Scholarships and grants
Scholarships and grants are money that you do not need to pay back. Generally speaking, the difference between these two is that scholarships are usually based on merit, such as your high school grades, and grants are based on financial need, which we receive when you file your Free Application for Federal Student Aid.
IU Indianapolis offers a number of scholarships open to all students, as well as those from specific backgrounds or majors. Additionally, if you apply to IU Indianapolis as a beginning freshman or transfer student by February 15, you'll automatically be considered for an admission-based scholarship.
IU Indianapolis and the state and federal government provide students with grants to help supplement their costs, based on their family's income. Examples of these grants are the Pell Grant (federal), the Frank O'Bannon Grant (state), and the Pell Pledge Grant (IU Indianapolis). Unlike scholarships, you usually don't apply for this type of financial aid. It is instead offered automatically with your financial aid notification.
Student loans
Unlike scholarships and grants, student loans are a type of financial aid that you do have to pay back. Traditionally student loans are available to you when you apply for financial aid using the FAFSA. There are three types of loans most students and families hear about: subsidized, unsubsidized, and parent PLUS loans.
- Subsidized loans are student loans that do not accrue interest while you are in your undergraduate program.
- Unsubsidized loans are student loans that do accrue interest while you are in your undergraduate program.
- Parent PLUS loans are loans that the biological and adoptive parents of a student can take out to help pay for the cost of college.
Federal work-Study
Another type of aid is federal work-study. This program allows you to earn money while gaining valuable job experience. Eligibility is determined by financial need as indicated on your FAFSA. You can make use of your award by applying to positions that accept your work-study award. Once you have been hired and begin working, you will receive bi-weekly paychecks, which will be deducted from your work-study award.
Note: Federal work-study eligibility does not guarantee you a job on campus, and not all on-campus positions are work-study eligible.
