Types of Student Financial Aid
(Undergraduate students must be enrolled in six hours or more to be eligible for loans.)
The most common forms of student aid are:
- Scholarships (do not need to be repaid)
- Monetary awards available from the university or through external sources
- Determined by academic achievement and/or financial need
- Applied directly to your college costs
- Grants (do not need to be repaid)
- Tuition assistance awards available from the federal or state government or the university
- Determined by financial need
- College Work-Study
- Part-time employment on campus
- Determined by financial need
- Loans (must be repaid)
- Money borrowed from a financial institution or the university to pay for college expenses
- Two types of loans are available - subsidized and unsubsidized.
- Subsidized loans are determined by financial need.
- Unsubsidized loans do not require demonstration of financial need.
Sallie Mae Partnership
IU East has teamed with Sallie Mae to provide students with excellent borrower benefits and an innovative, fully automated borrowing experience.
- 0% origination fee: Sallie Mae waives the standard 3% fee
- 0% default fee: Sallie Mae waives the standard 1% fee
The Federal Stafford Loan process is monitored and loan funds are disbursed electronically.
Students have the right to choose any lender that participates in the Federal Educational Loan Program. Our staff cannot and will not deny a student the right to choose a lender. We cannot and will not impose any undue delays when processing loans through lenders of the student's choice. Please note that we are only set up to process loans electronically through Sallie Mae and loans serviced through Non Sallie Mae lenders will be processed and received via paper checks.
Additional Sources of Student Aid
Scholarships
IU East awards scholarships that are funded by private donors, business and industry, and friends and alumni of Indiana University. Recipients are selected based on a variety of criteria, including academic performance and financial need. A complete list of IU East scholarship opportunities is included in the Scholarship Program Application.
FastWEB is the largest and most complete scholarship search on the Internet. It provides access to a searchable database of more than 600,000 private sector scholarships, fellowships, grants, and student loans.
Grants
- Need-Based Federal and State Grants
- Federal Pell Grants provide financial assistance to full- and part-time undergraduate students who attend postsecondary educational institutions. Students may apply for the Federal Pell Grant by submitting the FAFSA.
- Federal Supplemental Educational Opportunity Grants assist students with high need who also qualify for Pell Grants.
- Indiana Higher Education Awards for Indiana residents are determined by the State Student Assistance Commission of Indiana (SSACI) and are based upon financial need. Students must submit the FAFSA by March 1.
- Fee Remission Grants
- Child of Disabled/Veteran Award: The Indiana General Assembly has provided an education benefit for children of veterans who have suffered a service-connected disability or death, or who are Purple Heart recipients. The benefit reduces the amount of tuition that state-supported institutions charge eligible students. The reduction of tuition varies by institution and can be used for a maximum of 124 credit hours.
- Child or Surviving Spouse of Deceased Indiana State Police or Other Law Enforcement Officer Awards and A Child or Surviving Spouse of a Firefighter: Applicants must have resided in Indiana for at least 12 months. Eligible students should contact their local law enforcement agency or fire department for information.
Work-Study
Contact the Financial Aid Office for more information on work-study positions.
Loans
Students are eligible to apply for a number of loan programs to help finance their education. These include:
- Federal Perkins National Direct Student Loans:
- These loans are awarded through the university at an interest rate of 5 percent. Repayment begins nine months after graduation or when the student drops below half-time status.
- Stafford Student Loans:
- These loans are low interest loans available to students enrolled at least half time. The interest rate is 6.8 percent. Interest is paid by the government on federally subsidized (need-based) loans while interest will be charged beginning when the loan is disbursed on unsubsidized (non–need-based) loans. Repayment begins six months after graduation or when the student drops below half-time status.
- Federal Parent Loans for Undergraduate Student (PLUS):
- The PLUS program provides an opportunity for parents of dependent undergraduate students to borrow from their banks or lending institutions. The interest rate for a PLUS loan is 8.5 percent and repayment begins within 60 days of disbursement of the loan.