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:

  • Pell Grants
  • Supplemental Grants
  • State grants/scholarships
  • Grants and scholarships available from Indiana Tech
  • 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:

  • Account Status
  • Current loan balance
  • Repayment Options
  • 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:

  • Parent's place of employment
  • Student's place of employment
  • Vocational Rehabilitation
  • Community foundations
  • Places or worship
  • High school counselor
  • Clubs and organizations
  • Internet
  • 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