Indiana Wesleyan University
  • About

    About

    Indiana Wesleyan University is a Christian comprehensive university of The Wesleyan Church. The University was founded in 1920 as Marion College and is committed to liberal arts and professional education.

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    Academics

    Indiana Wesleyan University offers over 280 academic programs, certificates and endorsements in business, technology, education, science, ministry, nursing and more. We offer program options online, on campus in Marion, IN, and at our onsite regional centers in Indiana, Ohio and Kentucky.

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  • On Campus

    On Campus

    God has gifted you with a unique set of gifts—on purpose, and for the purpose of changing the world in a way that only you can. We are here to help you discover, clarify or develop that calling. The world is waiting.

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  • Online & Regional

    Online & Regional

    Whether your intent is to complete an associate degree, finish your bachelor's degree, prepare for special education licensure, enter the world of higher learning with a master's degree, pursue a doctoral degree, or earn one of our many certificates, our education programs are designed specifically for your busy lifestyle.

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FAFSA CODE 001822

  • Undergraduate
  • Financial Aid
  • Resources
  • Loan Repayment

Below are some tips for managing the repayment of student loans after graduation.

Estimate Your Income

  1. Research entry-level jobs in your chosen field and expected location.
    • Bureau of Labor Statistics Occupational Outlook Handbook.
    • Google job postings in the area you plan to live.
  2. Calculate net income after taxes and deductions here.

Create a Budget

Here are some basic budget categories you should consider when creating a budget.

  1. Health Insurance
  2. Phone
  3. Car Insurance
  4. Rent/Mortgage/Property Taxes
  5. Utilities
  6. Food
  7. Car Payment
  8. Gas
  9. Personal Supplies (Makeup, Haircuts, Clothes)
  10. Medical Expenses/Copays
  11. Entertainment
  12. 401 K/IRA/Retirement Plan Contribution
  13. Credit Card Debt
  14. Internet Costs/Cable Costs
  15. Furniture/Household Furnishings
  16. Emergency Fund Contribution

Afford Your Monthly Payments

Know Who You Owe and How Much You Owe
  1. Federal Student Loans
  2. Private Loan Payment Calculator
Choose Payment programs
  1. Federal Loan Repayment
    • Compare your budget and your estimated federal loan payment.
    • Choose standard payment if you can afford it.
    • If you can’t afford standard payment, recalculate and choose Income Based/Contingent or Graduated repayment options to lower your monthly payments.
  2. Private Loan Repayment
    • Compare your budget and your estimated private loan payment.
    • Look at areas in your budget that you can reduce to afford your private loans.
    • If you can’t cut your budget, contact your private loan servicer and ask them what reduced payment options exist.
  3. Consider Consolidation
  4. Worst Case Scenario (if you still can’t afford your payments) - Last Resort
    • Don't Panic: Contact Your Lender About
      • Reduced Payments
      • Deferment
      • Forbearance

Consider Graduate School as an Option

  1. Postponing graduate school for 1-2 years can allow for paying down debts and exploring details about your field.
  2. Going to graduate school right away allows you to defer your loan payments until after you are done with graduate school.

Strategize Repaying Debt

  1. Pay smaller loans or higher interest loans first.
  2. Find a financial advisor to help guide you in your payment strategy.
  3. Make sacrifices to pay off debt sooner.
  4. Consider your long-term goals when choosing what to sacrifice.

Explore Loan Cancellation/Forgiveness Opportunities

  1. If you work in certain fields, such as teaching, nursing, healthcare, or for a non-profit institution, you may be eligible to have any remaining federal loan debt canceled after 120 on time payments. See these pages for additional information:
    • http://studentaid.ed.gov/repay-loans/forgiveness-cancellation/charts/public-service
    • http://www.finaid.org/loans/forgiveness
  2. Some employers will pay a portion of your debt, so do not be afraid to ask potential employers about whether or not they offer this benefit.
  3. If you have any interest in military or peace corps, there are additional loan forgiveness options available. Contact the branch you are considering directly, but thoroughly research requirements/lifestyle before deciding on this path. It's a huge commitment.
  • Resources
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VALUE OF IWU EDUCATIONInvest in your future with an IWU education
Tuition & CostsView a breakdown of costs associated with attending IWU

Indiana Wesleyan University is a Christ-centered academic community committed to changing the world by developing students in character, scholarship, and leadership.

More Info

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Indiana Wesleyan University
4201 S Washington Street
Marion, IN 46953

admissions@indwes.edu
866-468-6498

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