for financial aid, it's important to remember that the FAFSA deadline is usually early July, the summer before school begins (for the fall semester). This means that you'll want to give yourself plenty of time to create a StudentAid.gov account and complete your FAFSA sooner rather than later. Individual schools may have their own financial aid deadlines, too, so do your research.
Coming to school as a military, international or DACA student? There are a few more things you'll need to keep in mind.
Special funding may be available for current military students or veterans. The Yellow Ribbon Program, for example, is a provision of the Post-9/11 GI Bill that offers tuition assistance for military veterans through the VA. IWU is also proud to offer tuition discounts and preferred rates for military members and veterans.
International student funding, including DACA student scholarships, may also be available to make college more affordable for eligible students. Get in touch with our team to learn more about resources for international students or schedule a financial aid counseling appointment.
Still have questions about financial aid at IWU? We've got answers!
Ideally, you should complete and file your FAFSA as soon as possible once it opens for your applicable aid year. By filing early, you'll maximize your access to first-come, first-served funding (like Federal Supplemental Educational Opportunity Grants) and stay on track for priority deadlines.
Typically, yes — you can stack scholarships with other financial aid, per IWU's policies. However, based on your total cost of attendance and other factors, our office of financial assistance may adjust packages to prevent over-awards while reducing or eliminating the need for student loan borrowing.
No, enrollment in a payment plan does not affect your financial aid. Instead, payment plans simply spread your remaining balance over monthly installments after your aid has been applied. Keep in mind, too, that you must re-enroll in payment plans for each term and coordinate your start dates with your financial aid disbursement schedule.
You may still qualify for financial aid as a part-time or adult learner, as many grants and loans now allow for part-time enrollment. Eligibility can vary depending on the program; therefore, you should research minimum credit requirements. You should also explore other ways to reduce your financial load, such as employer tuition assistance and, if necessary, transferring credits.
Suppose you have experienced job loss, sudden medical expenses, or other circumstances that have affected your ability to pay for school. In that case, you should submit a professional judgment appeal with appropriate documentation to the IWU financial aid office. From there, the office can reassess your Student Aid index and make adjustments as warranted.
SAP requires meeting certain grade point average (GPA), pace of completion, and maximum timeframe standards to maintain your financial aid. If you're falling short in any of your SAP requirements, schedule a meeting with an advisor right away to explore your options and get additional support.
Not necessarily. Outside scholarships are applied first to any unmet need. In some cases, they may reduce eligibility for self-help (such as loans and/or work-study) before institutional grants. The best way to optimize your financial aid is to be proactive in reporting all outside awards to the IWU financial aid office.
Both have their potential pros and cons. PLUS loans, for example, have more federal protections in place — but rates may be higher. Private loans, on the other hand, may have more competitive interest rates but fewer safeguards for borrowers. Before deciding which option is right for you, it's best to compare total costs, terms, and repayment options carefully.
Typically, students work between 5 and 15 hours per week under a work-study program, but this can vary depending on their award, schedule, and other factors. It's best to coordinate with your supervisors to prioritize your academics and avoid exceeding your work-study allotment.
Your award letter, along with IWU's net price calculator, can be an excellent starting point for determining your actual cost of attendance. Likewise, meeting with a financial aid counselor can help you model different credit loads, housing choices, and payment plan scenarios to figure out an arrangement that works best for you.
Navigating your financial aid options can feel overwhelming, but it doesn't have to be. With the right support and guidance, you can confidently determine your cost of attendance and take advantage of the aid that is available to you. From loans and grants to work-study and beyond, the Indiana Wesleyan Financial Aid Office is here to assist you. Get in touch or fill out our contact form to learn more!
Still looking for the college program that's right for you? Explore IWU's wide range of programs today and get started with your application for admission.
