Financial Aid - Types of Aid

Financial Aid That's Right For You

Financial aid generally falls into two categories: gifts or self-help. Gifts are scholarships and grants given to you, and you don't have to repay the funds. Self-help includes loans that you have to repay or work study that you have to earn.

Scholarships

Scholarships do not require repayment. These can be awarded based on merit but also can be awarded based on financial need. Criteria such as academic achievement or athletic ability may apply. Here are some common sources of scholarships:

  • Indiana Tech scholarships, athletic scholarships, and endowment funds.
  • Hometown associations, clubs, or other private sources such as Dollars for Scholars.
  • Federal scholarships, such as U.S. Veterans Benefits Administration.

For more information on scholarships, please visit our scholarships page.

Federal and state grants

Scholarship money

Like scholarships, grants do not require repayment. Usually they are awarded based on financial need or academic achievement, rather than special talents. If you're an Indiana resident, your FAFSA must be be filed by March 10 to apply for Indiana state grant programs.

  • Federal Pell Grants are awarded to any student filing a FAFSA who meets financial need and eligibility criteria as outlined through a federal formula.
  • The Federal Supplemental Educational Opportunity Grant (SEOG) is a program that provides additional financial aid. Grants are usually awarded first to Pell Grant eligible applicants, then on a first-come, first-served basis. So make sure you apply early. Special grant programs are available to veterans or special need students.
  • The Academic Competitiveness Grant (ACG) is for students who are eligible for the Federal Pell Grant and who are in their first or second year of undergraduate study. Students must pass state requirements for completing a rigorous secondary school program of study.
  • The National Science & Mathematics Access to Retain Talent Grant (National SMART Grant) is available to full-time students who are eligible for the Federal Pell Grant. Grants are available to students in their third and fourth years of undergraduate study who are majoring in physical, life, or computer sciences, mathematics, technology, or engineering.

Educational loans

Loans are legal obligations that must be repaid. We encourage students to exhaust all sources of aid before applying for loans. Always remember to borrow only what you need.

  • Federal Perkins Loans are low interest, fixed-rate loans administered by Indiana Tech. Students must demonstrate need for these loans by filing a FAFSA. Repayment is deferred (postponed), and the government pays interest while you are enrolled at least half-time and for 9 months after you leave school.
  • Subsidized Federal Stafford Loans are low interest, variable-rate loans. Eligibility is based on need determined by filing a FAFSA form. Repayment is deferred, and the government pays interest while you’re enrolled at least half time and for 6 months after you leave school.
  • Unsubsidized Federal Stafford Loans are at the same interest rate as Subsidized Stafford loans but eligibility is not based on need. Repayment is deferred while you’re in school at least half time and for 6 months afterward, but interest accrues and is added to your principal amount, increasing the amount of your loan cost. Students do have the option to pay interest during school to avoid increased costs associated with capitalization (accrued interest added to principal).
  • Federal PLUS Loans are low interest, variable-rate loans available to parents of dependent students who are enrolled at least half-time. Please visit our Direct PLUS Loans page for more information.
  • Private loans are available for students in need of assistance to help bridge the gap between school costs and Federal funding. Please make sure you have exhausted your Federal funding first, as this is typically the best option for most students. While we will certify private loans through any lender, we have compiled a list of the most accessed loans through a third party site called ELM Select. Lenders offer competitive rates and multiple repayment options, however, these private loans may also require the borrower to obtain a co-signer. For more information about loans offered through ELM Select and participating lenders, please visit the ELM Select website.

Federal Direct Student Loans

Visit our Federal Direct Student Loans page to learn more.

Employment programs

There are programs available that allow students to earn a paycheck while taking classes.

  • The Federal Work-Study (FWS) program is based on financial need and is coordinated through Indiana Tech. Students are also eligible to work off campus in community service programs.
  • Upperclassmen can apply for paid internships. These provide students with work experience and academic credit toward their degree.

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