Financial Aid : Day : Types of Aid
There are two broad categories of financial aid: Gift aid and self help.
Your financial aid package may contain both types of aid.
Gift Aid
Gift aid is any assistance made available for your educational costs that does
not require that you repay the funding. Sources of gift aid include:
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Pell Grants
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Supplemental Grants
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State grants/scholarships
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Grants and scholarships available from Indiana Tech
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Grants and scholarships from outside sources
Self Help
Self help aid is assistance that requires you to either work or borrow funds
for educational purposes. This would include loans or funds earned by
participating in our work-study programs. Both of these programs require that
you complete the FAFSA form in order for us to determine your financial need.
Frequently Asked Questions
How do I apply for loans?
Indiana Tech processes all of its loans electronically. Students are able to
complete and sign their loan application online by logging on to
https://www.salliemae.com/IndianaTech. The Open Net Web site allows
both students and parents to apply for loans under the Subsidized Loan Program,
Unsubsidized Stafford Loan, Parent Loan for Undergraduate Students, and also
Private loans.
What is Entrance Counseling?
All students that enroll at Indiana Tech and have loans must participate in
student loan counseling. We believe along with the Department of Education that
it is important that students be debt management conscious. Entrance counseling
is required for all first time loan borrowers attending or transferring to
Indiana Tech and provides you with important information to keep your loans
current. For entrance counseling go to:
https://www.usafunds.org/indianatech/entrance
What is Exit Counseling?
Students exiting Indiana Tech due to graduation, transfer, or withdrawal and
who borrowed student loans during their attendance must participate in online
exit counseling. The Exit Counseling session provides you with various
information regarding repayment options, deferment options, and ways to keep
your credit in good standing. For exit counseling go to:
https://www.usafunds.org/indianatech/exit
How do I manage my loans?
If your loans were processed through a Sallie Mae partner, you can access loan
information online, go to Manage Your Loans at
http://www.salliemae.com This is your online source for:
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Account Status
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Current loan balance
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Repayment Options
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and much more
Does Indiana Tech offer athletic scholarships?
Indiana Tech is a member of NAIA, http://www.naia.org
and offers athletic scholarships. Interested students should make direct
contact with the individual coach for the sport of interest.
What other aid sources should I be investigating?
Students sometimes overlook funding sources from various organizations and
foundations. We recommend that you prepare a checklist of possible sources
where funding might be available. Those might include:
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Parent's place of employment
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Student's place of employment
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Vocational Rehabilitation
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Community foundations
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Places or worship
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High school counselor
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Clubs and organizations
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Internet
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Library
I hear that billions of scholarships go unused by students - how do I get
my hands on that money?
We often hear the phrase "If it's too good to be true, it's probably is." Most
people that have worked in the aid profession have firsthand knowledge in
regards to the intense competition for scholarships. The fact is that there are
numerous outside scholarships available but it will take some time and effort
on your part to investigate, apply, and submit the necessary forms for these
awards. We do discourage students in paying an outside agency that may offer to
provide this service for a fee. With some time on your hands and some
investigative research you may reap benefits from one of these awards. Here are
some recommended websites to start your search.
http://www.fastweb.com
http://www.salliemae.com
http://www.collegeanswer.com
http://www.collegeboard.com
http://www.finaid.org
http://www.fwcfoundation.org
http://www.scholarship-foundation.org
http://www.scholarshipamerica.org