Financial Aid FAQs


What is financial assistance?

Financial Assistance is any form of aid available to assist you and your family in meeting educational costs of attendance. This includes various assistance available from federal sources, state grants, scholarships, Indiana Tech grants and scholarships, and funding provided through outside organizations and foundations.

You will find useful information at:
http://studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp
http://studentaid.ed.gov/students/publications/FYE/index.html

Does Indiana Tech have an Early Estimator Service?

Prospective students can download an Early Estimate form here:

The Early Estimate form allows early applicants to use this form through December of the current year. Students who complete the Early Estimate form can receive an early indication of their eligibility should they decide to attend Indiana Tech. This would include an estimated range on eligibility for federal grants/scholarships/academic scholarships/athletic scholarships, loans, and work study programs. Students filing the Early Estimator form are still required to file the Free Application for Federal Student Aid.

How is financial aid determined?

The FAFSA will give us a snapshot of your family's financial situation which in turn is used to provide you with an offer of financial assistance. A government federal methodology is utilized that provides us with an expected family contribution based on the information provided on the FAFSA. A number of factors are considered when determining your need for financial assistance including family income, number of people in your household, number of children attending college, and asset information. Through a combination of grants, scholarships, work, and loan programs, students find that an Indiana Tech education is very affordable.

My family makes too much money. Why should I file a FAFSA?

Because you could lose out on thousands of dollars - that's why! Students who don't take the time to file the FAFSA could potentially fail to benefit from available programs. There is no maximum income cutoff for students to receive financial aid. However, if your family's income is high you of course realize that you will not qualify for low income grants. However, in years past, assistance has gone to students whose family income ranged from $10,000 or less to more than $90,000.

Are there deadline dates to file for assistance?

There are no specific deadline dates to file the Free Application for Federal Student Aid however; our preferred deadline date is March 10. FAFSA's are received and processed for those students filing after 3/10 on a rolling basis. Students filing prior to 3/10 will be given preferential consideration. Remember, like your family's checkbook our aid programs also has limited dollars.

Are there deadline dates for individual state grants?

Each state has their own individual deadline dates in order for students to apply for state grants and scholarships. The individual state deadlines are available on the FAFSA website. As a university located in the State of Indiana we know first hand that Indiana has an excellent grant program available. However, it is important that your FAFSA arrive at the Central Processor by March 10 in order to be considered for Indiana state assistance. For a direct line to the Indiana programs go to:  http://www.in.gov/ssaci/

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://opennet.salliemae.com/apploansummary/?school_id=00180500. The Open Net website 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.

Indiana Tech processes loans through a number of lenders that assist family with federal student loans. Loan funds make it possible for you and/or your family to defer the cost of your education by borrowing against future earnings. These loans have low interest rates and, in most cases, must be repaid after you cease to attend at least a half-time (six or more credit hours per semester) basis.

By checking the link below you can compare various benefits available which will assist you in choosing an appropriate lender. The lenders listed on our website are ones that have provided exceptional customer service and are attentive to student needs and regulations as they pertain to the student loan industry. To assist you in choosing a lender check out our Electronic Lender List at:
www.collegelenderlist.com/content/lenderlist.asp?lsid=923&s=IN&n=Y

Entrance Counseling

All students that enroll at Indiana Tech and have loans must participate in student 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://staffordloanguide.usafunds.org/login.aspx?schoolId=00180500

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://studentloantransitionguide.usafunds.org/login.aspx?schoolId=00180500

Manage Your Loans

Your online source for:

  • Account Status
  • Current loan balance
  • Repayment Options
  • and much more To access SallieMae loan information online, go to Manage Your Loans at www.salliemae.com

Do I have to file for financial aid every year that I attend?

Financial aid is awarded on a yearly basis, so yes, you will have to refile a FAFSA each year you attend. We will contact and remind both you and your parent(s) throughout the school year regarding this process.

Will I receive the same aid offer each year?

The financial aid you receive is reviewed on an annual basis and can change if you fail to meet satisfactory academic progress standards. The aid awarded could also change if there are excessive changes in your family's income or household members.

What is Satisfactory Academic progress?

The Department of Education has accepted Indiana Tech's outline of expected progression for our enrolled students. During the awarding process we will reevaluate your FAFSA which includes review of your grade point average and hours earned to date. The Financial Aid Basics booklet and the student catalog clearly outline the required cumulative grade point average and hour requirements during each semester of attendance.

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. We refer you to our athletic web pages for further information on each of our sports.

What other sources should I be investigating?

Students sometimes overlook funding sources from various organizations and foundations. Sometimes, it is because we don't ask and other times because we don't know? Therefore, we recommend that you prepare a checklist of possible sources where funding might be available. Those might include:

1. Parent's place of employment
2. Student's place of employment
3. Vocational Rehabilitation
4. Community foundations
5. Places or worship
6. High school counselor
7. Clubs and organizations
8. Internet
9. 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 first hand 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 contact you and 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.

Check websites

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

Indiana Tech is a Collegiate Partner of Scholarship America® and the Dollars for Scholars® family of community scholarship foundations. Indiana Tech has agreed that Dollars for Scholars awards of up to $2,500 per student will not adversely affect scholarship funding provided by Indiana Tech.

Indiana Tech is a Collegiate Partner of Scholarship America® and the Dollars for Scholars® family of community scholarship foundations. Indiana Tech has committed to matching Dollars for Scholars awards of up to $1,000 per student provided that the student has financial need.